https://www.cnbc.com/2024/04/30/companies-from-mcdonalds-to-3m-warn-inflation-is-squeezing-consumers.html
At McDonald’s, that was evidenced by same-store sales growth coming in slightly below Wall Street expectations. Kempczinski said that the Chicago-based company must be “laser-focused” on affordability to bring in diners as prices push away low-income consumers.
Executives at 3M, the maker of Scotch tape and Post-it Notes that also reported Tuesday, told analysts it’s seeing “continued softness in consumer discretionary spend.” While 3M earnings and revenue topped expectations in the first quarter, management said it anticipates consumer spending this year to be “muted.”
Newell Brands CEO Chris Peterson on April 26 joined the chorus of executives pointing to inflation as the main force bedeviling their businesses. Though the owner of Coleman and Rubbermaid products exceeded analyst forecasts for the first three months of the year, the company issued soft guidance for current-quarter earnings and said revenue is likely to decline.
“The categories we compete in remain under pressure with consumers continuing to carefully manage their discretionary spend as the cumulative impact of inflation on food, energy and housing cost has outpaced wage growth,” Peterson said.