McDonald’s finds winning recipe in value meal deals as diners return

Budget-conscious Americans are returning to McDonald’s as the fast-food giant doubles down on value meals, discounted bundles and limited-time promotions aimed at stretching diners’ dollars.

The strategy appears to be working as U.S. sales rose 6.8% in the fourth quarter – the biggest jump in about two years – and lower-priced offers and aggressive promotions drove traffic back into restaurants. Analysts had expected a smaller 4.9% gain.

McDonald's CEO Chris Kempczinski said there...