McDonald's store traffic falls unexpectedly as diners grow uneasy about economy [BNN Bloomberg (Canada)]
Yum! Brands, Inc. (YUM)
Last yum! brands, inc. earnings: 4/29 07:00 am
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Source: BNN Bloomberg
The trouble was particularly acute in the U.S., where same-store sales — or sales at locations open at least a year — slumped 3.6 per cent. That was the biggest U.S. decline McDonald's has seen since 2020, when a pandemic shuttered stores and restaurants and other public spaces nationwide. McDonald's Chairman and CEO Chris Kempczinski said lower- and middle-income consumers, worried about inflation and the economic outlook, cut back on fast food during the January-March period. Industrywide traffic from consumers making US$45,000 per year or less was down by double-digit percentages, he said, and traffic from middle-income consumers was down nearly as much. Only traffic from those making US$100,000 or more remained solid, he said. “We believe McDonald's can weather these difficult conditions better than most,” Kempczinski said Thursday in a conference call with investors. “However, we're not immune to the volatility in the industry or the pressures that our consumers are facing
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