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Restaurant Brands announces full year results for year ended 28 February 2013
Key Points
- Group Net Profit after Tax (excluding non-trading items) was $17.7 million (18.0 cents per share), down 3.9% on prior year.
- Total Group Revenue of $312.8 million was up $3.9 million (+1.3%) with growth from KFC and Pizza Hut, together with new sales from Carl's Jr. partly offset by a reduction in Starbucks Coffee sales.
- KFC sales continued to grow to a new high of $237.0 million with store transformations continuing to provide positive growth.
- Pizza Hut delivered a very stron result with same store sales up 21.2% to $47.9 million and EBITDA up 80.8%.
- Total store EBITDA of $51.5 million was marginally (+0.2%) up on prior year with the strong performance by Pizza Hut offsetting reduced margins in KFC and Starbucks Coffee and initial set up costs in Carl's Jr.
- The launch of the new Carl's Jr. brand proceeded to plan with two stores opening in the last three months of the year contributing $1.9 million in revenues, but earnings were negative $0.5 million as forecast with initial set up costs.
- G&A overhead costs were up 16.5% on prior year to $13.2 million with the Carl's Jr. pre-opening costs together with new initiatives in Human Resources and Information Systems.
- Operating cash flow were up $5.0 million to $34.8 million. Investing cash flows were also up $5.5 million to $19.8 million with KFC and Carl's Jr. store builds, meaning bank debt was slightly up on prior year at $14.6 million.
- A final fully imputed dividend of 9.5 cents per share will be paid on 28 June, making a full year dividend of 16.0 cents (the same as for the previous year).
Restaurant Brands announces fourth quarter sales results
Restaurant Brands NZ Limited's full year sales for year ending 25 February 2013 were $311.9 million, an increase of 1.2% on the previous year.
KFC saw an increase of 0.3% in total sales for the full year, rolling over a 0.2% increase in the prior year. Pizza Hut had a full year sales increase of 5.3% despite selling thirteen stores to independent franchisees and closing one store. Starbucks Coffee recorded a decline in full year sales of 5.1%, mainly due to the closure of six stores. Two Carl's Jr. stores were opened in the last quarter and contributed $1.9 million to full year sales.
On a same store basis, the company recorded a 1.9% increase for the year with KFC's full year sales down 1.0%, Pizza Hut's up 21.2% and Starbucks Coffee down 1.7%.
For the 4th quarter, total sales across the company's four brands were up 4.5%. Same store sales increased 3.9% with all brands growing, particularly Pizza Hut which was up 28.6%.
Restaurant Brands opens Carl's Jr. store in Palmerston North
Palmerston North burger lovers were the first outside of Auckland to sink their teeth into Carl's Jr.'s famous charbroiled burgers when the first regional restaurant in Restaurant Brands nationwide rollout opened in the city on Wednesday 12 December.
The Palmerston North restaurant on Ferguson Street will employ 70 new staff from the region and the local team are excited to be opening the doors to local burger fans.
Restaurant Brands announces third quarter sales results
Restaurant Brands' total sales across the company's four brands - including Carl's Jr. for the first time - for the third quarter (12 weeks ended 3 December 2012) were $72.2 million, an increase of 0.5% or $0.3 million on the equivalent period last year. Same store sales for the company increased by 3.2%.
KFC total sales increased 0.5% in the quarter. Strabucks Coffee slaes decreased 6.9% but Pizza Hut sales were 3.5% higher than last year despite having 11 less stores at quarter end compared to the equivalent period last year.
Restaurant Brands opened the first of its Carl's Jr. stores in Mangere late in the quarter and in five days of trading produced sales of $90,000. A second store will be opening in Palmerston North shortly after the quarter end.
KFC same store sales saw a 1.2% increase. Starbucks Coffee had a same store decline of 2.8% but Pizza Hut saw a significant increase of 18.3%.
