Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
There were modest gains on Wall Street amid dueling narratives on the consumer and that left Wall Street little changed. TJX, the parent of TJ Maxx, Marshall’s, and Home Goods, topped Wall Street forecasts. The retail chain also raised expectations for the year. On the other hand, Macy’s lowered full-year guidance. The department store chain posted a drop in quarterly sales that was bigger than anticipated. Macy’s now plans to close 55 locations, up from the 50 previously announced.
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In other business news: The world’s biggest fast-food chain is about to get even bigger. McDonald’s (MCD) is pouring roughly $1.3 billion dollars to open new locations and refurbish older ones throughout the U.K. and Ireland.
According to the Wall Street Journal, the four-year expansion plan will see the opening of 200 new restaurants in that part of the world. In addition, 1500 locations will get a Mickey D’s makeover.
This is all part of a celebration for McDonald’s, which opened its first restaurant in the region 50 years ago. The regional CEO says, “We’re proud of what we have delivered in the last 50 years and are committed to investing in new opportunities and supporting growth across the U.K.”
McDonald’s will be experimenting with new store formats in the U.K. and Ireland, which can’t come soon enough. Second-quarter sales were down globally for the first time since 2020. And now, the restaurant giant is trying to find the recipe to fend off competition, grapple with changing diets, and win back inflation-weary consumers - all at the same time.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: McDonald’s is facing the brutal aftermath of price increases
