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McDonald's Corp.'s anticipated $5 meal deal will be available for U.S. customers starting in June, but will only last for a month, according to a new report on Wednesday.
The budget-friendly combo will include the choice of a McDouble or a McChicken, along with four chicken nuggets, fries and a drink, a source told told CNBC.
Fast food restaurants are seeing sales dip as more inflation-hit consumers opt to eat at home. (Reuters/Joshua Roberts / Reuters Photos)
Bloomberg first reported last week that the fast food giant was in talks with its U.S. franchisees to consider offering the budget deal in an effort to convince price-conscious customers to return as fast food restaurants see sales dip due to inflation driving more folks to eat at home.
Global restaurant chains such as McDonald's and Starbucks have seen lower-income customers opting to eat more meals at home amid a cost-of-living crisis, forcing the companies to offer steeper promotions to attract them to their outlets.
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McDonald's, which has a higher exposure to the lower-income cohort, saw its global sales growth slowing for the fourth straight quarter.
McDonald's plans for a budget-friendly combo come as fast food stores see customers opting to eat more meals at home. (Mohd Samsul Mohd Said/Getty Images / Getty Images)
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"I think it's important to recognize that all income cohorts are seeking value," CEO Chris Kempczinski said last month on a post-earnings call.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 292.44 | -1.80 | -0.61% |
McDonald's Corp.
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McDonald's shares were up about 1% at $273.87 on Wednesday afternoon following the news. The company did not immediately respond to FOX Business' request for comment.
Reuters contributed to this report.