Year to date total sales are $238.9 million, up $0.6 million (0.2%) on the prior year and for the year to date same store sales were up 1.3% or $2.9 million on the prior year.
Restaurant Brands opens first Carl's Jr. store
Restaurant Brands opened its first Carl's Jr. restaurant in Auckland on Thursday 29 November. The store is situated on Bader Drive in Mangere and will employ almost 60 new staff.
Restaurant Brands announces interim results for half year ended 10 September 2012
Key Points
- Net Profit after Tax for the half year (excluding non-trading items) was $8.8 million (9.0 cents per share), up 2.4% on the prior year. Reported profit (including non-trading items) was $6.9 million
- Total revenues of $167.2 million were up 0.2% on the prior year. Same store sales were up 0.5% for the halft year, driven by a significant improvement in Pizza Hut which was up 19.5%.
- Total brand EBITDA was $27.0 million, an increase of $1.0 million (4.0%) on the previous haf year, with higher earnings for KFC and Pizza Hut partly offset by reduced earnings for Starbucks Coffee.
- G&A costs increased $1.0 million (16.6%), with increased investment in human resources and information systems, together with Carl's Jr. establishment costs, in anticipation of three stores opening in the second half.
- Directors have declared a fully imputed interim divident payable on 23 November 2012 of 6.5 cents per ordinary share, consistent with last year.
Restaurant Brands opens new store in Silverdale
KFC Silverdale opened on Saturday 20th October in the new Silverdale Centre just outside Auckland and has created 38 new jobs for the area.
The newer format store delivers and enchanced service for customers who have been calling for a KFC store on the Hibiscus Coast for some time now and from the moment the customer steps into the store they will notice differences. The interior has a fresh new urban feel, changes in the queing systems and installed in-store and drive-thru digital menu panels.
Restaurant Brands opens new KFC 'Fusion' store in Lower Hutt
KFC Lower Hutt opened on Thursday 13th September in Lower Hutt near Wellington. The $2.8 million dollar development is a flagship store for KFC in that area and has revealed several firsts for KFC in New Zealand when it opened.
The High Street store has been designed with customer experience at top of mind and reveals a superb new dining experience. The store showcases a fresh take on the intrior design and is the firs fast food outlet in the country to have digital menu panels in drive-thru. It will also have new order and pick up stations designed to improve the customer experience. Other features include a KFC Krush bar, digital confirmation order screens, booth and large group table seating and an all you can drink station. The store was also the first KFC store in the country to trial partial table service where customers can order at the counter and a host will bring the food to the table.
Two older and smaller KFC stores have been consolidated to make way for the new store, Park Ave (which closed on 28th August) and Upper Hutt (which closed on 7th September), with the majority of staff offered positions in the new store.
Restaurant Brands announces second quarter sales results
Restaurant Brands' total sales across the company's three brands trading during the second quarter (16 weeks ended 10th September 2012) were $96.1 million, an increase of 2.3% or $2.2 million on the equivalent period last year. Same store sales for the company increased by 3.7%.
KFC total sales increased 1.8% in the quarter. Starbucks sales decreased 5.1% but Pizza Hut sales were 9.5% higher than last year despite having 11 less stores at quarter end compared to the equivalent period last year.
KFC same store sales saw a 0.7% increase. Starbucks had a same store decline of 4.0% but Pizza Hut saw a significant increase of 26.5%.
Restaurant Brands announces first quarter sales results
Restaurant Brands' total sales across the company’s three brands during the first quarter (12 weeks ended 21st May 2012) were $70.6 million, a decrease of 2.7% or $2.0 million on the equivalent period last year. Most of the reduction can be attributed to KFC rolling over the success of the KFC Double Down promotion in the prior year. Same store sales for the company were down 3.7%.
KFC total sales declined 3.1% in the quarter. Starbucks sales decreased 3.5% but Pizza Hut sales were the same as last year (despite having 9 less stores).
