McDonald’s reported mixed quarterly results Tuesday as its reorganization weighed on its profit and boycotts hurt its Middle Eastern sales.
The company also continues to see consumers worldwide pull back on their restaurant spending. “Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the industry,” CEO Chris Kempczinski said on the company’s conference call. He added that McDonald’s has to be “laser focused” on affordability to attract diners. Shares of McDonald’s fell 1.7% in premarket trading.
But by raising prices, McDonald’s has also scared away some of its low-income customers. The chain has rolled out an improved version of its burgers nationwide, with advertising featuring its Hamburglar mascot, as it tries to convince customers that its prices are worth it. The company’s chefs have also been working on a larger burger, which it plans to test in several markets later this year before a global launch.
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