Same-store sales for McDonald’s fell for the first time in nearly four years during the second quarter of 2024, with consumers increasingly burdened by inflation-induced cost increases. The 1% sales decrease marks the first downturn in revenue for the fast food giant since the COVID pandemic lockdowns in 2020.
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“Consumers still recognize us as the value leader versus our key competitors, it’s clear that our value leadership gap has recently shrunk,” McDonald’s Chairman, President and CEO Chris Kempczinski said Monday during a conference call with investors. “We are working to fix that with pace.”
Kempczinski also defended McDonald’s decision to increase prices on certain menu items, saying that costs of labor and materials have increased as much as 40% in recent years.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
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