CEO Chris Kempczinski highlighted that the perception of high prices is impacting low-income customer traffic, as McDonald's faces rising food and labor costs.
With minimum wage increases exceeding $15 an hour in various states, McDonald's franchisees are grappling with new pay levels and potential friction with corporate.
To address the cost concerns, McDonald's expanded its budget options with the '$5 meal deal' and the '$1$2$3 Meal' menu, balancing price with revenue.
While McDonald's reported a 3% increase in revenue to $6.9 billion, net income fell by 3%, indicating tougher profit margins amid rising costs.
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