"“Clearly, when you have elevated gas prices... that is going to disproportionately impact low-income consumers. And so we expect the pressures there are going to continue,” Kempczinski said Thursday during a conference call with investors."
"McDonald's said same-store sales, or sales at locations open at least a year, fell in the U.S. and some international markets in April. That was partly due to a big surge in sales last April, when a popular Minecraft meal drove traffic. Kempczinski said it's too early to get a read on sales in May and June, although the company is hoping a new beverage lineup which launched in the U.S. this week will generate interest."
"“Certainly consumer sentiment is heightened anxiety, let's just say, and it may have an impact. But, you know, our focus is on controlling what we can control,” Kempczinski said."
McDonald’s reported better-than-expected first-quarter sales but warned that high gas prices and consumer anxiety related to the Iran war could reduce sales in spring. The average U.S. gas price was $4.55 per gallon, 44% higher than a year earlier. The company said it has made progress attracting lower-income customers through value meals, but visits from households earning $45,000 or less are still declining. McDonald’s also reported that same-store sales fell in the U.S. and some international markets in April, partly due to a strong sales surge the prior April tied to a Minecraft meal. The company said it is too early to judge May and June and is hoping a new U.S. beverage lineup will boost interest.
Read at Los Angeles Times
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