Restaurant Brands posts 45% jump in third-quarter sales
Restaurant Brands New Zealand said third-quarter sales jumped 45 percent, driven by the contribution from Taco Bell and Pizza Hut outlets acquired in Hawaii, Guam and Saipan in March and from additional KFC stores in Australia.
Sales rose to $173.3 million in the 12 weeks ended Dec. 4, from $119 million a year earlier, the Auckland-based company said in a statement. Same-store sales rose to $124 million from $117 million.
Restaurant Brands holds the rights to the KFC, Pizza Hut, Starbucks Coffee and Carl's Jr brands in New Zealand and has recently turned its focus to overseas expansion to drive future earnings growth. Total company store numbers rose by 96 from a year earlier to 310, reflecting the 82 store North Pacific acquisition and a further 17 KFC stores acquired in Australia.
The 37 Taco Bell and 45 Pizza Hut stores in Hawaii, Guam and Saipan contributed US$27.3 million to third-quarter sales and in the 39 weeks since the acquisition, they contributed US$91.2 million. Its 59 KFC stores in Australia contributed A$33.7 million, an increase of 5.9 percent on a same-store basis from the year-earlier period. The company started the year with 42 Australian stores.
KFC New Zealand lifted sales by 7.6 percent to $73.5 million, or 5.6 percent on a same-store basis. The number of outlets rose by one to 93.
Sales at the 34 company-owned Pizza Hut New Zealand outlets fell 2.5 percent to $9.3 million while same-store sales rose 5.5 percent. There are 61 Pizza Hut outlets operated by independent franchisees and network sales climbed 8.2 percent to $23 million.
Starbucks Coffee sales fell 5.9 percent to $6 million, although on a same-store basis they gained 6.4 percent as total stores in the chain declined by one to 23. Total sales at the Carl's Jr. burger chain fell 7.8 percent to $8.1 million and dropped 5.2 percent on a same-store basis. Total outlets fell by one to 19.
The shares last traded at $6.93 and have gained 36 percent this year.