McDonald’s Corp. missed Wall Street estimates for profit for the first time in two years on Oct 22 as more investment to spruce up U.S. restaurants and speed up service weighed on the world’s biggest fast-food chain, sending its shares down 4%.
Rival fast-food chains in the United States have challenged its dominance with value meals and new menu items, including plant-based burgers and meat substitutes launched by rivals including Restaurant Brands International Inc.’s Burger King and Yum Brands Inc.’s KFC. McDonald’s is seen late in reintroducing chicken sandwiches and rival Wendys Co. has started serving breakfast.
