McDonald's Corp. Chief Executive Don Thompson said that the fast-food chain has lost relevance with some customers and needs to improve its menu offerings and provide better value.
On Thursday, McDonald's reported flat sales and earnings for the fourth quarter. Same-store sales slipped 0.1%—marking a second quarterly decline in 2013—weighed down in part by a steeper-than-expected 3.8% drop during December in the U.S., McDonald's biggest market.
After nearly a decade of outperforming other restaurant companies, McDonald's has struggled lately. Franchisees and executives have said the company's more complicated menu—after years of adding items to suit broader tastes—has slowed service and turned off customers, while failing to attract lots of new business.
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