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What will be the change in McDonald's U.S. same-store sales for Q3 2024?
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McDonald's quarterly earnings report
Story
McDonald's Extends $5 Meal Deal Through August as 93% Vote Yes Amid Sales Decline
Jul 29, 2024, 12:38 PM
McDonald's has announced that its $5 meal deal, initially limited to July, will be extended through August. This decision comes after 93% of McDonald's restaurants voted in favor of the extension. The meal deal, which has exceeded internal expectations, has been particularly popular among lower-income consumers. Despite this success, McDonald's reported a tough quarter with U.S. same-store sales down 0.7% and worldwide comparable sales down 1%. The company attributed the decline to weak traffic and challenges in markets such as the Middle East, China, and France. McDonald's CEO Chris Kempczinski noted that customers are increasingly looking for more deals or trading down to cheaper options due to inflation. The company is taking meaningful actions to reassert its value leadership, including a comprehensive rethink of its value approach in the U.S. The $5 meal deal was initially launched in Upstate NY before being backed with national marketing, leading to doubled participation rates.
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