The Group’s KFC stores in Italy account for about 10% of consolidated sales and the impact of this crisis in Italy is considered manageable at Group level.

Sphera Franchise Group published a document on the Bucharest Stock Exchange announcing that they target a significant development of KFC in Italy. The Group currently operates with 16 stores, most of them in the northern part of the country, and plan to open another 9 stores this year.

Sphera adds however that their development plan in full is at risk and will be revising their projections soon. They further note that the coronavirus crisis will adversely impact the Group’s current operations and the results for the period.

The Group’s KFC stores in Italy account for about 10% of consolidated sales and the impact of this crisis in Italy is considered manageable at Group level. The company notes that their first priority remains the health of their employees and customers and that they will fully comply with the decisions of the local authorities for the swift resolution of this health crisis.

Although Sphera remains committed in delivering their plan, they state that they cannot guarantee at this point its feasibility in terms of supplies required, human resources mobilization and other logistics or regulatory factors.