Restaurant Brands New Zealand Ltd (ASX:RBD) – which runs KFC, Pizza Hut, Taco Bell and Carl’s Jr. brands in New Zealand, as well as the KFC and Taco Bell brands in Australia – says it has achieved record sales during the half year to June 2024, which flowed through to earnings and profit.
In its half year figures for the 2024 fiscal year, sales had increased 7% to $687.2 million (from $640.2 million the previous year). This then flowed on to store EBITDA, which was up 21% to $94.6 million, and net profit, which rose by a whopping 473% to $12.6 million (from $2.2 million).
RBD said the increase in sales had been largely based on changes to products and menus across the major brands, as well as digital channels, greater focus on marketing and considered pricing of items.
While sales in New Zealand and Hawaii remained strong, performances in other regions in which it operates – including Australia and California – were lagging, with this being put down to ‘consumer pressures’.
In its report to the market, RBD added that ‘While inflationary pressures and staff shortages have eased, consumer spending remains under pressure across all regions, in particular in Australia and California’.
RBD has been trading at $3.21.