Investors in KFC operator Collins Foods have made handsome gains of 45 per cent since mid-June, and the stock climbed again on Tuesday following a strong profit result.

Stockbroker UBS labelled it a “strong beat” at a time of rising cost-of-living pressures, but Collins Foods chief executive Drew O’Malley signalled that even fast-food customers searching for value were starting to slowly reduce spending. KFC’s same-store sales for the six weeks since mid-October shrunk to 2.9 per cent in Australia, compared with same-store sales of 6.6 per cent for the six months to October 15.