McDonald’s lost $7 billion of its value within hours after its CFO announced the continued impact of the boycott in the Middle East on sales during the current year.
According to CNBC, McDonald’s shares plummeted by over 3%, heading towards recording the largest daily loss in 5 weeks.
The company’s CFO stated that international sales will continue to decline in the current quarter, under the pressure of conflicts in the Middle East and weakened demand in China.
During the Global Consumer and Retail Conference, the CFO mentioned that comparable sales for McDonald’s restaurants in the licensed international developmental markets will be “slightly lower” than the previous three-month period.
Additionally, the company did not widely meet Wall Street estimates for fourth-quarter sales in this sector in February, attributed to protests and boycott campaigns against many Western brands due to their supportive stance towards Israel in its massacres against Palestinians.
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