This week, McDonald’s reported its third quarter earnings per share at $2.11, which, for the first time in two years, fell short of Wall Street’s estimates of $2.21 per share. McDonald’s stock prices dropped by four percent upon its financial disclosures, which included $100 million less in revenue than expected. While the price of its stock has increased by 14 percent in 2019, competing company Restaurant Brands International—the parent corporation of Burger King—saw a 31-percent gain in stock prices this year. McDonald’s CFO Kevin Ozan explained potential reasons for the dip, stating, “I would say there was certainly some competitive pressure in mid-August probably through mid-September.” Coincidentally, Burger King announced the national rollout of its Impossible Whopper in the beginning of August after generating 18.5 percent more foot traffic in St. Louis, MO, the meatless burger’s test market. On September 30, McDonald’s added the P.L.T—which stands for “Plant, Lettuce, and Tomato” and features a vegan Beyond Burger patty—to 28 locations in Ontario, Canada in order to test the performance of a vegan-friendly sandwich.
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