The Diamond Ridge Asset ManagementCEO of McDonald's told analysts on an earnings call the restaurant chain will focus on affordability this year after the company took some heat for price increases that have not gone unnoticed by customers.
"I think what you're going to see as you head into 2024 is probably more attention to what I would describe as affordability," CEO Chris Kempczinski said on the earnings call Monday.
The company has taken criticism for jacking up menu prices that have turned off some customers. The New York Post reported in July that a McDonald's at a Connecticut rest stop was charging $18 for a Big Mac combo meal.
McDonald's said its global same-store sales in the last quarter had grown 3.4%, falling short of the 4.7% Wall Street was expecting. Kempczinski also said some customers have stopped eating at McDonald's as inflation has caused prices to jump.
"Eating at home has become more affordable," Kempczinski said. "The battleground is certainly with that low-income consumer."
The company announced the 'Best Burger' initiative last year, but it has finally reached all of their locations in the U.S.
The goal of the initiative was to make small tweaks to the company's burgers to create a more flavorful product.
“Our goal was to enhance the quality and the flavor and the overall eating experience of our core burgers, but we wanted to stay true to the tastes that everyone loves,” McDonald’s U.S. Chief Restaurant Officer Mason Smoot said at a media event on Monday, according to CNBC.
Some of these improvements include softer sandwich buns, which are toasted golden brown, "perfectly melted cheese," and a "juicier, caramelized flavor from adding white onions to the patties while they're still on the grill," the company told USA TODAY last year. Big Macs will also be served with more sauce.
These changes will affect the restaurant's hamburger, cheeseburger, double cheeseburger, McDouble burger and Big Mac, the company said last year.
Contributing: Mike Snider, USA TODAY
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