(Web Desk) – McDonald’s announced an unexpected drop in global sales on Monday, its first decline in 13 quarters, as bargain-hunting customers avoid higher-priced menu items such as Big Macs.
Persistent inflation has compelled lower-income consumers to seek for more cheap food options at home. As a result, fast food restaurants like McDonald’s, Burger King, Wendy’s, and Taco Bell have shifted their focus to value meals in order to attract customers.
McDonald’s shares, which are down 15% this year, climbed nearly 4% after corporate executives said the $5 lunch bargain unveiled late in June sold better than expected.
They said the business was working with franchisees to extend it past August.
