Higher menu prices boosted McDonald’s sales growth even as foot traffic dropped in Q3|Benoit Prieur
McDonald’s announced impressive third-quarter earnings of $6.69 billion on Monday, a 14% increase from the previous year, surpassing Wall Street projections.
Higher menu prices boosted sales growth even as foot traffic at the fast food chain dropped in Q3.
According to CEO Chris Kempczinski, the current economic conditions contributed to sales as people with middle and high incomes have been increasingly consuming fast food to cut down on spending.
The company’s global same-store sales grew 8.8%.
The company expects further price increases of about 10% for 2023.