Pizza Hut India operator misses Q1 profit estimates on weak demand

Sapphire Foods India

30/07/2024 08:51

BENGALURU, July 30(Reuters) - Sapphire Foods India
 SAPI.NS , which operates the Pizza Hut  and KFC chains of
restaurants, reported a larger-than-expected decline in
first-quarter profit on Tuesday, as it struggled to entice
budget-conscious customers.
    The Yum Brands  YUM.N  franchisee's consolidated net profit
fell to 85.2 million rupees ($1.02 million) for the quarter
ended June 30, from 249.4 million rupees a year ago.
    Analysts, on average, had expected a profit of 173.9 million
rupees, according to LSEG data.
    

($1 = 83.7350 Indian rupees)

 (Reporting by Ashna Teresa Britto; Editing by Mrigank
Dhaniwala)
 ((AshnaTeresa.Britto@thomsonreuters.com;))