2024-02-09 01:41:31 pm | Source: Reuters
Pizza Hut India operator misses Q3 profit estimates on tepid demand
Sapphire Foods India, the operator of KFC and Pizza Hut restaurants, reported a bigger-than-expected fall in quarterly profit on Friday, hurt by domestic competition and as inflation-weary consumers cut back spending on fast food.
The Yum Brands franchisee's consolidated net profit fell nearly 69% to 101.4 million rupees ($1.22 million) for the quarter ended Dec. 31, marking its third consecutive fall in profit.
Analysts, on average, had expected a profit of 239.6 million rupees, according to LSEG data.
($1 = 82.9700 Indian rupees)
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