KFC same store sales saw a 6.4% decrease. Starbucks had a small same store decline of 0.9%, but Pizza Hut saw a significant increase of 10.4%.
Restaurant Brands announces full year results for year ended 29 February 2012
Key points
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Group Net Profit after Tax (excluding non-trading items) was $18.4 million (18.8 cents per share), down 27% on prior year.
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Total Group Revenue of $308.9 million was down $16 million (4.9%) mainly from the impact of the Christchurch earthquake ($5.9 million) and sell down of Pizza Hut stores ($5.9 million).
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KFC sales reached a new high of $236.3 million with store transformations continuing to produce positive sales and profit growth.
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The Pizza Hut sell-down programme is gaining momentum with 13 stores now sold to independent franchisees.
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Despite reduced operating cash flows, correspondingly lower capital expenditure meant debt levels finished close to prior year at $13.6 million.
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A final fully imputed dividend of 9.5 cents per share, making a full year dividend of 16.0 cents for the year, will be paid on 29 June.
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Carl’s Jr rights were acquired for New Zealand as the company’s fourth brand.
Restaurant Brands announces fourth quarter sales results
Restaurant Brands NZ Limited’s full year sales for the year ending 27 February 2012 were $308.2m. This is a decrease of $16.2m on the previous year, mainly arising from lost sales from store closures in Christchurch following the 22 February 2011 earthquake ($5.9m) and the sell down of Pizza Hut stores to independent franchisees ($5.9m). On a same store basis sales were down (2.5%) for the year.
KFC saw an increase of $0.5m (0.2%) in total sales for the year to $236.3m, rolling over a 5.6% increase in the prior period. This was despite having one store in Christchurch closed for the entire year. Pizza Hut’s annual sales were down $13.8m of which $5.9m was as a result of the sell down of eight stores this year to independent franchisees. Starbucks Coffee also recorded a decline in total sales of $2.9m of which $2.5m is due to the closure of three stores in the Christchurch CBD for the entire year.
On a same store basis, KFC’s annual sales were down 1.8%, Pizza Hut recorded a 9.7% decrease and Starbucks Coffee saw an annual increase of 5.4%.
For the 4th quarter, total sales across the company’s three brands were down $4.1m or 5.5% with the earthquake-affected stores making up $1.1m and the effect of Pizza Hut stores being sold to franchisees making up $1.8m of the decline. Same store sales decreased 1.8% with the KFC and Pizza Hut operations recording same store declines and Starbucks Coffee continuing to record modest same store sales growth.
A total of four stores (one KFC and three Starbucks Coffee) in Christchurch city remained inaccessible with KFC Christchurch CBD closed permanently.
Restaurant Brands acquires Carl's Jr as its fourth brand
Restaurant Brands New Zealand Limited has acquired the rights to operate a fourth brand in New Zealand. The company will build and operate the Carl’s Jr. chain of restaurants in this country, adding to its current stable of KFC, Pizza Hut and Starbucks Coffee businesses.
The Carl’s Jr., brand, owned by US-based CKE Restaurants, Inc., specialises in offering best in class premium-quality burgers with a marketing proposition that targets youthful demographics. Carl’s Jr. restaurants offer unique service attributes focusing on ‘partial table service’, with a ‘made-to-order’ menu, all-you-can-drink beverage bars, and a strong breakfast offering.
Restaurant Brands will work closely with the existing New Zealand Carl’s Jr. franchisee, which has already fully tested the concept in this market with two restaurants currently operating in Auckland.
Under the terms of its Development Agreement, Restaurant Brands has the exclusive development rights to build restaurants throughout New Zealand to complement the existing franchisee’s rights to develop a limited number of restaurants in Auckland. Restaurant Brands is familiar with these shared arrangements, working with independent franchisees in both its KFC and Pizza Hut brands.
Restaurant Brands expects to be able to open its first restaurant by the middle of next year .
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