McDonald's said on Thursday that key sales figure fell for the first time since Mar. 2003 as the company is having trouble keeping up with its top competitors.
October was a horrible month for the world's biggest hamburger chain which is based out of Oak Brook, IL as they announced their revenue for restaurants open for over 13 months fell under 1.8 percent.
The figure fell in all three key regions according to McDonalds, including the U.S. and Europe where they saw a 2.2 percent decrease overall. In Asia, Africa, and the Middle East the company saw a 2.4 percent decline. Sales for Canada were not included in the overall number as the area posted a positive number for the month.
Some have been placing the blame on CEO Don Thompson who took over the reins on Jul. 1 of this year, but experts like analyst Jack Russo say the company's problems started long before Thompson took over.
"This has nothing to do with Don being in charge. It's just a matter of bad timing and bad luck. They'll get through it," Russo said to The Huffington Post who works for Edward Jones.
Russo also pointed out in the interview that the number could have been low because of the superstorm Sandy that affected the U.S. Northeast. The storm could affect numbers for November as well, but he does predict that McDonald's will respond in some way, most likely with more promotions.
The superstorm isn't the only issue the company has dealt with however as they have fallen behind companies like Wendy's and Burger King in regards to their marketing campaign and improvements made to their menu's overall. Even company's like Taco Bell and Panera Bread have seen an increase in sales due to providing better quality food for a just a little more money that McDonald's usually according to the Associated Press.
The company assured its loyal customers that they will "remain focused on underscoring its value message" by improving on aspects like the Dollar Menu and the Extra Value Menu. Both options have been faltering lately to the disappointment of many within the company.
In Europe, McDonald's said they will be introducing new meal combinations at different price ranges to comply with the economic struggles that many are dealing with. The company states according to Yahoo that they make over 40 percent of their revenue in Europe.
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