McDonald’s CEO Chris Kempczinski said the company is seeing a growing divide among U.S. consumers, with lower and middle-income customers visiting less frequently. During the first-quarter earnings call, he noted that foot traffic from these groups has dropped nearly 10% year-over-year. Kempczinski said strong traffic from high-income consumers underscores a divided U.S. economy, as inflation and a bleak outlook strain low- and middle-income groups. The fast food chain reported a 3.6% year-over-year drop in same-store sales, its sharpest decline since the pandemic in 2020. The company missed analyst expectations, posting $2.67 in earnings per share on $5.96 billion in revenue.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Donald CEO Chris Kaczynski said the company is seeing a growing divide among U.S. consumers,
00:07with lower and middle income customers visiting less frequently.
00:10During the first quarter earnings call, he noted that foot traffic from these groups
00:13has dropped nearly 10 percent year over year.
00:17Kaczynski said strong traffic from high income consumers underscores a divided U.S. economy
00:21as inflation and a bleak outlook strain low and middle income groups.
00:25Fast Food Chain reported a 3.6 percent year over year drop in same-store sales.
00:30It sharpens the clients since the pandemic in 2020.
00:33The company missed the analytics expectations, posting $2.67 in earnings per share
00:37on $5.96 billion in revenue.
00:40For all things money, visit Benzinga.com slash GSTV.