Aussie KFC boosts Restaurant Brands' second-quarter sales 32%
The bulk of the increase coming from the 42 KFC stores in New South Wales acquired in April.
Restaurant Brands NZ posted a 32% gain in second-quarter sales, with the bulk of the increase coming from the 42 KFC stores in New South Wales acquired in April.
Sales rose by $38.6 million to $159.5 million in the 16 weeks ended September 12, the Auckland-based company said in a statement. Same-store sales, which are those for outlets open at least 12 months, rose 2.1% to $120.3 million.
The fast-food company made its first foray across the Tasman with the acquisition of the biggest KFC franchisee in New South Wales for $A82.4 million made up of $A62 million in cash and 5 million shares, which gave seller Copulos Group almost 5% of the company with a 12-month escrow on trading the stock. Investors cheered the deal, pushing the shares up 36% since it was announced on March 4. They gained 0.9% to $5.70 today.
Total sales for KFC New Zealand rose 3.7% to $92 million, while the number of stores fell by one to 91. Pizza Hut sales fell 9.1% to $12.9 million as the company sold seven stores to independent franchisees, reducing total outlets to 37. Franchisees now own 53 of the 90 stores in the Pizza Hut network.
Starbucks Coffee sales edged up 0.1% to $7.8 million, although with one less store at 25, same-store sales gained 4%. Hamburger chain Carl's Jr, the company's newest brand, recorded a 10% gain in sales to $11.4 million as the number of stores rose by two to 20. Same-store sales fell 4.4%.
The company plans to release its first-half results on October 26.
(BusinessDesk)
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Jonathan Underhill
Thu, 22 Sep 2016
Thu, 22 Sep 2016
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Aussie KFC boosts Restaurant Brands' second-quarter sales 32%
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