Both Starbucks and McDonald's are experiencing struggles in the current market, with neither company achieving notable success this year. McDonald's reported a 3% decrease in quarterly revenue, with CEO Chris Kempczinski acknowledging the challenges consumers face. In contrast, Starbucks, under new CEO Brian Niccol, saw only a modest 2% revenue increase, but earnings were halved. Niccol's efforts to revamp the brand include reducing menu items and focusing on customer experience amidst ongoing supply issues. Despite these challenges, both brands are attempting to navigate a competitive landscape that has shifted consumer preferences.
"Neither of the huge fast-food companies is having its best year. McDonald's revenue in the most recent quarter was $5.96 billion, down 3%."
"New Starbucks CEO Brian Niccol is off to a rough start, even though he considers himself a turnaround specialist."
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