McDonald's says tariffs are hurting sales after reporting largest decline since pandemic
CBSN
McDonald's, a stalwart American fast food chain, posted a steep sales drop at U.S. restaurants in its first quarter earnings report Thursday, citing economic uncertainty and diminished consumer sentiment.
"Heightened anxiety" about the economy, driven largely by tariffs, is weighing on lower-income Americans, McDonald's CEO Chris Kempczinski said on the call, proving the domestic impact of making goods produced abroad more costly to import.
The burger chain's same-store sales in the U.S. declined 3.6% in the first quarter, reflecting economic pressures weighing on low- and middle-income consumers in particular, McDonald's said on its earnings call. That marks the biggest U.S. decline for the company since the COVID-19 pandemic forced stores to close nationwide.
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Epic Games, the video game maker behind Fortnite, is laying off more than 1,000 workers amid "extreme" market conditions and a downturn in engagement with its most popular game, CEO Tim Sweeney said in a blog post Tuesday. Edited by Aimee Picchi In:
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Washington — President Trump, who calls voting by mail "cheating" and wants to restrict the method, voted by mail this month in Florida's special elections, public records show. In:
Washington — Oklahoma Gov. Kevin Stitt appointed energy executive Alan Armstrong on Tuesday to replace newly confirmed Department of Homeland Security Secretary Markwayne Mullin in the Senate.
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Ford Motor Co. is recalling 254,640 Lincoln and Explorer vehicles due to a software issue that may disrupt the rearview camera and other features intended to enhance safety while driving. Edited by Aimee Picchi In:
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Secretary of State Marco Rubio is expected to testify in federal court Tuesday in the ongoing criminal trial of former Florida Congressman David Rivera, who is accused of secretly lobbying for the Venezuelan government during the first Trump administration.
A U.S. Park Police officer was seriously wounded Monday evening in a shooting in Washington, law enforcement officials said.
A large explosion at a Valero oil refinery near the Texas Gulf coast Monday shot plumes of smoke into the air and forced some nearby residents to shelter in place. In: