Current:Home > ScamsMcDonald’s same-store sales fall for the 1st time since the pandemic, profit slides 12% -WealthGrow Network
McDonald’s same-store sales fall for the 1st time since the pandemic, profit slides 12%
View
Date:2025-04-16 06:33:22
McDonald’s posted weak sales in the second quarter as increasingly value-conscious consumers in the U.S., China and paid fewer visits to restaurants.
Sales at locations open at least a year fell 1% worldwide across every company segment in the April-June period, the first decline since the final quarter of 2020 when the pandemic shuttered stores and millions stayed home.
In the U.S., same-store sales fell nearly 1%. McDonald’s saw fewer customers, but it said those who came spent more because of price increases. The company also reported lower store traffic in China, France and the Middle East, where people have been boycotting McDonald’s because of a perception that it supports Israel in the war in Gaza.
McDonald’s warned in April that more of its inflation-weary customers were seeking better value and affordability. The Chicago burger giant introduced a $5 meal deal at U.S. restaurants on June 25, which was late in this financial reporting period.
Quarterly revenue was flat at $6.5 billion and just off the $6.6 billion that Wall Street was expecting, according to analysts polled by FactSet.
The company’s net income fell 12% to $2 billion, or $2.80 per share. Excluding one-time items such as restructuring charges, McDonald’s earned $2.97 per share. That was far from the per-share profit of $3.07 that industry analysts had forecast.
McDonald’s shares fell less than 1% in premarket trading.
veryGood! (5)
Related
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- Golfer Tommy Fleetwood plays at Olympics with heavy heart after tragedy in hometown
- Election 2024 Latest: Harris raised $310M in July, new poll finds few Americans trust Secret Service
- Maren Morris says 'nothing really scares me anymore' after public feuds, divorce
- 'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
- The Chesapeake Bay Bridge was briefly closed when a nearby ship had a steering problem
- Surgical castration, ‘Don’t Say Gay’ and absentee regulations. New laws go into effect in Louisiana
- US equestrian jumping team made last-minute lineup change, and won Olympic silver — again
- North Carolina justices rule for restaurants in COVID
- Election 2024 Latest: Harris raised $310M in July, new poll finds few Americans trust Secret Service
Ranking
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Love and badminton: China's Huang Yaqiong gets Olympic gold medal and marriage proposal
- 'Chronically single' TikTokers go viral for sharing horrible dating advice
- USA's Casey Kaufhold, Brady Ellison win team archery bronze medal at Paris Olympics
- Moving abroad can be expensive: These 5 countries will 'pay' you to move there
- 'Chronically single' TikTokers go viral for sharing horrible dating advice
- Vermont mountain communities at a standstill after more historic flooding
- AP Decision Notes: What to expect in Michigan’s state primaries
Recommendation
All That You Wanted to Know About She’s All That
Matt Damon's 4 daughters make rare appearance at 'The Investigators' premiere
Increasing wind and heat plus risk of thunderstorms expected in fight against California wildfire
Who were the Russian prisoners released in swap for Paul Whelan, Evan Gershkovich?
Arkansas State Police probe death of woman found after officer
Billie Eilish and Charli XCX Dance on Pile of Underwear in NSFW Guess Music Video
Here's what the average spousal Social Security check could look like in 2025
Taylor Swift explains technical snafu in Warsaw, Poland, during acoustic set