financetom
Business
financetom
/
Business
/
McDonald's CFO says overseas sales to weaken more on Middle East, China hit
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
McDonald's CFO says overseas sales to weaken more on Middle East, China hit
Mar 13, 2024 7:36 AM

(Reuters) - McDonald's international sales will fall sequentially in the current quarter, pressured by the conflict in the Middle East and demand weakness in China, CFO Ian Borden said on Wednesday, sending its shares down 2% in early trade.

First-quarter comparable sales in McDonald's International Developmental Licensed Markets segment will be "slightly lower" than the prior three-month period, Borden said at the UBS Global Consumer and Retail Conference.

The company in February widely missed Wall Street estimates for fourth-quarter sales in the segment, partly due to protests and boycott campaigns against several Western brands over their perceived pro-Israeli stance in the Israel-Hamas conflict.

"We continue to deal with the impacts of the war in the Middle East. But we're also seeing what I would call a sluggish start in China this year," Borden said.

Global businesses such as McDonald's are also grappling with weak demand in China as employment issues, a deepening property crisis and economic uncertainties put a damper on consumer sentiment.

(Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Convicted Ozy Media founder argues US judge conflicted due to hedge fund investments
Convicted Ozy Media founder argues US judge conflicted due to hedge fund investments
Nov 3, 2024
Oct 28 (Reuters) - Ozy Media and its founder Carlos Watson want a federal judge to step aside from their case and throw out their securities fraud convictions, saying the judge had a financial stake in four companies alleged to have been victims of their offenses through his investments in hedge funds managed by his former employer. Watson, a former...
Meta builds AI search engine to cut Google, Bing reliance, the Information reports
Meta builds AI search engine to cut Google, Bing reliance, the Information reports
Nov 3, 2024
Oct 28 (Reuters) - Meta Platforms ( META ) is working on an artificial intelligence-based search engine as it looks to reduce dependence on Alphabet's Google and Microsoft's ( MSFT ) Bing, the Information reported on Monday. The AI search engine segment is heating up with ChatGPT-maker OpenAI, Google and Microsoft ( MSFT ) all vying for dominance in the...
Trans Mountain to shut Puget Sound Pipeline for maintenance in November
Trans Mountain to shut Puget Sound Pipeline for maintenance in November
Nov 3, 2024
HOUSTON, Oct 28 (Reuters) - Canadian-government owned oil pipeline operator Trans Mountain on Friday said it will shut the Puget Sound Pipeline from Laurel to Anacortes, Washington, for about seven days in mid-November to conduct planned maintenance. The Puget Sound Pipeline connects to the Trans Mountain Pipeline at the Sumas delivery point in British Columbia. The line does not connect...
Update: Falco Resources Gains 7.3% as It Reports on Progress at Its Horne 5 Project in Quebec
Update: Falco Resources Gains 7.3% as It Reports on Progress at Its Horne 5 Project in Quebec
Nov 3, 2024
12:28 PM EDT, 10/28/2024 (MT Newswires) -- Falco Resources ( FPRGF ) said Monday that it continues to advance its flagship Horne 5 project in Quebec. The company said it is filing documentation and providing responses to the province's Office of Public Hearings on the Environment after completing the public hearing process. A report is due for submission to the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved