Speciality Restaurants pressure on SSSG trajectory intensified during the quarter, this led to negative operating leverage leading to weak reported financials, the overall demand environment continued to be sluggish with the company experiencing pressure across all geographies and restaurant formats, although corporate footfalls on weekends continued to be stable, footfalls on weekdays continue to be under pressure.
On store expansion, the company said they would open close to six stores at a gross level, although the same might increase in case the demand situation improves; we note that the company has closed about 4 stores in the current financial year until now, and the company has opened its first Mainland China outlet in Doha under the JV arrangement.
