McDonald 8217 s slides on NYSE after posting sales fall
McDonald’s shares are down on the NYSE after the chain reported a fall in profits.
McDonald's has seen its shares slip on the New York Stock Exchange (NYSE) today (November 9th) after it reported its first monthly sales decline in nine years.
Yesterday, the fast food franchise reported that its global sales for October were lower on a year-on-year basis by 1.8 per cent.
These declines were felt across the company's international empire, with US and European sales decreasing by 2.2 per cent, while demand in Asia, Africa and the Middle East retreated by 2.4 per cent.
It was thought that McDonald's was immune to the recession, but the restaurant chain cited challenging market conditions as a reason for this tumble. Furthermore, the company is up against stiff competition from rival Yum Brands and new healthy opponents.
Chief executive Don Thompson said: "I am confident that our strategies and the adjustments we are making in response to the current business headwinds will build sales momentum."
At 14:55 GMT, McDonald's was down by 1.1 per cent on the NYSE, slipping to a share price of $84.15.
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