Restaurant Brands breaks $1 billion barrier despite Covid

Restaurant Brands’ total sales for the year ended 31 December 2021 were $1,068.2 million, an increase of $175.9 million (19.7 percent) from 2020. This is the first time the listed company, which owns the master licences for Pizza Hut, KFC, Carl’s Jr. and Taco Bell stores in New Zealand, has passed the $1 billion mark.

Approximately $100 million of the increase arose from an additional eight months trading this year from the acquisition of 69 KFC and Taco Bell stores in California from an existing franchisee. The company also has operations in Australia and Hawaii.

Full year sales for New Zealand were $461.1 million, an increase of 12.4 percent, primarily from strong same store sales growth of 9.1 percent. The company estimates that the Government-mandated full store closures resulted in lost sales of $26 million in 2021 and $40 million in 2020.

Fourth quarter total sales for New Zealand were $126.2 million, an increase of 5.3 percent on the equivalent period last year, with Carl’s Jr. and Pizza Hut performing ‘very strongly’.

Store numbers increased by four during the quarter to 137, with the opening of three new Taco Bell stores and a new KFC store. In addition two Carl’s Jr. stores were converted to a KFC and a Taco Bell. Same store sales were strong despite the adverse impact of the continued Covid crisis.