McDonald's sales drop for the first time in 9 years
| New York
McDonald's聽Corp. says a key sales figure fell in October, marking the first monthly drop in nearly a decade for the world's biggest hamburger chain.
The U.S.-based company says global revenue at restaurants open at least 13 months fell 1.8 percent for the month. The last time it dropped was in 2003.
The figure is a key metric because it strips out the impact of newly opened and closed locations. The figures are a snapshot of money spent on food at both company-owned and franchised restaurants. They do not reflect corporate revenue.
The fast-food chain says the figure fell 2.2 percent in both the U.S. and Europe. In the region encompassing Asia, the Middle East and Africa, it dropped 2.4 percent.
After years of outperforming its rivals,聽McDonald's聽has seen sales slow recently amid intensifying competition and a persistently weak economy. To rev up sales, the company has been working to emphasize value in markets around the world.
In particular,聽McDonald's聽is facing stiffer competition from longtime rivals Burger King and Wendy's, which are reviving their brands with new ad campaigns and improved menus.
Still,聽McDonald's聽said it would remain focused on underscoring its value message in the U.S.
The same was true for Europe, where聽McDonald's聽gets 40 percent of its business. Amid the region's ongoing economic uncertainty,聽McDonald's聽said it would offer new meal combinations at various price ranges and continue remodeling restaurants.
In the Asia, the company said it plans to differentiate itself with menu offerings tailored to local tastes.
McDonald's聽shares were down 61 cents at $86.23 in premarket trading. CEO Don Thompson had warned last month that sales were trending negative for the month.
