CKF

CKF, owns KFC (fast food chicken) in Australia, Europe, and also has Taco Bell, out with results.

It’s not a stock we follow closely (however I was surprised by the remark that the war in the Middle East has impacted sales in the Netherlands) although the comments about the difficult retail environment are well taken.

If we are cutting back on our fried chicken over April and May, what else are we also pulling back on? That thematic continues to support our underweight to discretionary retail.

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