Stronger domestic competition and more discerning shoppers have hurt sales at Nike Inc. (NKE) and Yum! Brands Inc. McDonald’s Corp. same-store sales fell 3.2 percent in the third quarter, the fourth decline in a row.
Chinese consumers are “very cautious” and typically revert to local chains in difficult economic times, Chief Executive Officer Don Thompson said on a call with analysts.
Chinese filmmakers are also capturing most of the country’s growth, with rules that favor local productions. The U.S. share of film receipts in China shrunk to 42 percent this year from 58 percent a year ago, according to Rentrak, a research firm. Read more.
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