The latest quarterly earnings updates from major quick-service giants Yum! Brands, Starbucks and McDonald’s reflect ongoing adjustments in consumer behavior among the current economic environment.
As reported by Fox Business, each company’s results highlight the differing impacts of market conditions on their global operations. The trends also suggest more consumers are opting to eat at home.
This trend not only impacts the big, national brands but also small business restaurants who are also dealing with crippling rising costs in food and wages.
Yum! Brands, which owns KFC, Taco Bell and Pizza Hut, reported a 3% decline in same-store sales for the first quarter.
CEO of Yum! Brands, David Gibbs, indicated the downturn was anticipated because of several factors, including market conditions related to the Middle East conflict and a return to more typical inflation levels.
“As far as the international consumer goes, it’s probably more of an emphasis on value than there has been in past quarters,” Gibbs sa