American Restaurants International’s profit tumbled in the first quarter of 2024, as MENA-based customers continue to reject Western brands in response to the Gaza conflict.
The quick service restaurant operator reported a 16.3% dip in revenues year-on-year, to $493.5 million.
Net profit dipped more steeply, from $58.1 million in the first quarter of 2023 to $28 million in Q1 this year – a drop of 51.8%.
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