NEW YORK - The coronavirus pandemic took a bite out of McDonald's profits and the Big Mac maker said Tuesday it plans to focus on affordability in upcoming marketing campaigns as US consumer surveys reveal mounting recession fears.
Chief Executive Chris Kempczinski cautioned that there are "a lot of warning signs out there that would suggest the consumer sentiment and consumer concerns about the economy is negative and going in the wrong direction." The chain saw revenues plunge 30 percent to $3.8 billion, but he added that the second quarter would likely be the "trough in our performance."
Kempczinski said McDonald's most recent poll showed "economic concerns eclipse public health, public safety concerns." Republican lawmakers late Monday unveiled a $1 trillion support package that slashes additional jobless benefits to $200 a week from $600, setting up a fight with Democrats who are pushing for a bigger package that would maintain the higher support.
Sales improved throughout the quarter in the US and in some international markets as governments lifted lockdown restrictions and more activity resumed.
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