McDonald’s revenue fell short of expectations in the second quarter as coronavirus restrictions shuttered stores in China and higher prices took a toll on U.S. demand. The Chicago burger giant said its revenue fell 3% to $5.72 billion in the April-June period. That was short of Wall Street’s forecast of $5.8 billion, according to analysts polled by FactSet.Same-store sales, or sales at stores open at least a year, were up nearly 10% worldwide. That was higher than the 6.8% that analysts had expected. But there were double-digit declines for comparable stores in China, where restaurants were closed temporarily throughout the country for most of the quarter. U.S. same-store sales rose 3.7%. McDonald’s said most of that increase was due to higher prices, with store traffic remaining flat.Chief Financial Officer Kevin Ozan said McDonald’s is seeing some trade-down to cheaper items and lower sales of combo meals in the U.S., particularly among lower-income consumers. The number of customers per sale has also declined from the height of the pandemic, when locked-down families would often pick up large orders at the drive-thru.Ozan said year-over-year U.S. price increases in the 8% to 9% range will likely continue through the remainder of the year


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