McD's is too pricey in comparison with the growing Fast Casual Market--Chipotle, Panera, Five Guys. For a few more bucks at these places, you get superior food.
McD's went too High End--New Quarter Pounders, McCafe, redesigned restaurants, and no one cares. Latte sipping liberals aren't gonna stop eating Chipotle for your shitty dressed up Quarter Pounders and leather stools.
And then you have Little Ceasars and Taco Bell corner the poors.
You're gonna get squeezed out.
McD's still is profitable, it's just there are more competent competitors and they haven't done anything meaningful to compete.