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KFC, Pizza Hut operator Sapphire Foods India posted a bigger-than-expected fall in fourth-quarter profit on Friday, its fourth straight quarterly profit fall, as inflation-weary customers continued to cut back on dining out and ordering in.
The Yum Brands franchisee’s consolidated net profit fell 98% to 23.9 million Indian rupees ($286,271.4) for the quarter ended March 31, from 1.36 billion rupees a year ago.
Analysts, on average, had expected a profit of 44.5 million rupees, according to LSEG data.