Small Macs

McDonald's gets hit by bidenmocics:

The fast-food giant's same-store sales fell "for the first time in nearly four years in the second quarter as inflation-weary consumers skipped meals out or chose cheaper options," according to the Los Angeles Times. McDonald’s Chairman, President, and CEO Chris Kempczinski told investors on Monday's quarterly conference call, "Consumers still recognize us as the value leader versus our key competitors, it’s clear that our value leadership gap has recently shrunk." Most tellingly, while foot traffic was down at locations that had been open for at least one year — i.e., there were fewer customers — those who did come spent more because of price hikes. Kempczinski said McDonald's is doing a "comprehensive rethink" of its pricing. Shares were up 3% on the news. A rethink is certainly needed. $5 will now get your kid or grandkid a Happy Meal — on sale — but not too long ago that was the regular price for a Quarter Pounder with Cheese Meal. Morning Consult reported last week that "The labor market is cooling, price pressures are dissipating, and U.S. consumers’ willingness to splurge is looking increasingly tapped out."

They can't afford what Ronald McDonald is selling...