McDonald's to launch $5 meal deal to lure low-income diners, Bloomberg News reports [Reuters]
Starbucks Corporation (SBUX)
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Source: Reuters
May 10 (Reuters) - McDonald's is preparing to launch a $5 meal deal at its U.S. restaurants to draw more inflation-hit customers back to its outlets, Bloomberg News reported on Friday, citing a person familiar with the matter. The deal could include a McChicken or a McDouble, along with fries and a drink, the report said. Shares of the company were up 2.5% in afternoon trading after the news. Global fast food chains like McDonald's and Starbucks have opting to eat more meals at home amid a cost-of-living crisis, forcing the companies to offer steeper promotions to attract them to their outlets. Report this ad The burger giant, which has a higher exposure to the lower-income cohort, saw its global sales growth slowing for the fourth straight quarter, pushing it to lean on improving offers on its meals. "I think it's important to recognize that all income cohorts are seeking value," CEO Chris Kempczinski said on a post-earnings call last month. McDonald's did not immediat
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 5/17/24 - Form 4
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- SBUX's page on the SEC website