McDonald's CEO Talks Affordability After Stock Prices Drop
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
McDonald's CEO Talks Affordability After Stock Prices Drop
McDonald's CEO , Talks Affordability , After Stock Prices Drop.
ABC reports that McDonald's has come under
fire by customers angry over recent increased
menu prices, which has prompted the CEO
to address the issue of affordability.
In the company's latest earnings call,
McDonald's CEO Chris Kempczinski discussed
the fast food chain's Q4 results, which were mixed.
In the company's latest earnings call,
McDonald's CEO Chris Kempczinski discussed
the fast food chain's Q4 results, which were mixed.
Global same-store sales were up 3.4%,
short of Wall Street expectations, while
domestic same-store sales were up 4.3%,
more closely aligned with "normalized growth.".
Shares in McDonald's dropped nearly
4% on the New York Stock Exchange after
the company's Q4 earnings were posted.
Shares in McDonald's dropped nearly
4% on the New York Stock Exchange after
the company's Q4 earnings were posted.
Kempczinski reportedly admitted that
the company's sales had dipped in
the wake of increased menu prices.
The fast-food chain noted reduced transactions
among lower-income customers making under
$45K a year, one of the company's core consumers.
Eating at home has
become more affordable.
The battleground is certainly
with that low-income consumer, Chris Kempczinski, McDonald's CEO, via ABC.
According to Kempczinski, customers may
have been forced to dine out less as prices
and inflation remain high for eating out.
.
According to Kempczinski, customers may
have been forced to dine out less as prices
and inflation remain high for eating out.
.
The CEO stressed that the company
remains in a good position with its
value menu offerings, while promising , "some activity at the local level to
make sure we continue to provide
value for the lower-income consumer.".
What you're going to see is
more attention to affordability.
Think about that as an absolute
price point, which is more
important for that consumer to
get them into the restaurants
than maybe value messaging.
We are set up well to go after that, Chris Kempczinski, McDonald's CEO, via ABC.
What you're going to see is
more attention to affordability.
Think about that as an absolute
price point, which is more
important for that consumer to
get them into the restaurants
than maybe value messaging.
We are set up well to go after that, Chris Kempczinski, McDonald's CEO, via ABC
McDonaldâs Releases $5 Value Meal , to Help Fight Inflation.
The fast-food chain will debut a "$5 Meal Deal"
in the U.S. beginning on June 25, CNN reports. .
We heard our fans loud and clear â
theyâre looking for even more great
value from us, and this summer
thatâs exactly what theyâll get. , Joe Erlinger, president of McDonaldâs USA, via press release.
The value meal will include either a
McDouble or a McChicken sandwich, small fries, 4-piece chicken nuggets and small drink.
The value meal will include either a
McDouble or a McChicken sandwich, small fries, 4-piece chicken nuggets and small drink.
However, it will only be
available for a limited time.
Social media has been rife with consumers complaining about the prices of fast food lately, including the cost of food at McDonald's.
Social media has been rife with consumers complaining about the prices of fast food lately, including the cost of food at McDonald's.
Joe Erlinger, president of McDonaldâs USA, put out a letter citing âviral social posts and poorly sourced reports that McDonaldâs has raised prices significantly beyond inflationary rates.â.
The average price of a Big Mac
in the U.S. was $4.39 in 2019, Joe Erlinger, president of McDonaldâs USA, via press release.
Despite a global pandemic and historic
rises in supply chain costs, wages and other
inflationary pressures in the years that
followed, the average cost is now $5.29.
Thatâs an increase of 21% (not 100%), Joe Erlinger, president of McDonaldâs USA, via press release.
Other McDonald's franchisees are
offering deals such as "buy one, get one" breakfast sandwiches to entice customers.
Affordable prices and creating
memorable moments are what
McDonaldâs is all about. , John Palmaccio, a McDonaldâs owner and chair of the
Operatorâs National Advertising Fund, via CNN.
As small business owners, itâs our
responsibility to deliver great
value to our local communities
when they need it most, John Palmaccio, a McDonaldâs owner and chair of the
Operatorâs National Advertising Fund, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
McDonaldâs Ends , AI Drive-Thru Test With IBM.
Fox News reports that McDonald's has decided to end its artificial intelligence drive-thru program. .
According to 'Restaurant Business,'
McDonald's Chief Restaurant Officer Mason Smoot said
the decision was made "after a thoughtful review.".
