McDonald's net income worldwide dropped 12% for the first time since the coronavirus pandemic.
McDonald’s net income worldwide in the second quarter fell 12% for the first time in nearly four years Fast food titan McDonald’s has taken a hit with a surprise double-digit dip in sales worldwide for the first time in nearly four years. The chain’s net income fell 12% to $2billion, or $2.80 per share in the second quarter amid inflation. McDonald’s expects sales to continue to be down for the next few quarters, and is working to make adjustments to reverse the trend.
McDonald’s president, chairman and CEO Chris Kempczinski told investors on Monday ‘we are working to fix that with pace’. ‘Consumers still recognize us as the value leader versus our key competitors, it’s clear that our value leadership gap has recently shrunk,’ he said. It comes as McDonald’s customers have recently complained of high priced items. Some analysts believe meal deals are the key to McDonald’s bouncing back.
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