13 November 2014
Restaurant Brands has signed a conditional agreement to acquire to seven Carl's Jr. stores in Auckland currently owned and operated by Forsgren NZ Ltd.
This will bring the total number of Carl's Jr. stores in New Zealand owned by Restaurant Brands NZ Limited to 16, resulting in the company being the sole operator in the New Zealand market.
The agreement is for a cash purchase of the seven stores, by way of an asset acquisition, for a total consideration of $10.5 million (plus a payment for stock). Restaurant Brands will offer employment to the existing Forsgren employees.
The acquisition is subject to a number of conditions (including approval of CKE Restaurants Holdings, Inc. (CKE), the Carl's Jr. franchisor, and assignment of leases). Settlement is expected to occur in mid-November.
Restaurant Brands sees the acquistion as a strategic opportunity to add critical mass to its Carl's Jr. chain and use volume to further leverage marketing and supply chain opportunities.
Restaurant Brands has also signed a Master Licensing Agreement with CKE which allows Restaurant Brands to sublicense Carl's Jr. store in New Zealand to third party franchisees.
The agreement, which is effective immediately, allows Restaurant Brands to more quickly increase market penetration. Licensing smaller franchisees to operate the Carl's Jr. brand in locations where they can operate the business effectively will allow more rapid expansion of the Carl's Jr. store network. It is envisaged the model will work in much the same way as the successful mixed ownership model Restaurant Brands has set up with its other brands.
Restaurant Brands will receive a share of royalties and fees in return for the development and ongoing supervison of sublicensed stores.
23 October 2014
Net Profit after Tax for the 28 weeks ended 8 September 2014 (1H 2015) was $11.5 million (11.7 cents per share) up $1.8 million or 18.6% on the prior period (1H 2014). Net Profit excluding non-trading items was also $11.5 million, up $2.7 million or 30.2% on the prior period.
Total Group Sales were $185.7 million, up 5.8% on the previous half year, driven by a strong performance from KFC and increased contribution from the new Carl’s Jr. brand. Same store sales were up 4.9% for the half year (+2.9% 1H 2014) with solid same store sales growth from KFC, Pizza Hut and Starbucks Coffee.
Brand EBITDA was up $4.4 million to $31.6 million. The bulk of the increase came from KFC, but all four brands delivered an improved profit performance.
Directors have declared an interim dividend of 7.5 cents per ordinary share, up 1.0 cent on last year. The dividend is fully imputed and payable on 21 November 2014.
19 September 2014
Restaurant Brands' total sales during the second quarter of the financial year (16 weeks ended 8 September 2014) were $108.0 million, an increase of 5.8% or $5.9 million on the equivalent period last year.
Of the total increase in sales KFC was the key contributor at $5.0 million with Carl's Jr. contributing a further $0.8 million.
Same store sales for the company were up 5.3% with strong growth in KFC which grew 7.4%. Starbucks Coffee was up 4.7% and Pizza Hut up 7.6%. Carl's Jr. was down 37.9% as it rolled over very high new store opening sales in the five stores open in the prior year.
11 September 2014
The opening of the new KFC Gisborne store on 9 September has proved extremely popular with locals, producing queues down the street to get into the drive thru and unprecedented sales in the region.
The rebuild of the store cost $1.8 million and took 4 months to complete, during which time customers went to extreme lengths to get their KFC fix. Some driving 21/2hours to the nearest KFC in Whakatane or Napier.
The new store has created 22 new jobs and includes a number of new features including digital menu panels, roll out of the new KFC uniform, booth and bar seating and improved lighting scheme, building a great working environment for our staff and delivering a superior experience to our customers.
6 August 2014
The refurbishment of Pukekohe's KFC has produced a superb new store for locals to enjoy - the $850,000 transformation has also created 7 new jobs that have been filled by people from the local community.
The newly renovated KFC Pukekohe reopened its doors to the public at 9am on Tuesday 22 July. It is the 72nd store to be refurbished as part of a national transformation programme. Locals returning to the store, which was closed for 5 weeks during the re-development, will see a number of new features designed to enchance their dining experience.
KFC Pukekohe is a example of everything that is great about KFC - a local team dedicated to being a relevant, exciting organisation within their community.
Through the store transformation, we are investing in building a great working environment for our staff and delivering a superior experience to our customers.
28 May 2014
Restaurant Brands' total sales during the first quarter (12 weeks ended 19 May 2014) were $77.7 million, an increase of 5.9% or $4.3 million on the equivalent period last year, with all four brands recording positive sales growth.
Of the total increase in sales KFC was the key contributor at $2.8 million with Carl’s Jr. contributing a further $1.4 million.
Same store sales for the company were up 4.3% with strong growth in KFC which grew 5.0%. Starbucks Coffee was up 5.5% and Pizza Hut up 9.3%. Carl’s Jr was down 36.2% as it rolled over very high new store opening sales in the four stores open in the prior year.
