McDonald’s to invest $1.3 billion in Europe over the next four years

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the McDonald’s footprint is getting even bigger.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05There were modest gains on Wall Street amid dueling narratives on the consumer.

00:10TJX, the parent of TJ Maxx, Marshalls and HomeGoods, topped Wall Street forecasts.

00:15The retail chain also raised expectations for the year.

00:19On the other hand, Macy's lowered full year guidance.

00:23The department store chain posted a drop in quarterly sales that was bigger than anticipated.

00:28Macy's now plans to close 55 locations up from the 50 previously announced.

00:35In other business news, the world's biggest fast food chain is about to get even bigger.

00:40McDonald's is pouring roughly $1.3 billion to open new locations and refurbish older

00:46ones throughout the U.K. and Ireland.

00:49According to the Wall Street Journal, the four-year expansion plan will see the opening

00:53of 200 new restaurants in that part of the world.

00:56In addition, 1,500 locations will get a Mickey D's makeover.

01:01This is all part of a celebration for McDonald's, which opened its first restaurant in the region

01:0550 years ago.

01:06The regional CEO says, quote, we're proud of what we have delivered in the last 50 years

01:11and are committed to investing in new opportunities and supporting growth across the U.K.

01:17McDonald's will be experimenting with new store formats in the U.K. and Ireland, which

01:22can't come soon enough.

01:24Second-quarter sales were down globally for the first time since 2020.

01:29And now, the restaurant chain is trying to find the recipe to fend off competition, grapple

01:34with changing diets, and win back inflation-weary consumers all at the same time.

01:40That'll do it for your daily briefing from the New York Stock Exchange.

01:43I'm Conway Gittins with The Street.

Category

Transcript

Recommended