McDonald's Hit By Global Economy, FX In Q2

摘要

It has not been a good few weeks for the US food services industry,nwith several firms releasing weaker-than-expected second-quarternearnings reports. Although Yum? Brands (owner of KFC, TaconBell and Pizza Hut) allayed some of the worst fears regarding itsnChinese business, which accounts for about 40% of its operatingnincome, it still was hit by higher costs (mainly higher wages andnfood price inflation). Chipotle, the outstanding performer in the USnfast-casual space over the past few years, missed analysts' expectationsnfor same-store sales growth. Having grown so strongly overnthe past few years, the same-store sales miss was the cue for a steepnsell-off of more than 20% in its shares, which wiped about US$3bnnoff its market capitalisation.