AssetID: 53693764
Headline: UNCAPTIONED: McDonald's Posts Disappointing Q1 Results Amid Ongoing Boycotts
Caption: McDonald's Posts Disappointing Q1 Results Amid Ongoing Boycotts. 'The Independent' reports that McDonald's posted weaker- than-expected results in the first quarter of 2024, as a result of a boycott over the company's perceived support for Israel. According to McDonald's, higher sales in the United States helped the fast-food giant overcome weakness in markets where the brand is being boycotted. The company saw same-store sales rise by 1.9% worldwide between January and March, below the Wall Street forecast of 2.1%. Increased menu pricing and delivery demand saw same-store sales in the U.S. increase by 2.5%. In international markets, sales fell by 0.2% for the first time since 2020. Despite this, McDonald's said the company's revenue increased 5% to reach $6.17 billion, while net income went up 7% to $1.93 billion, in-line with Wall Street estimates. 'The Independent' reports that Muslim-majority markets like Indonesia, Malaysia and the Middle East have been boycotting McDonald's for months. The boycotts started after a McDonald's franchise in Israel announced in October that it would provide free meals for Israeli troops amid the ongoing war in Gaza. In the months since then, the company has tried to limit the fallout by taking over all 225 McDonald's in the country with the purchase of Alyonal Limited, its Israeli franchise. "Our hearts remain with the communities and families impacted by the war in the Middle East. We abhor violence of any kind and firmly stand against hate speech, and we will always proudly open our doors to everyone.", McDonald's statement, via 'The Indepndent’. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: McDonald's,Posts,Disappointing,Q1,Results,Ongoing,Boycotts,Company,First,Quarter,2024,Israel,Support,Gaza,Palestine,United States,Middle East,Indonesia,Malaysia,Muslim,Countries
PersonInImage: