McDonald’s posts weak quarterly results as higher fast food prices hurt demand

McDonald’s (MCD.N) reported a surprise drop in sales and missed Wall Street estimates for quarterly profit on Monday, as the burger giant struggled to draw in cash-strapped customers opting to eat at home due to higher menu prices.

Global sales fell 1 per cent in the second quarter, its first decline in 13 quarters, compared with analysts’ average estimate of a 0.53 per cent rise, according to LSEG data.

Persistent inflation has forced lower-income group to shift to affordable food options at home...