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War in Gaza, lower demand in China weaken McDonald’s international sales this quarter | Scoop
The boycott against the fast food giant began soon after the current conflict erupted on October 7, when photos of Israeli soldiers enjoying McDonald’s went viral. McDonald’s Malaysia has tried to distance itself to no avail. – Abdul Razak Latif/Scoop pic, March 14, 2024
News

War in Gaza, lower demand in China weaken McDonald’s international sales this quarter

Downtrend follows McDonald’s global sales going down 10.9% in the fourth quarter of 2023

Scoop Reporters
Updated
2:25 PM MYT

 

KUALA LUMPUR – The ongoing Israel-Hamas war and lower demand in China will continue to weaken McDonald’s international sales this quarter, said the company’s chief financial officer Ian Borden.

First-quarter comparable sales in McDonald’s International Developmental Licensed Markets segment will be “slightly lower” than the previous quarter, he told the UBS Global Consumer and Retail Conference in New York.

“We continue to deal with the impacts of the war in the Middle East. But we’re also seeing what I would call a sluggish start in China this year.”

The fast-food giant last month blamed the boycott campaigns and misinformation spread online over the brand’s supposed support of Israel.

This led to McDonald’s missing its Wall Street estimates by a mile.

McDonald’s global sales were reportedly down 10.9% in the fourth quarter of last year.

Boycott calls began soon after October 7, when photos of Israeli soldiers enjoying McDonald’s takeaway meals went viral. 

Hamas attacked areas in Israel on October 7, and since then, the Zionist regime has been bombarding Gaza relentlessly.

Meanwhile, McDonald’s Malaysia is heading into mediation next week with BDS (Boycott, Divestment, Sanctions) Malaysia after suing the group for RM6 million, of which RM3 million is for loss of profitability due to shorter business hours, RM1.5 million is for severance compensation to be paid to former employees, and RM1.5 million is for expired food products and raw material waste.

The fast-food chain also wants BDS Malaysia to issue an unconditional apology via their website, Facebook and Instagram pages, as well as to take down the defamatory social media posts that featured the brand’s logo in calling for a boycott and to reveal the identities of all parties involved in spreading the posts. 

McDonald’s Malaysia has been a local operating company. Since its acquisition by Lionhorn Pte Ltd under the Reza Group companies from Saudi Arabia in 2017, it has been a 100% Muslim-owned entity. – March 14, 2024

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