Franchisees cited a range of issues including a complex menu, the economy and marketing missteps. On the company's last earnings call, McDonald's CEO Don Thompson admitted the chain had been "chasing a few too many limited-time offers" and said the company is working to make sure it's not "implementing too many products."
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Despite hopes that the U.S. consumer would show signs of being on a "better footing" by now, Kalinowski said the fast food giant's still operating in a challenged environment.
Based on the survey's results, Janney lowered its U.S. same-store sales forecast to a 2.6 percent drop for June and a 1.8 percent decrease for July.
It's also dropped its full value estimate for McDonald's to $96 from $98.
—By CNBC's Katie Little