McDonald’s hit by falling sales across globe
MCDONALDS’ sales weakened across the world last quarter as consumers were put off by the fast-food chain’s spiralling prices.
Same-store sales across Europe dipped 1.4 per cent in the third quarter, while in the US they declined 3.3 per cent, amid an increasingly heated battle to attract price-conscious diners.
Quarterly profits fell by 30 per cent to $1.07bn (£664m), while revenue dropped 4.6 per cent to $6.99bn.
Despite Big Mac prices in the UK rising 30 per cent since 2008 – up from £2 to £2.79 – the UK displayed positive sales growth and operating income performance.
The group has also been forced to hike menu prices in the US to keep up with rising wage demands, which has hit demand.
In Asia-pacific, same-store sales fell 9.9 per cent due to the fallout over a scandal involving on of its key suppliers in China.