Restaurant Brands posts lift in 2Q sales despite Starbucks exit
Restaurant Brands posted a lift in quarterly sales largely due to the success of its 97 KFC stores in the country.
The fast food retailer posted total sales of $259.7 million for the quarter to September 9, a 3.5 per cent increase from the previous corresponding period’s $8.8 million, despite its exit from Starbucks in October last year.
Restaurant Brand’s New Zealand arm, which accounts for more than half of its revenue, posted a 1.5 per cent rise in operation sales to $134.8 million and a 5.4 per cent increase on a same store basis.
Its operating divisions in Australia and Hawaii also showed strong same-store sales growth with sales increases of 5.8 per cent and 9.6 per cent respectively.
Local KFC outlets posted an 8.8 per cent lift in sales to $113.5 million, more than making up for the group’s exit from Starbucks, which contributed $7.3 million.
Australian KFC outlets produced sales of $62.0 million, up 5.8 per cent on both a total basis and a same store basis. Hawaiian operations sales were $62.9 million, up 6.4 per cent on a total basis and 9.6 per cent on a same store basis.
There was 5.9 per cent decline in second quarter sales for Restaurant Brands-owned Pizza Hut stores to $10.6 million from the same period last year. Same store sales for the quarter decreased by 4.3 per cent.
Total Carl’s Jr. sales for the second quarter were $10.7 million, an increase of 8.3 per cent on the equivalent period last year following the introduction of delivery via the UberEats platform. Same store sales for the quarter were up by 8.2 per cent.
Total Taco Bell sales were up $38.1 million on the back of several successful promotions, an 11.1 per cent increase.
Pizza Hut Hawaii sales were flat, $24.7 million, compared to the prior year.
The retailer’s year to date sales rose 2.7 per cent to $442.6 million compared to the previous corresponding period.
Company store numbers were down by 20 on the equivalent period last year to 285, primarily from the sale of the 22 Starbucks Coffee stores.
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