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Nov 3 • 6 tweets • 5 min read
#SapphireFoods #IndiaConsumption #DEVIL #InTheDetail #2QFY23 #DISASTER
Consol Revenues +36% YoY
Store Count (2 Quarter Moving Avg): 37% YoY
Which Explains why .... AVERAGE DAILY SALES per store (₹ ‘000) has been FLAT YoY !! (CHART)
KEEP IN MIND 2 POINT
(1) Anecdotally Restaurants & QSRs (& FMCG) have raised prices by 15-20% YoY due to inflation
(2) Share of DINE-IN has increased from 33% (KFC) & 23% (PH) to 44% (KFC)/38% (PH) => people spend more/head in DINE-IN due to refreshments & desert
So Ideally on account of INFLATION ... say 12-15% and higher Share of Dine-in ...Say 20% higher Ticket size per head on 11-15% higher Incremental Dine-in Share...

Across Channels, Avg Ticket per Meal should be higher by atleast 12 to 15% (inflation) PLUS 20% * (avg of 11 & 15%)
which gives 14.6% to 17.6% avg ticket size...

IMPLYING that with FLAT DAILY SALES per store YoY, the No of Tickets/Bills/Transactions have fallen by almost 15% YoY which ties in with this data from Kantar...

This Same Store Sales (SSG) growth that co is disclosing is NONSENSE

If the company did NOT GIVE you SSG growth & Analysts were asked to calculate SSG on thier own.. they would have arrived at either a DOUBLE DIGIT VOLUME DECLINE or atleast a HIGH SINGLE DIGIT VOLUME decline..
WE HAVE A BIG GROWTH PROBLEM FOR QSR.. Consumers are STRUGGLING even to eat at the QSR .
Link: archives.nseindia.com/corporate/SAPP…

PLEASE #RETWEET if you like this.

Link to Is India's Consumption is Booming or Bombing ? keep updating the thread with Nuggets ..

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