Will Pizza Hut's "skinny slice" fatten its bottom line?

When is shrinkflation good for you? Most people object to paying the same amount for less, but Pizza Hut says its new "Skinny Slice" pie is geared to helping diners lighten up.

The catch is that the slimmed-down pizza will lighten your wallet by the same amount as a thicker and cheesier pie. To some, it may be the perfect example of shrinkflation, or when companies charge the same amount for less, but others may see the new dish as a welcome, less calorie-dense choice. The "skinny slice," according to The Associated Press, started testing this week in several dozen locations, including West Palm Beach, Florida and Toledo, Ohio. The pies use less dough and toppings, but cost $11, or about the same as a regular pizza.

The Yum Brands (YUM) chain says the goal of the test "is all about developing a product that doesn't sacrifice taste in order to be better for you. It takes great, and it cuts back on calories," according to spokesman Doug Terfehr.

But sharp-eyed consumers may note that the restaurant chain stands to benefit in more ways than appealing to calorie-conscious consumers. After all, selling a product for the same price while cutting back on ingredients (and cost) could result in a fatter profit.

Asked about whether the test was driven by profit considerations, the company said its focus "was on the consumer and the product benefits only."

The new twist on pizza comes as Pizza Hut is struggling to lure consumers back inside its doors. Sales at stores open at least a year declined 3 percent in the second quarter, while rivals such as Dominos have seen a boost in revenue.

Still, it's unclear whether consumers will bite for the Skinny Slice.

Health-conscious dishes haven't always whetted diners' appetites. Burger King, for one, abandoned its idea of a "healthy" fry after its lighter "Satisfries"failed to catch on.

At the same time, appealing to Americans' love of heavy dishes has never made anyone poor. Witness the Cheesecake Factory (CAKE), which was recently dinged as serving up some of the unhealthiest food in the U.S. Despite that, the company's second-quarter sales rose 5.6 percent as diners kept coming back for seconds.

So just how "skinny" is Pizza Hut's new dish? The pizzas offer 30 percent fewer calories and 25 percent less sodium, thanks to a thinner crust and fewer toppings. In the Toledo test, each slice will have 300 calories or less, while the West Palm Beach test will offer slices with 250 calories or less.