financetom
Business
financetom
/
Business
/
Burger King's India operator reports wider Q3 loss as consumers cut back
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Burger King's India operator reports wider Q3 loss as consumers cut back
Jan 29, 2025 5:23 AM

Jan 29 (Reuters) - Restaurant Brands Asia, the

India franchisee of Burger King, reported a wider third-quarter

loss on Wednesday, weighed by high costs and inflation-hit

customers cutting back on dining out.

The company reported a net loss of 504 million rupees ($5.82

million) for the three months ended Dec. 31, from a loss of

361.8 million rupees a year earlier.

Same-store sales at Indian Burger King restaurants slipped

0.5%, with the restaurant operator blaming "flat demand."

Global fast-food chains, including Burger King and

McDonald's, have been doubling down on cheaper options over the

last few quarters to attract India's price-sensitive customers

amid high inflation.

Burger King offered some of the cheapest deals in the

industry in the country, including a bundle of two vegetarian

burgers at 79 rupees and of two chicken burgers at 99 rupees.

This, along with opening more outlets, propped up the

company's revenue by 5.8% to 6.39 billion rupees.

Its total store count in India stood at 510, up 69 from last

year and 46 from the previous quarter.

However, the company was also affected by high prices of

ingredients, which led to an 8.5% increase in total expenses to

7.03 billion rupees.

Cafe chain Tata Starbucks and pizza group Papa John's

International, meanwhile, have said they are rethinking

their India plans amid subdued consumer sentiment.

Earlier in the day, Restaurant Brands Asia's rival Westlife

Foodworld, the operator of McDonald's in

India, reported a 59% drop in quarterly profit.

Restaurant Brands International, which has Burger

King restaurants in more than 100 countries, will report

quarterly results on Feb. 12, according to its website.

($1 = 86.5340 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Hritam

Mukherjee in Bengaluru; Editing by Varun H K)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Michigan lowers incentives for Ford EV battery plant to match reduced output
Michigan lowers incentives for Ford EV battery plant to match reduced output
Jul 10, 2024
(This July 9 story has been corrected to say that Mike Gallagher is now a former member of Congress, in paragraph 7) By Nora Eckert DETROIT (Reuters) - Ford Motor ( F ) is receiving a reduced incentive package from Michigan for its battery plant in the city of Marshall after the automaker cut expected production at the facility to...
Why Software Company Intuit's Shares Are Trading Lower Today
Why Software Company Intuit's Shares Are Trading Lower Today
Jul 10, 2024
Intuit Inc. ( INTU ) shares are trading lower after the company announced a reorganization plan aimed at reallocating resources to its key growth areas. As part of this plan, the company will lay off approximately 1,800 employees and close its Boise and Edmonton sites. The company plans to hire a nearly equivalent number of employees in fiscal 2025 to...
Elon Musk beats $500 million severance lawsuit by fired Twitter workers
Elon Musk beats $500 million severance lawsuit by fired Twitter workers
Jul 10, 2024
July 10 (Reuters) - Elon Musk won dismissal of a lawsuit claiming he refused to pay at least $500 million of severance to thousands of Twitter employees he fired in mass layoffs after buying the social media company now known as X. U.S. District Judge Trina Thompson in San Francisco ruled on Tuesday that the federal Employee Retirement Income Security...
Market Chatter: Barry Diller Hints at Bid for Paramount Global
Market Chatter: Barry Diller Hints at Bid for Paramount Global
Jul 10, 2024
12:23 PM EDT, 07/10/2024 (MT Newswires) -- Paramount Global ( PARAA ) may still get an offer from Barry Diller even as the company entered an agreement to merge with Skydance Media, Bloomberg reported Wednesday. The agreement between Skydance and Paramount, which was announced Sunday, includes a 45-day go-shop period during which alternative acquisition proposals will be evaluated by a...
Copyright 2023-2026 - www.financetom.com All Rights Reserved