TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the McDonald’s footprint is getting even bigger.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05There were modest gains on Wall Street amid dueling narratives on the consumer.
00:10TJX, the parent of TJ Maxx, Marshalls and HomeGoods, topped Wall Street forecasts.
00:15The retail chain also raised expectations for the year.
00:19On the other hand, Macy's lowered full year guidance.
00:23The department store chain posted a drop in quarterly sales that was bigger than anticipated.
00:28Macy's now plans to close 55 locations up from the 50 previously announced.
00:35In other business news, the world's biggest fast food chain is about to get even bigger.
00:40McDonald's is pouring roughly $1.3 billion to open new locations and refurbish older
00:46ones throughout the U.K. and Ireland.
00:49According to the Wall Street Journal, the four-year expansion plan will see the opening
00:53of 200 new restaurants in that part of the world.
00:56In addition, 1,500 locations will get a Mickey D's makeover.
01:01This is all part of a celebration for McDonald's, which opened its first restaurant in the region
01:0550 years ago.
01:06The regional CEO says, quote, we're proud of what we have delivered in the last 50 years
01:11and are committed to investing in new opportunities and supporting growth across the U.K.
01:17McDonald's will be experimenting with new store formats in the U.K. and Ireland, which
01:22can't come soon enough.
01:24Second-quarter sales were down globally for the first time since 2020.
01:29And now, the restaurant chain is trying to find the recipe to fend off competition, grapple
01:34with changing diets, and win back inflation-weary consumers all at the same time.
01:40That'll do it for your daily briefing from the New York Stock Exchange.
01:43I'm Conway Gittins with The Street.