Restaurant Brands releases figures, rules out buying Wendy's

28 July 2022 - Restaurant Brands has ruled out purchasing the Wendy's NZ chain of 22 stores recently put up for sale by the Lendich family. Restaurant Brands also owns the Carl's Jr brand in New Zealand and CEO Russell Creedy told NBR, 'One beef burger brand is enough for us.'

The NZ-listed company, which also operates Pizza Hut, KFC and Taco Bell stores in New Zealand, Australia, Hawaii and California, yesterday announced its second quarter sales figures, saying that 'Covid-19 continues to affect Restaurant Brands’ business operations, with high case numbers resulting in staffing issues for the business as well as its contractors and suppliers.' Total sales were up by 8.2 percent over the previous year, supported by 17 new stores and the strengthening of the US dollar. Same store sales by region were as follows:

• New Zealand: Up 1.4 percent
• Australia: Up 5 percent
• Hawaii: Up 2.9 percent
• California: Down 3.0 percent

Restaurant Brands share price fell 9.4 percent after issuing a profit warning, saying it was struggling with Covid-related staffing issues and worldwide increases in costs.

Read the full report here.