Burger King is preparing to launch a $5 value meal to claw back price-conscious consumers, according to multiple media reports. The news comes shortly after McDonald’s revealed plans to roll out a $5 meal.

A spokesperson told CNBC that Burger King is bringing back its $5 “Your Way Meal”—something franchisees agreed to in April. The national offer will have a choice of one of three sandwiches with nuggets, fries, and a drink, according to Bloomberg, which viewed a memo sent to operators.

Burger King plans to release its deal ahead of McDonald’s. It’s also testing two other value deals that could come in the latter half of 2024.

“Regardless of their plans, we are moving full speed ahead with our own plans to launch our own $5 value meal before they do—and run it for several months,” the memo said.

McDonald’s upcoming national value platform will involve either a McChicken, McDouble, or four-piece chicken nuggets, along with fries and a drink. Negotiations between the burger giant and franchisees were finalized this month, although not without concerns around profit margin. It’s set to kick off on June 25 and run approximately four weeks, according to reports from the Wall Street Journal and Bloomberg.

Quick-service chains are ramping up value offers after a tough first quarter in which traffic was hard to come by. During McDonald’s Q1 earnings call, McDonald’s CEO Chris Kempczinski said guest frequency is dropping across almost all major markets. He added that consumers are “looking for reliable everyday value now more than ever.” The brand wants to use its big marketing engine to advertise a deal available everywhere instead of “doing it in 50 different ways with local value,” Kempcinzksi told investor analysts.

Burger King currently has its $5 Duos (two Whopper Jr. sandwiches for $5). RBI CEO Josh Kobza said the value offer helped the chain outperform the industry during Q1, with same-store sales rising 3.9 percent and traffic relatively flat.

Earlier this week, Wendy’s announced a $3 English Muffin deal at breakfast; guests can get a small Seasoned Potatoes and their choice of either a Bacon, Egg & Cheese English Muffin or a Sausage, Egg & Cheese English Muffin. That’s in addition to the chain’s $5 Biggie Bag during lunch and dinner dayparts.

Burgers, Fast Food, Marketing & Promotions, Story, Burger King