Africa's largest restaurant franchisor, Famous Brands, is eyeing "cautious" expansion into three new African markets, including the Democratic Republic of the Congo (DRC), reporting on Tuesday that SA's food industry remains under increasing strain due to rising costs, the need for alternative power and reduced consumer spending. The owner of brands including Wimpy, Steers and Debonairs Pizza, reported that while revenue rose 10% to R3.9 billion in the six months to end-August, profit fell about a fifth to R220 million, hit by higher finance and input costs, and additional support for franchisees. Famous Brands said SA's consumers had proved more resilient than expected, and returned to shopping centres, but given pressure on their wallet were looking for value meals, discounts, and opting for smaller meals.

Source: News 24 October 24, 2023 14:33 UTC