McDonald’s Earnings Miss as Higher Prices Drive Sales, Foot Traffic Lower [Video]

McDonald’s (MCD) second-quarter earnings fell short of analysts’ estimates Monday as lower foot traffic drove comparable store sales down from last year’s levels.

The fast food giant reported $6.49 billion in total revenue, nearly identical to the second quarter of 2023. Despite the similar revenue, McDonald’s net income fell 12% year-over-year to $2.02 billion.

Analysts had expected revenue to grow to $6.63 billion, while profits were projected to slip by a smaller amount to $2.24 billion, according to consensus estimates compiled by Visible Alpha.

McDonald’s global comparable sales fell 1% from last year as sales decreased in the U.S. and abroad. The company said foot traffic fell in U.S. locations as prices rose, while lower sales in several countries like France and China offset improvement in Japan and Latin America.

“As consumers are more discriminating with their spend, we are focused on the outstanding execution of delivering reliable, everyday value and accelerating strategic growth …