After a challenging second quarter, McDonald's executives told restaurant operators and analysts they are refocusing on how to recapture consumers with deals, as they pushed for an extension of the its $5 value meal platform.
"Reversing the narrative and re-establishing our position as the leader on value and affordability is possible, but it cannot be done overnight," he wrote.
Erlinger also acknowledged areas where the company was "falling short" in the U.S. this quarter.
But he added that trial rates for the value meal launch were highest among low-income consumers, and sentiment around McDonald's value has started to improve.
The memo said the majority of locations will extend through August, or plan to vote on whether to do so.
Persons:
Joe Erlinger, McDonald's, Erlinger
Organizations:
CNBC
Locations:
U.S