New outlets, cheaper options fail to revive fast-food earnings in India
BENGALURU/CHENNAI, April 24 (Reuters): Top fast-food franchisees in India are likely to report a slump in quarterly earnings as cash-strapped consumers continued to cut back on dining out and ordering in, analysts said, spurning the hundreds of new restaurants that operators opened in 2023. Pizza franchisees such as Jubilant Foodworks, Devyani International and Sapphire Foods India. struggled throughout 2023 due to heightened competition, with burger chains also joining the struggle later in the year due to inflation. Even new affordable menu items, such as Burger King’s 99-rupee combination of burger, beverage, and fries, introduced last year, failed to lure customers as India’s