Rabat – The boycott of McDonald’s over its support for Israel has severely affected sales in the Arab region and the Islamic world.
The fast-food giant’s Chief Financial Officer, Ian Borden, announced that, within hours, the boycott campaign had resulted in financial losses of approximately $7 billion.
The company’s shares plunged by over 3 percent during Wednesday’s trading session, marking one of its most significant daily losses in five weeks.
McDonald’s stocks nosedived by 3.37 percent, equivalent to $9.93, settling at $284.36 on Thursday, thereby translating into a colossal loss of $6.87 billion for the renowned corporation.
The news comes hot on the heels of Borden’s acknowledgment that ongoing conflicts in the Middle East and subdued demand in China would inevitably lead to a decline in international sales for the company in the current quarter.
Speaking at the Global Consumer and Retail Conference, Borden conceded that comparable sales in the first quarter within McDonald’s licensed international developmental markets were expected to be “slightly lower” than the preceding three months.
McDonald’s is one of many Western franchises targeted by a boycotting campaign over their support for the Israeli Occupation Forces (IOF).
The list includes Burger King, KFC, and Pizza Hut, as well as brands such as Coca-Cola Pepsi, Puma, Starbucks, and Zara. These companies have either expressed open support for Israel or have financial ties with Israel.
Since the start of Israel’s war on Gaza, the IOF have killed over 31,000 Palestinians, with most casualties recorded among children and civilians. The war forcibly displaced over 80% of the Gaza population.
UN reports confirm that dozens of children are dying from starvation in Gaza, as Israel’s blockade of aid access is pushing Palestinian populations into famine.
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