McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future.
A McDonald's is seen in Tysons, Virginia, on February 5, 2024. McDonald's reported a modest increase in quarterly profits April 30, 2024 despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future.NEW YORK, United States — McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future.
Sales of McDonald's were dented after its Israel franchise in October announced it had given thousands of free meals to the Israeli army. Earlier this month, McDonald's agreed to acquire Alonyal, which has over 30 years built the McDonald’s brand to 225 restaurants in Israel, employing more than 5,000 people.
"The continued impact of the war in the Middle East more than offset positive comparable sales in Japan, Latin America and Europe," McDonald's said of the division. Chief Financial officer Ian Borden said sales in the United States and in many other large markets will probably be "below" the historical range in 2024 due to the cumulative effects of inflation on customers.
Puregold, the flagship retail chain of businessman Lucio Co, has emerged as the only retailing business on the list of the...
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