New Zealand-based corporate franchisee, Restaurant Brands (ASX: RBD, NZX:RBD) who operates brands such as KFC, Pizza Hut and Taco Bell, has reported its total sales for the third quarter ended September 30, 2022.
The fast food conglomerate who operates in New Zealand, Australia and the US, has been clawing back to profit after the Company flagged COVID-19 and worldwide inflationary pressures as its largest impediment impacting day-to-day operations and staff volumes. Subsequently, Restaurant Brands has continued to implement price increases where possible across all operating segments.
As a whole, total group sales for the quarter increased to $322.2 million, a 32% increase over the previous-corresponding-period (pcp) – bringing the total year to date sales to $907.1 million, a 15.75% year-over-year (YoY).
Its largest and most significant operating segments, New Zealand (NZ), accounts for 42% of revenue for the business. During this quarter, sales in the region were $137.6 million, gaining a hefty 43.9% YoY and 2.2% YoY on a same-store basis. Total sales in NZ for the year equalled $389.4 million, an increase of 16.3% YoY and 1.6% on a same-store basis.
The sales bump was supported by the inclusion of 20 new stores across all its regions, bringing the total to 372, and the strengthening of the US and Australian dollar following gains in the US bond yields space providing profit from foreign exchange movements.
RBD shares, dual-listed on the New Zealand Exchange (NZX) and the ASX, have been consecutively hammering lower for months since December 2021 from its high of $16 down to $7.25 at the time of writing, more than a 50% decrease over the period.
Trading Desk Assistant at Emerald Financial
Latest posts by Jack Cornips (see all)
- UNITH delivers eSocial Worker for public health services across 14 countries - December 5, 2023
- Novatti cashing out of Reckon investment, clears debt to simplify payments business - November 17, 2023
- Novatti seizes opportunity in Australia’s cashless transition as revenues rise while expenses drop - October 30, 2023
Leave a Comment
You must be logged in to post a comment.