Sluggish performance; not unwinding in near term

11 Mar 2024
5 Min read 
  • Jubilant FoodWorks reported a sales growth of 3% YoY in 3QFY24, impacted by a decline in same-store sales.
  •  Delivery business grew by 6%, while dine-in contracted by 5%.
  •  The company added 40 new Dominos stores and entered 10 new cities in 3Q.
  •  Operating margin saw further deterioration due to persistent pressure on same-store sales and higher depreciation.
  •  Near-term demand is expected to remain soft, leading to a downgrade in rating from BUY to NEUTRAL.
  •  The company will continue to invest in store expansion and brand building.
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