Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's
Publishing timestamp: 2024-05-02 07:27:57
Summary
Fast-food chains like Starbucks, Pizza Hut, and KFC are seeing same-store sales declines, while outliers like Wingstop and Chipotle Mexican Grill are still doing well. Competition for customers is fierce, with many chains blaming bad weather and tough comparisons for poor performance. Prices for eating out have risen faster than eating at home, leading to a consumer pullback. Companies are focusing on value to win over customers, with some offering deals and creating nationwide value menus. McDonald's and Starbucks are among those looking to bounce back with new strategies.
Sentiment: MIXED
Tickers: YUM, SBUX, QSR-CA, MCD, CMG, QSR, WING,
Keywords: wingstop inc, restaurants, restaurant brands international inc, business news, chipotle mexican grill inc, breaking news: business, lifestyle, earnings, united states, starbucks corp, yum! brands inc, retail industry, business, mcdonald's corp,
Source: https://www.cnbc.com/2024/05/01/starbucks-mcdonalds-yum-earnings-show-consumers-pulling-back.html