Restaurant Brands reports 2.7% total sales growth amidst economic pressures
Strong sales in its New Zealand market helped offset some of the negative effects.
Restaurant Brands saw total sales for the fourth quarter climbing by 2.7% in the fourth quarter of 2024 despite slowing sales growth in almost all its markets.
Total year sales increased by 6.7% to $1.23b (NZ$1.33b), supported by the recovery from the impacts of the 2022 COVID-19 Omicron outbreak earlier in the year, and a full year of trading from new stores opened in 2022.
According to the group, it implemented a ‘strategic programme of price increases’ across all of its markets to help relieve margin pressures whilst balancing brand health and the financial pressures faced by its customers.
In Australia, Q4 sales increased by 2.4% to $72.3m. The group saw lower sales growth this quarter compared to the first three quarters because of cost of living pressures impacting discretionary household expenditure.
Meanwhile, the group saw sales dipping by 1.3% in Hawaii whilst California sales slipped by 4.9%.
These losses were partially offset by gains in Restaurant Brands New Zealand market which saw sales increase by 8.3%.
Restaurant Brands said it expects to report a full-year net profit after tax for 20203 within its provided guidance.
Restaurant Brands operates the New Zealand franchises for KFC, Pizza Hut, Carl's Jr. and Taco Bell. It also operate a KFC franchise in New South Wales, Australia & California, USA and Taco Bell and Pizza Hut franchises in Hawaii, Guam and Saipan.