April 30, 2024 – 8:32 AM PDT
(Reuters) – McDonald’s (MCD.N) missed quarterly profit estimates for the first time in two years as budget-conscious consumers looked past its offers and the Middle East conflict weighed on the burger chain’s international sales.
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Global comparable sales growth slid for the fourth straight quarter to 1.9%, with the company saying consumers turned “more discriminating with every dollar they spend”. Analysts had estimated a 2.35% rise, according to LSEG data.
“Consumer is certainly being very discriminating in how they spend their dollar … I think it’s important to recognize that all income cohorts are seeking value,” McDonald’s CEO Chris Kempczinski said on a post-earnings call.
McDonald’s results were also in contrast to those from other fast food chains that have also leaned on value menu items…
