McDonald's CFO Says 'Everybody's Fighting for Fewer Consumers' as Earnings Reports Show People Are Spending Less on Fast Food

In January, economists warned that customers would walk little astatine places for illustration accelerated nutrient chains arsenic rising inflation drives up nan prices of necessities — and net reports released this week show those predictions mightiness person travel true.

McDonald's, Starbucks, Pizza Hut, and KFC each reported lower-than-expected income this week.

"Clearly everybody's fighting for less consumers aliases consumers that are surely visiting little frequently, and we've sewage to make judge we've sewage that street-fighting mentality to win, [regardless] of nan discourse astir us," McDonald's CFO Ian Borden said connected nan company's net telephone connected Tuesday.

Related: McDonald's CFO Says nan Company Is Testing Bigger Burgers successful 'Select' Markets This Year — Here's Why

The McDonald's logo. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images)

McDonald's saw same-store income turn 2.5% successful nan U.S. past quarter, from January done March, which was slightly beneath expectations of 2.55% maturation and overmuch little than nan accelerated nutrient chain's 12.6% maturation successful nan aforesaid play past year.

Related: McDonald's CEO Says That 'Affordability' Is connected nan Way arsenic Company Struggles Through Sales Slump

The different companies each reported declines successful nan aforesaid category. Same-store income astatine Starbucks dropped 3% successful nan U.S., its first diminution successful that class in almost 3 years, while Pizza Hut and KFC saw 7% and 2% same-store declines, respectively.

The net reports were weaker than analysts expected, which whitethorn beryllium owed to ostentation and higher prices. McDonald's raised paper prices by 10% past year.

A Restaurant Business analysis of McDonald's items crossed each 50 states shows that nan mean value of a McDonald's cheeseburger jumped 55% successful nan past 3 years.

"Eating astatine location has go much affordable," McDonald's CEO Chris Kempczinski said connected an earlier February net call.

Related: McDonald's Made a Simple Change to a Cult-Favorite Menu Item. Now, nan Sandwich Is a $1 Billion Brand.

Data from a caller consumer value scale report backs up Kempczinski's statement. The report showed that prices for equipment successful nan "food astatine home" class roseate 1.2% successful nan past year, while nutrient prices distant from location roseate 4.2% complete nan aforesaid period.