Why Burger King is selling $1 food with stimulus checks on the way
Although a new round of Uncle Sam's stimulus checks are on the way, Burger King is poised to offer a new dollar menu as families grapple with finances during the COVID-19 pandemic.
“Value has always been a big part of our business. Value for money is one of the top reasons people go to fast food restaurants, ”said Jose Cil, CEO of Restaurants Brands, on Yahoo Finance Live. Restaurant Brands (QSR) is the parent company of Burger King, Popeye and Tim Horton.
In a direct strike on McDonald's holy dollar menu this week, Burger King said the "$ 1 Your Way Menu" will be launched on December 28th. The menu contains just four items: a bacon cheeseburger, a chicken Jr. sandwich, french fries, and a soft drink.
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To draw attention to the new menu, Burger King is depositing USD 1 into selected accounts on PayPal's Venmo platform.
Cil added, “I think we've been a little too promotional lately. So having a value proposition every day is always important, but right now when our guests are looking for ways to have a snack and enjoy a great tasting product at a great price. We are happy about it. It's a long-term commitment and offering, and we believe it will be an important part of our evolving menu innovation in the years to come. "
The dollar menu could give Burger King a welcome boost.
A Burger King Whopper meal at a restaurant in Punxsutawney, Pennsylvania (AP Photo / Gene J. Puskar, File)
Restaurant Brands consolidated sales in the third quarter declined 5.4% in the same store, driven by ongoing challenges from the coronavirus pandemic. Sales in the same store at Popeye continued to be high due to demand for its popular chicken sandwich - sales rose 17.4%. However, sales in the same store at Burger King and Tim Horton fell 7% and 12.5%, respectively.
Cil told Yahoo Finance that more than 90% of the company's restaurants are still open despite a recurrence of the pandemic that has resulted in renewed mobility problems.
Brian Sozzi is an editor and presenter at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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