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[sharechat] RBD: Beware the devil in the detail

From: "Karyn W" <>
Date: Wed, 31 Mar 2004 05:37:41 +0000

If RBD earnings were down by 27% and KFC was only down by 15.5%, and PH NZ 
and Starbucks was up 7.4% and 15.7% respectively, HOW MUCH was PH OZ down 
by?  Anyone want to do the maths?
I note they did not disclose PH OZ earnings!!  When one part of a business 
makes money, but another loses money, big promotions will often increase 
earnings in the profitable one, and magnify losses in the unprofitable one, 
even though sales increased in both.  Is that what happened here with PH 
"buy two pizzas, get a free video" deal?
So they've told you the good news about increased sales, but as an investor, 
its not sales we are interested in .... its earnings.  After all that's 
where dividends come from :-)

A competitive update - Here in Victoria, Pizza Haven's last pizza deal was 
buy a large pizza for $6, delivered.  The big pizza companies here seem to 
have no problem with dropping prices so drastically in retaliation to a 
competitors promotion.  So I wonder what PH OZ figures will look like in the 
next quarter?
Oporto and Nando franchises are springing up everywhere, so KFC is taking a 
bit of a hammering here.  I observed that Oporto opened up opposite KFC on 
Chapel St, Melbourne (a very busy street with loads of foot and vehicular 
traffic 24 hours a day) - the KFC was empty, Oportos was busy.  
Unfortunately I only noticed Oportos had opened there after I ordered at 
KFC, otherwise I'd have been on the opposite side of the street too :-)


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