(Reuters) – McDonald’s Corp said on Monday it will extend its $5 value meal offer at most of its U.S. locations through August after about 93% of its restaurants voted in favor of the plan, according to a memo seen by Reuters.
McDonald’s launched the meal deal on June 25 for an initial four-week period to compete with similar promotions offered by major fast-food chains to attract cash-strapped customers.
Some McDonald’s restaurants have voted to extend the offer through August, while others have yet to vote, which could mean different offer periods for different geographies, according to the memo.
The memo noted that the $5 meal helped bring traffic back to McDonald’s restaurants, after high fast-food prices prompted budget-conscious customers to cut back on eating out and turn to cheaper home-cooked meals.
The company reported lower-than-expected first-quarter earnings in April, noting that consumers across income brackets are looking for value.
Competitor Burger King, owned by Restaurant Brands International, offered a $5 “Your Way” deal last month, while Wendy’s announced a $3 breakfast deal in May.
Bloomberg News first reported McDonald’s extension of the $5 meal offer earlier Monday.
(Reporting by Savita Mishra in Bengaluru; Editing by Krishna Chandra Elori and Shinjini Ganguly)
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