For the first time since 2003, fast-food chain McDonald’s (NYSE:MCD) saw global revenue at established restaurants drop in October. The decline of 1.8% includes restaurants that have been open for 13 months or more to remove stores that are still establishing a customer base from the figure.
The decline was worldwide, with a 2.2% drop in the U.S. and European markets, and a 2.4% drop in Africa and the Middle East.
The firm claims that both greater competition and the weaker worldwide economy contributed to the declines. McDonald’s says it will respond to economic uncertainty by changing its menu options to offer customers greater flexibility and pricing options. It also plans, in Asia at least, to begin offering menu items tailored to local tastes.