{"text":[[{"start":9.3,"text":"McDonald’s is enticing cash-strapped customers to spend more with promotions and new menu items, boosting sales and defying a broader downturn in the US restaurant industry."}],[{"start":22.05,"text":"Sales at McDonald’s restaurants that have been open at least a year rose 3.6 per cent in the third quarter compared with a year before, the hamburger chain reported on Wednesday."}],[{"start":34.04,"text":"It added that customers spent more at each visit. Analysts had forecast a 3.51 per cent annual increase, according to S&P Capital IQ."}],[{"start":45.59,"text":"Despite a challenging environment, McDonald’s chief executive Chris Kempczinski said on a call with analysts on Wednesday: “For us, the focus is always on getting more people through the door, getting them to be buying larger items.”"}],[{"start":63.67,"text":"The restaurant sector is facing a broader slowdown as US consumers increasingly eat at home to save money. Growth in consumer spending on dining out flatlined in September, down from 3.7 per cent in August, according to an analysis of credit card data by Bank of America Global Research."}],[{"start":85.61,"text":"Diners have turned away from quick-service outlets in particular, with fast-food stores suffering negative monthly sales growth since last November in aggregate. Spending at these restaurants, excluding pizza, fell 0.6 per cent year over year, according to BofA."}],[{"start":104.84,"text":"Diners at limited-service restaurants skew younger and lower income than the median US consumer. Restaurant groups have warned this demographic has sharply reined in spending in recent months amid inflation and slowing wage growth."}],[{"start":123.73,"text":"Lower income consumers’ visits to fast food restaurants are “declining nearly double digits” as these diners struggle to absorb the rising costs of housing, food and childcare, Kempczinski said."}],[{"start":138.52,"text":"“There’s some significant inflation there that the low-income consumer is having to absorb. And I think that is affecting their outlook and their sentiment and their spending behaviour, not just in [quick service restaurants] but across a number of other product categories as well,” he added."}],[{"start":161.82000000000002,"text":"The Chicago-based chain relied on promotions to help it drive foot traffic since the summer that led to an initial sales boost between April and June, after declining in the first quarter. That continued in the past quarter as McDonald’s reintroduced its extra value meals promotion and popular snack wraps dish."}],[{"start":185.51000000000002,"text":"McDonald’s revenue grew 3 per cent to $7.08bn in the quarter ending in September, just under analysts’ estimates of $7.09bn. Net income grew 1 per cent to $2.28bn, below the forecast of $2.38bn. McDonald’s shares rose 3 per cent in morning trading on Wednesday."}],[{"start":212.26000000000002,"text":"In the past week, fast-casual chains Chipotle Mexican Grill, Wingstop and Cava reduced sales forecasts for the remainder of the year, warning that younger customers may remain hesitant to dining out throughout the winter."}],[{"start":228.04000000000002,"text":"“This group is facing several headwinds, including unemployment, increased student loan repayment and slower real wage growth,” Chipotle chief executive Scott Boatwright said last week, adding the chain had lost customers to grocery stores."}],[{"start":244.08,"text":"However, Yum Brands’ chief executive Chris Turner on Tuesday said Taco Bell’s wide variety of new dishes and offerings under $5 kept its customers from pulling back. Yum reported a 3 per cent boost in same-store sales across its portfolio, which also includes KFC and Pizza Hut."}],[{"start":279.6,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1762392583_9732.mp3"}