Americana scales back expansion plans as profit tumbles
Americana Restaurants International, the operator of KFC, Pizza Hut and Hardee’s across the Middle East and North Africa (MENA) region, has scaled back its expansion plans for this year amid current geopolitical challenges.
The company reported a 44.8% dip in net profit to $80 million for the first six months of the year. Revenues slumped 15.2% year-on-year from $1.24 billion to $1.05 billion.
Revenue growth was impacted by “lower like-for-like sales due to the ongoing regional geopolitical situation, despite support from new store openings,” the company said in a statement.
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