McDonald's CEO Chris Kempczinski announced during an earnings call that the company is creating a new spinoff restaurant called CosMc's that will debut next year.
CEO Chris Kempczinski told analysts on an earnings call Thursday that the small-format concept restaurant will have "all the DNA of McDonald's, but its own unique personality." advertisements from the 1980s.The fast food giant will debut the new concept in a "small handful of sites in a limited geography beginning early next year," a McDonald's spokesperson told FOX Business.
Kempczinski didn't elaborate on the company's plans. However, McDonald's will have more information about development plans and new format innovations at its investor day in December. The company appears to be riding off of the strong momentum it's seeing in the U.S., where consumers have remained largely resilient.
Kempczinski said the company is gaining a share of higher-income customers who are trading down from sit-down restaurants. Customers with incomes of $45,000 or lower are spending less on each order, but are coming in more often, he said.
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