McDonald’s fell short of Wall Street expectations for quarterly sales at its established US outlets on Tuesday, as it battled intense competition from rival fast-food chains and restaurants that offer plant-based options.
The world’s largest fast-food chain has trailed Restaurant Brands’ Burger King and Yum Brands’ KFC in offering plant-based burgers, having partnered with Beyond Meat only last month in Canada.
Sales at US restaurants open for at least 13 months rose 4.8 percent in the third quarter ended Sept. 30, below the 5.2 percent growth expected by analysts.
Globally, McDonald’s reported better-than-expected comparable sales growth of 5.9 percent, driven by strong growth in markets such as the UK and France.
The company earned $2.11 per share. Analysts were expecting a profit of $2.21.
Total revenue, including both US and overseas operations, rose to $5.43 billion, slightly below analysts’ expectations of $5.49 billion.