“It is clear that broad-based consumer pressures persist around the world,” McDonald’s CEO Chris Kempczinski said on the fast food chain’s earnings call early Tuesday.
“Consumers continue[d] to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending.”
Sticky inflation has created a dark cloud over how everyday Americans perceive the health of the economy. Consumer confidence in April hit its lowest level since mid-2022 as high prices remained top of mind, according to data released Tuesday by the Conference Board.
At McDonald’s, that was evidenced through same-store sales growth coming in slightly below where Wall Street expected.
Kempczinski said that the Chicago-based company must be “laser focused” on affordability.
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