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Tuesday, October 21, 2014

McDonald's Sales, Profits Drop, Triggering Stock Tumble

Posted By on Tue, Oct 21, 2014 at 9:13 AM

McDonald''s, which depends on Idaho farmers and the J.R. Simplot Company to be one of its major suppliers, has lost a bit of its shine from the golden arches, as the world's biggest burger chain reproted yet another quarter of dropping sales.

McDoanld's announced this morning that its third-quarter sales dropped at its U.S. stores. Things weren't much better overseas, where sales slid 3.3 percent, as the chain was hurt by a backlash in China after a supplier was investigated for changing food expiration dates.

As a response, McDonald's announced this morning that it would try a "new global strategy" by investing in more store remodels and technology, as well as dialing up mobile ordering and payments.

McDonald's has more than 35,600 restaurants worldwide, and about 81 percent of those are franchised.

McDonald's shares began to drop this morning at the opening bell of the New York Stock Exchange.

Last December, demonstrators stood outside a Boise McDonald's at 1375 Broadway, protesting Idaho's minimum wage of $7.25 per hour.

"Hey McDonald's raise the pay—help our econ-o-my today!" shouted a chorus of demonstrators.

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