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After rough Q2, Devyani International awaits demand rebound
Mint Mumbai
|November 14, 2023
At a time of slowing demand, store closures and lowered sales growth guidance are like cautionary road signs for investors in shares of quick service restaurant operators. Devyani International Ltd is a case in point. Lately, it has expressed concerns over demand and lowered its store expansion projection for FY24.
Devyani, a franchisee of Yum Brands, operates KFC, Pizza Hut and Taco Bell restaurants in India.
Same-store sales performance of Devyani’s core brands KFC and Pizza Hut has been subdued in recent quarters. In the September quarter (Q2FY24), KFC and Pizza Hut same store sales fell by 4% and 10.4%, respectively. This marks the second and fourth consecutive quarter of drop in same-store sales for KFC and Pizza Hut, respectively. Same-store sales measure the comparable sales over a particular period.
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