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Reference News reported on July 31 According to a report on the website of the U.S. Consumer News and Business Channel on July 29, McDonald's released its second quarter 2024 financial report on the 29th, showing that the company's profits and revenue did not meet analysts' expectations. Overall same-store sales declined, with same-store sales in the U.S. market falling by 0.7%.

After a challenging second quarter, McDonald's executives told restaurant operators and analysts they were refocusing on how to re-enter customers through promotions and trying to extend the duration of its $5 meal deals.

Joe Ellinger, president of McDonald's USA, said it expects "industry and competitive challenges" to continue throughout the year. Ellinger encouraged operators to look to the future and build momentum for next year. He also said: "Developing a long-term mindset is critical to the company's success."

Ellinger acknowledged that performance in some U.S. regions was “poor” this quarter, with same-store traffic declining for four consecutive quarters and orders also decreasing.

“We continue to lose lower-income customers,” Mr. Ehlinger said in a memo. But he added that lower-income customers were most likely to try the value packages.

The company will extend its $5 value meal offer, which was originally scheduled to last for four weeks, in most of the United States. The fast-food giant said the promotion is helping to restore customer traffic. The memo said most stores will extend the offer through August.

"We need to close the affordability gap," Ellinger said in the memo. "We must continue to take actions to prove to customers that we are listening... We have a rigorous plan for the second half of this year, but we have several important decisions to make that will prepare us to compete and gain momentum in the remaining five months of this year and into 2025."