McDonald's has decided to end
our current partnership with IBM
on AOT [automated order taking]
and the technology will be shut
off in all restaurants currently testing
it no later than July 26, 2024, Mason Smoot, McDonald's Chief
Restaurant Officer, via Fox News.
The program, which started
in 2021, saw over 100 McDonald's
locations help test the new technology.
While there have been successes
to date, we feel there is an
opportunity to explore voice
ordering solutions more broadly, Mason Smoot, McDonald's Chief
Restaurant Officer, via Fox News.
According to Smoot, McDonald's will make
"an informed decision on a future voice
ordering solution by the end of the year." .
The goal of the test was
to determine if an automated
voice ordering solution could
simplify operations for crew
and create a faster, improved
experience for our fans, McDonald's statement, via Fox News.
The company echoed Smoot's sentiment in
a statement to Fox News, while also addressing
the future of AI programs at McDonald's.
After thoughtful review, McDonaldâs
has decided to end our current global
partnership with IBM on AOT beyond
this year. IBM remains a trusted
partner and we will still utilize
many of their products
across our global system, McDonald's statement, via Fox News.
We see tremendous opportunity in
advancing our restaurant technology
and will continue to evaluate
long-term, scalable solutions that
will help us make an informed decision
on a future voice ordering solution
by the end of the year, McDonald's statement, via Fox News.
We see tremendous opportunity in
advancing our restaurant technology
and will continue to evaluate
long-term, scalable solutions that
will help us make an informed decision
on a future voice ordering solution
by the end of the year, McDonald's statement, via Fox News
Credit: Wibbitz Top Stories Duration: 01:30Published
âSuper Size Meâ Filmmaker
Morgan Spurlock , Dead at 53.
NBC News reports that the Oscar-nominated documentary filmmaker died on Thursday
due to cancer. .
It was a sad day, as we
said goodbye to my
brother Morgan, Morgan Spurlockâs Brother, Craig, via statement .
Morgan gave so much through his art, ideas and generosity. Today the world has lost a true creative genius and a special man. I am so proud to have worked together with him, Morgan Spurlockâs Brother, Craig, via statement .
Spurlockâs films usually dealt with sociopolical issues, his most famous being âSuper Size Me.â.
In the film, Spurlock ate only McDonaldâs for 30 days straight and documented the experience. .
The experiment had a drastic effect on both his physical and mental health.
showcasing the dangers of a poor diet and
spreading awareness on the unhealthy nutritional content from fast food restaurants.
The film was nominated for best documentary at the 2005 Academy Awards. .
Spurlock also directed "Where in the World Is
Osama bin Laden?," "The Greatest Movie Ever Sold," and "Mansome".
In 2013, he directed "One Direction:
This Is Us," a 3-D concert film.
Credit: Wibbitz Top Stories Duration: 01:31Published
Pat Sajak is NOT coming out of a short-lived retirement to host the upcoming "Celebrity Wheel of Fortune" season -- instead, this was always in the cards ... TMZ.. TMZ.com
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Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Macâs chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
T-Mobile Announces Deal , to Acquire Most of , U.S. Cellular .
On May 28, T-Mobile announced that
it will acquire most of competitor
U.S. Cellular in a massive $4.4 billion deal.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
ABC reports that the deal would give T-Mobile,
already one of the largest wireless providers in
the United States, an additional 4 million customers.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The deal will also see T-Mobile acquire
hundreds of brick-and-mortar stores
and a wider presence in rural areas.
The acquisition will also expand T-Mobile's
spectrum rights, a federal license permitting
the transmission of mobile signals.
According to T-Mobile, the deal
is expected to close sometime
in the middle of 2025.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
As customers from both
companies will get more
coverage and more capacity
from our combined footprint,
our competitors will be forced
to keep up -- and even more
consumers will benefit, Mike Sievert, CEO of T-Mobile, via ABC.
T-Mobile added that U.S. Cellular
will retain control of a portion of the
company's spectrum rights and cellular towers. .
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
According to T-Mobile, the deal will provide
customers with more competitive options to the
two largest U.S. wireless carriers: Verizon and AT&T.
By tapping into the additional
capacity and coverage created
through the combined spectrum
and wireless assets, T-Mobile
will spur competition, T-Mobile statement, via ABC.
The news comes after a series of
acquisitions for T-Mobile aimed at
accelerating the wireless provider's growth
Credit: Wibbitz Top Stories Duration: 01:31Published
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