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Dream - Boycotting McDonald's products due to the Israel-Hamas war has caused this fast-food restaurant to fail to achieve its sales target. According to Reuters, based on the company's financial report in 2023, sales in the international business division only increased by 0.7% in the fourth quarter of 2023. This achievement is far from the estimated growth of 5.5%.
The stock of this fast food restaurant from the United States also fell by 4 percent.
CEO McDonald's, Chris Kempczinski, said that his business in Malaysia, Indonesia, and France has also been affected, with the biggest impact felt in the Middle East.
The company stated that the Israel-Gaza conflict has had a "significant impact" on performance in several foreign markets in the fourth quarter of 2023.
CEO McDonald's, Chris Kempczinski, said that his business in Malaysia, Indonesia, and France has also been affected, with the biggest impact felt in the Middle East.
"As long as this war is still ongoing ... we do not expect to see significant improvements (in these markets)," expressed Chris."
Portfolio Manager at Zacks Investment Management, Brian Mulberry, who holds McDonald's shares, said that this impact could continue for the next two quarters until 2024. "The impact of the (war) on income resilience will be our biggest concern... it seems like this will be an ongoing issue for the next one or even two quarters," he said.
Consumer spending in China, which is McDonald's second-largest market, also remains weak despite government support measures. Although McDonald's does not provide sales details in each international market, the company noted that promotions across the industry increased in China during that quarter as restaurants rushed to revive sluggish demand.
Not only McDonald's, Starbucks, which opened a new outlet last week, also reduced its annual sales target due to declining demand in various outlets in the Middle East.
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