Despite the implementation of multiple strategies aimed at turning around the company’s fortunes, American fast-food chain McDonald's, reputed to be the world’s largest burger chain, recorded a severe drop in sales in Q1, 2015.
In fact, the figures reported for the period fell far less than expected. This development only indicates that McDonald's efforts to improve its sales figures, which have been declining over the last few quarters, is yielding no positive results.
McDonald's dwindling fortunes in recent times has been attributed to a number of factors including changing consumer tastes to healthy food, an overly complicated menu, stiff competition from much younger rivals like Panera Bread and Chipotle Mexican Grill, and the lingering effects of last summer's food scare in Asia.
Responding to the development, new CEO, Steve Easterbrook, stated that the company's management team is keenly focused on acting quickly to better address today's consumer needs, expectations and the competitive marketplace.
Easterbrook, a long-time in-house executive at McDonald's, was hired as the CEO in March, 2015, and is saddled with the responsibility of turning around the company's dwindling fortunes.