McDonald's franchisees reported a drop in profits Monday due to a significant drop in sales, as the company struggles to attract customers amid rising inflation.
All three of the chain's operating regions experienced similar sales declines, unlike last year when global sales jumped almost nine percent.
McDonald's profit fell 12 percent to about $2 billion for the quarter ended June 30.
However, revenue was barely changed, remaining at $6.5 billion.
In the United States, McDonald's saw a decline in customer numbers, although its results were helped somewhat by growth in online ordering and delivery.
The company's press release stated that France contributed to the negative results in the international markets it operates in, while the international markets it has development licenses in were negatively impacted by the situation in China and the war in the Middle East.
In June, McDonald's launched a $5 meal promotion in the United States, which includes a sandwich, small fries, a small soft drink and a four-piece pack of Chicken McNuggets.
The summer offering is an effort to entice inflation-weary consumers to “help your money go further,” the company said June 20 of the program. (ah/es)
