US fast food chain McDonald’s has reported its first fall in global sales in six quarters. One major factor is a decline in customer traffic amid persistent inflation in key markets.
The fast food giant released on Monday its financial results for the second quarter of April-to-June.
Sales fell 0.1 percent to almost 6.5 billion dollars from the same period last year. This marks the first drop since the October-to-December quarter of 2022.
Net income also declined 12 percent to 2 billion dollars.
CEO Chris Kempczinski has been sounding a warning since last year. He says consumers, especially those with low-incomes, are becoming more selective.
He added that this year the pressure on such consumers has deepened and broadened.
An increasing number of fast food chains are offering low-priced set meals to lure back customers. Last month, McDonald’s rolled out a limited-time promotion featuring a five-dollar value meal.