QSR group Restaurant Brands expects to see a net profit of $45 million in FY20, based on strong store sales in the first quarter across all markets, as well as a stable economic environment and new stores being added.

Restaurant Brands chief executive Russell Creedy told investors at the group’s annual shareholders meeting that the management team has a clear strategy for the coming months. 

“The 2020 year has started well, with the first quarter producing a strong same-store sales results across all three operating divisions, of 4.9 per cent in New Zealand, 6 per cent in Australia, and an impressive 8.4 per cent in Hawaii,” Creedy said. 

Restaurant Brands operates the KFC, Pizza Hut, and Taco Bell restaurant chains.

Outgoing chairman Ted van Arkel said that Restaurant Brands is now firmly positioned as a growth company, and that the board sees further acquisition opportunities in the Australian and US markets. 

“It is heartening to be completing my term as Chair knowing that I leave the company in a strong position and in good hands,” van Arkel said. 

“I will continue to follow the company’s progress with interest and look forward to hearing of its continuing success.”

Van Arkel and Hamish Stevens retired from the board at the end the shareholder meeting, with José Parés Gutierrez, chief executive of Finaccess Capital, taking over as chairman.

Gutierrez noted Finaccess had been eyeing Restaurant Brands for some time, and made the acquisition due to significant growth opportunities that remain unexplored. 

“We remain certain that there is considerable opportunity to build on the positive momentum of recent years by accelerating the pace of growth,” Gutierrez said. 

“This will include the roll out of  Taco Bell stores in New Zealand and New South Wales, continued investment in new store builds and transformations for our key brands, further KFC acquisitions within Australia, and an intention to acquire a presence on the US mainland.”