Stronger dollar hurts McDonald’s
NEW YORK (AP) – Tough competition in the U.S. and the weakening economy abroad was a double whammy for McDonald’s in the third quarter, sending the burger chain’s net income down nearly 4 percent.
McDonald’s said it was adjusting some of its plans to deal with the pressures, including stepping up advertising for its dollar menu and bringing back the popular McRib sandwich nationally in December to drive traffic into U.S. stores.
The world’s largest hamburger chain with 33,000 locations worldwide has thrived in boom and bust times by selling cheap eats and constantly updating its menu. But global economic pressures and intensifying competition are wearing at the company, which does two-thirds of its business overseas. CEO Don Thompson said revenue in stores open at least 13 months, a key restaurant metric, is trending negative so far in October.
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