9 April 2014
Group Net Profit after Tax (excluding non-trading items) was $18.9 million (19.3 cents per share), up 6.8% on prior year.
Total Group Revenue of $330.4 million was up $17.6 million (+5.6%) with growth from KFC and the roll out of the Carl's Jr. brand.
KFC sales continued to grow to a new high of $241.5 million despite competitive market conditions.
Pizza Hut and Starbucks Coffee continued to deliver solid same store sales growth, up 15.3% and 5.7% respectively.br>
The roll out of the new Carl's Jr. brand commenced in earnest with six new stores opened over the year, contributiong $12.4 million in incremental revenue and bringing store numbers to eight.
Total store EBITDA of $53.5 million was up $2.0 million (3.9%) on the prior year with a continued strong performance by Pizza Hut and Starbucks Coffee, together with positive earnings from Carl's Jr. offsetting slightly reduced margins in KFC.
Operating cash flows were $32.7 million, marginally down on prior year. Investing cas flows were $9.8 million favourable to the prior year with the impact of property sale and leasebacks and continued sell down of Pizza Hut stores. As a result new debt fell to $8.2 million at year end.
A final fully imputed devident of 10.0 cents per share will be paid on 27 June, making a full year dividend of 16.5 cents (up 3.1% on the previous year).
5 March 2014
Restaurant Brands' total sales across the company’s four brands during the fourth quarter (12 weeks ended 24 February 2014) were $77.6 million, an increase of 6.4% or $4.7 million on the equivalent period last year.
The Carl’s Jr. brand of burger restaurants, launched in November 2012 was a key contributor to the sales increase at $1.9 million with KFC contributing $2.7 million.
Same store sales for the company were up 3.5% with strong growth in KFC which grew 4.1%. Starbucks Coffee was up 7.6% and Pizza Hut up 8.9%. Carl’s Jr was down 59.1% as it rolled over very high new store opening sales in the two stores opened last year.
11 December 2013
Restaurant Brands' total sales across the company’s four brands during the third quarter (12 weeks ended 2 December 2013) were $76.2 million, an increase of 5.4% or $3.9 million on the equivalent period last year.
The new Carl’s Jr. brand of burger restaurants, launched in November 2012 was the largest contributor to the sales increase at $3.9 million.
Starbucks Coffee sales increased 2.7%, with Pizza Hut down 0.4% and KFC total sales decreasing 0.1% in the quarter against the prior year.
Same store sales for the company were up 0.2% with strong growth in Starbucks Coffee up 7.7% and Pizza Hut up 12.7% with KFC showing a decrease of 2.7%.
3 December 2013
Auckland Airport Retail has welcomed two new restaurants to the area, Carl’s Jr. and KFC on the corner of George Bolt Memorial and John Goulter Drives.
The $4.5 million investment by parent company Restaurant Brands signals their confidence in the growth potential of the Auckland Airport Shopping Centre. Both restaurants have drive-thru and feature new innovations such as digital menu panels.
Restaurant Brands CEO, Russel Creedy, says they “expect customers to come from the local community and people travelling to the airport.”
Carl’s Jr. is still a relative newcomer to the New Zealand market but has quickly become a firm favourite with Kiwis.
Creedy says “Carl’s Jr. is the ultimate destination for burger enthusiasts. We use 100% certified Angus beef in our Thickburgers and every meal is made-to-order and delivered to your table, in an inviting environment.”
It has just launched a promotional burger called the Hawaiian Teriyaki Burger featuring its signature- charbroiled beef, teriyaki glaze and grilled pineapple.
Carl’s Jr. opens at 7am daily and features a breakfast menu, which includes breakfast platters, sandwiches, pancakes and hash rounds.
Each of the new restaurants will seat approximately 80 people and employ 40 people from the local community.
KFC has just launched two special Surf Safe Variety meals and will donate $2 per sale to Surf Life Saving NZ, which launches its annual appeal this week.
17 October 2013
• Net Profit after Tax (excluding non-trading items) for the 28 weeks ended 9 September 2013 (1H 2014) was $8.8 million (9.0 cents per share), the same as the prior period (1H 2013). Reported profit (including non-trading items) was $9.7 million (9.9 cents per share), up $2.8 million or 41.4% on the prior period.
• Total revenues of $176 million were up 5.3% on the previous half year, mainly because of the contribution from the new Carl’s Jr. brand. Same store sales were up 2.9% for the half year, driven by ongoing improvement in Pizza Hut which was up 19.3%.
• Total brand EBITDA was up $0.2 million to $27.2 million, with a very strong performance by Pizza Hut, partly offset by lower earnings from KFC and new store establishment costs in Carl’s Jr.
• Non-trading items made a positive pre-tax contribution of $1.1 million, mainly arising from the successful sale and leaseback of two KFC stores in Lower Hutt and Greenlane.
• Directors have declared a fully imputed interim dividend payable on 22 November 2013 of 6.5 cents per ordinary share, consistent with last year.