KFC running hot, page-125

Goblin
Guess we think of these businesses as recession or downturn proof. However, I spoke to a corporate advisor who worked on float of these and he said their fortunes are very much tied to discretionary spending. That was used as an excuse for poor share price performance post the float I guess...but it may be correct..and apparently there is some poor retail sales at moment.

It is possible pullback in house prices may well steady these up...we do have a hedge in terms of the European businesses that may be at a more positive stage of the cycle.