McDonald’s CEO promises ‘affordability’ amid backlash over menu prices

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McDonald’s CEO admitted the burger giant’s sales have taken a hit as jacked-up menu prices have turned off core customers — and signaled the chain plans to focus on “affordability” this year.

The Chicago-based fast-food behemoth — which has lately taken heat over a Big Mac combo meal priced at nearly $18 — said its global same-store sales in the latest quarter had grown just 3.4%, falling short of the 4.7% growth Wall Street had expected.

The lackluster quarter — which the company also blamed on conflict in the Middle East that has slammed franchisees overseas — sent McDonald’s shares on the New York Stock Exchange tumbling nearly 4%, to $285.97, at Monday’s close.

“I think what you’re going to see as you head into 2024 is probably more attention to what I would describe as affordability,” McDonald’s chief executive Chris Kempczinski said on a Monday earnings call with analysts.

In particular, low income customers making less than $45,000 per year have largely stopped ordering from McDonald’s. Pummeled by inflation, they’re eating at home more frequently as grocery prices come down, Kempczinski admitted.

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Despite the uproar, McDonald’s customers should brace for even more price hikes this year — albeit at a slower pace of 2% to 3% versus last year’s 10%, restaurant analyst Mark Kalinowski told The Post. McDonald’s attempts at “affordability” will likely take the form of targeted deals offered on its mobile app, he predicts.

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