Despite lackluster sales and fans vocally saying that they aren't lovin' it, McDonald's is defending its new Dollar Menu.
With the Golden Arches' stocks plummeting to lows and outspoken customers vocalizing their distaste for the new Dollar Menu, or rather, the new $1, $2, $3 Menu, McDonald's Corp is defending the new introduction, claiming that it is a "long-term platform" to drive sales.
"We don't view our $1, $2, $3 menu as a one-month or two-month deal," McDonald's CFO Kevin Ozan said Wednesday at the Bank of America Merrill Lynch consumer tech conference, The Street reports. "It's not a promotion, it's not a deal, it's a long-term value menu platform."
Since the introduction of the revamped Dollar Menu in January, the fast food chain has not only seen its stock fall more than 8% since the beginning of the year, stock trading down slightly to $158.24 at the market's close, but the company has also experienced one of its worst days since it began tracking data in 1972. Shares of McDonald's Corp. closed on March 2 down 4.8%, the worst dollar decline in the company's history as a publicly traded company. It was also the worst percentage drop since October 2008. The fast-food chain also experienced its worst weekly percentage decline for shares since 2008 and the sharpest total dollar decline for a week ever.
On top of falling stocks, McDonald's customers have been vocal in their stance of not lovin' the new Dollar Menu. Some customers have stated that the menu confuses employees, while other claim that the former two for $3 deal was a better option. One customer dislikes the new menu so much that they created an 800-word blog titled "McDonald's Unveiled Their New Dollar Menu And It Kinda Sucks."
McDonald's does not seem too worried about its customers' initial opinion, though.
"It takes a few months...to embed in customers' minds when you have a new platform because it's not a quick deal," Ozen said. "You're now changing their daily mindset of when they go in."
The new Dollar Menu gives customers the option to order off the $1, $2 or $3 tier.
In the $1 tier, customers can grab a Sausage Burrito, a McChicken, a Cheeseburger and any size soft drink.
The $2 tier offers a Sausage McGriddle, a 2-Piece Buttermilk Crispy Tenders, a Bacon McDouble and any small McCafe beverage.
Finally, the $3 tier features a Sausage McMuffin with Egg, a Classic Chicken Sandwich, a Triple Cheeseburger and Happy Meal.