KFC, Taco Bell owner Restaurant Brands posts higher sales
Make us a preferred source
Make us a preferred source on Google
The news: Restaurant Brands New Zealand, owner of KFC and Taco Bell in Australia, posted an overall sales increase in the first quarter, with higher sales in its New Zealand and Hawaii markets offsetting weaker numbers in Australia and California.
The numbers: Sales for the quarter rose 7.9% to NZD333 million ($303 million) compared to the prior corresponding period.
Australian sales lifted 1.4% to $68.9 million while same store sales declined 2.7%. Meanwhile, New Zealand sales jumped 15.2% year on year.
The fast food group also added two new stores in New Zealand, while the store count in its other markets remained the same. Store numbers in Australia stand at 84.
The context: Restaurant Brands said New Zealand sales were boosted across all its brands over the quarter, driven by additional store openings, innovation through marketing initiatives and improvement in trading hours leading to solid transaction growth.
The company noted that cost of living pressures in Australia continued to have a significant impact on discretionary household expenditure.
The source: ASX announcement
