Prestige Holdings stays silent on KFC ‘boycott’

SIMON Hardy, CEO of Prestige Holdings, has acknowledged social media posts calling for a boycott of KFC and images suggesting that people are turning away from the popular fast food franchise.

But he has not commented on whether or not there is an actual boycott or if the franchise has seen a reduction in sales.

“As a publicly listed company on the TT Stock Exchange, we are bound by the rules not to release market sensitive data,” he told Newsday reporters on March 8.

For the past week, social media has been sprinkled with posts calling for the public to cut KFC out of their diets, coming from its announcement of a three-five per cent increase in prices which took effect at the end of February.

KFC’s Munch Pack – one piece of chicken and a side order – went up from $21.95 to $22.95. The Super Deal – a piece of chicken, a side, biscuit and a drink – went up $1 to $29.95.

The Big Deal, two pieces of chicken, a side and a drink, went up from $37.95 to $39.95. The Big Bite Box with a piece of chicken, a sandwich, a side and a drink, went from 49.95 to $51.95.

According to its published consolidated audited financial results for the 12 months ending November 30, 2023, PHL's revenue increased by 20 per cent to $1.3 billion from $1.1 billion in the previous year.

PHL generated $182 million in operating cash flow and repaid $22 million in debt, which reduced its total borrowings to $49 million, ending the year with $114 million in cash.

Images shared on social media depicted empty KFC outlets.

However people were still seen flocking to some branches.

“In there was really busy today,” said one KFC patron at Independence Square. “It was packed in there. I had to walk out.”

Hardy said there was no reduction in prices since the calls for a boycott were made.

He doubled down on statements he made to Newsday reporters last week that the price increases were no big deal.

“I still stick with my original statement where on three items we put a $1 increase and four items we took a $2 increase. In the grand scheme of things it is a minor increase – three-five per cent, and considering all of the increases that we and the wider business community are faced with, is really not that significant an increase.”

KFC advertised a new deal in local newspapers on Friday, offering an eight-piece bucket of chicken with three sides for $139.95

An eight-piece mega meal advertised on its website with eight pieces of chicken and four sides costs $149.95

The price increases came amid statements by Minister of Health Terrence Deyalsingh, who said Trinidad and Tobago was addicted to foods with high salt and fat such as KFC and drinks with high sugar content such as Coca-Cola.

Asked to respond, Hardy said KFC uses premium, locally grown ingredients and its chicken is made fresh every day.

“I believe that TT citizens are well placed to make their own decisions as to what they choose to eat and where they choose to spend their money. Everyone should be aware of what they are putting in their bodies and make wise choices accordingly,” he said.