Fast food brands' sales grow again

Restaurant Brands’ total sales for the first quarter to 31 March 2023 increased to $308.6 million. This is up $33.2 million (12.0 percent) over the equivalent period last year, as sales recovered from the impacts of the 2022 Covid Omicron outbreak and price increases were implemented across all markets.

The New Zealand-listed company operates in New Zealand, Australia, Hawaii and California, with sales growth being supported by an additional 12 stores and stronger US and Australian dollars over the prior year.

Within New Zealand alone, first quarter sales were $129.4 million, up 9.2% in total and 7.4 percent on a same-store basis. The company is the master franchisee in NZ for KFC, Pizza Hut, Taco Bell and Carl’s Jr. Store numbers remained constant from the fourth quarter of 2022 at 143 stores. Sales grew across all brands, largely driven by price increases and the easing of pandemic-related trading constraints.

The company notes that worldwide inflationary pressures continue, albeit at a lower rate. ‘While the company continues to implement price increases in response to these increased costs, margins remain under pressure.’