US Restaurant Chains See Profits Collapse As Israel Boycott Bites
Americana Restaurants, West Asia's largest fast-food operator, reported a 48.2 percent decline in profits on 31 October, as consumers boycott US and Israel-linked brands in response to the genocide of Palestinians in Gaza.
The Kuwaiti firm announced its profits had fallen to $117.4 million over a nine-month period, while revenues had fallen 15.3 percent to $1.61 billion.
"Topline growth continued to be impacted by lower like-for-like sales due to the evolving regional geopolitical situation and slowness in consumer demand observed in some markets, despite support from new store openings," the company said in a statement.