McDonald’s to put emphasis on value meals

McDonald’s Corp. unveiled an overhaul of its U.S. value platform that it hopes will lure penny-pinching customers back into its restaurants.

The company’s new McValue lineup will launch Jan. 7, according to a statement Friday. It will include the chain’s $5 meal deal along with an offer to buy one item and add one for $1. In addition, it will have local deals and discounts for app users. Bloomberg News had earlier reported about the plans.

With the new platform, customers can “define value on their own terms,” said Joe Erlinger, president of McDonald’s U.S. business.

McDonald’s is trying to stoke growth after its sales suffered in recent quarters, in part because U.S. diners got turned off by higher prices. The chain had already made some progress before an E. coli outbreak linked to slivered onions on its Quarter Pounder scared away many customers.

The chain is ramping its efforts to offer affordable meals after losing some of its reputation for value, leaders including Chief Executive Officer Chris Kempczinski have said on the company’s earnings calls.

The items included in the new “Buy One, Add One for $1” range from sausage burritos to the McChicken, among others. McDonald’s $5 meal deal, first launched in June, will be available through next summer. Its run has been extended several times.

McDonald’s new value format will replace another platform with items sold for $1 to $3 that launched in 2018. These days, items on the lower end of the range are hard to come by, following inflation-fueled price increases.

The company’s shares have fallen 2.7 percent this year through Thursday’s close, compared to an almost 25 percent increase for the S&P 500 Index.