The iconic burger chain will roll out Snack Size Fish McBites and a Grilled Cheese Onion Burger late this year and early in 2013, each priced at $1, Restaurant News notes.
Emphasizing low-cost menu items is meant to combat lackluster sales growth. McDonald’s is facing increased competition from a variety of rivals, including Burger King (NYSE:BKW), Wendy’s (NASDAQ:WEN) and Yum Brands’ (NYSE:YUM) Taco Bell.
While the two new value menu items won approval from McDonald’s franchisees, two sub-$1 items were rejected. Plans by McDonald’s Operators National Advertising Fund to promote a 69-cent hamburger and an 89-cent cheeseburger were recently voted down by franchise operators.
Shares of McDonald’s rose fractionally in Wednesday afternoon trading.