Restaurant Brands receives takeover offer
While there is no guarantee the takeover will happen, Finacess, a company that focuses on the global consumer retail sector, has offered to pay $9.45 cash per share.
The offer comes after Restaurant Brands posted a 7 per cent increase in group net profit after tax in the first half of FY19 to $20.4 million, up from $19.1 million in the prior corresponding period.
Total brand sales in the half reached $431 million, an 11.6 per cent increase of $44.9 million compared to the first half of FY18.
Across New Zealand, the company’s businesses saw a 2.4 per cent increase in sales to $244.9 million, driven by the continued strong performance of the KFC New Zealand business, which saw a 5.2 per cent increase in sales over the period.
Pizza Hut New Zealand saw a smaller sales increase of 1.7 per cent to $55.8 million, while Starbucks and Carl’s Jr. both saw a fall in sales of 2.8 per cent and 7.1 per cent respectively.
KFC Australia contributed $103.4 million in sales, a 28.8 per cent increase over the previous year, primarily as a result of the acquisition of a further 13 stores and the opening of one new store during the period.
Looking forward, the group expects to deliver between $43-45 million net profit after tax in FY19.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
Most Read Stories
Footwear brand Havaianas has opened its first permanent bricks-and-mortar store in New Zealand in the Britomart sho… https://t.co/LRCDsUCQLy3 hours ago
US department store chain gives floor space to online-only brands. https://t.co/hNljny2HoO18 hours ago