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Restaurant Brands Q1 Sales Announcement

Monday 24th April 2023

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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%) over the equivalent period last year, as sales recovered from the impacts of the 2022 COVID-19 Omicron outbreak and price increases were implemented across all markets.

 

Sales growth was also supported by an additional 12 stores and stronger US and Australian dollars over the prior year.

 

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.

 

New Zealand

 

First quarter sales for New Zealand were $129.4 million, up 9.2% in total and 7.4% on a same store basis.

 

Sales grew across all brands, largely driven by price increases and the easing of pandemic-related trading constraints.

 

Store numbers remained constant from the fourth quarter of 2022 at 143 stores.

 

Australia

 

Australia’s sales for the first quarter were $A67.9 million ($NZ73.7 million), an increase of 15.5% in total (local currency).

 

Same store sales were up 11.2% (local currency). Mall and in-line inner city store sales have recovered to near pre-COVID-19 levels.

 

Store numbers were constant at 83 stores.

 

Hawaii

 

Sales for the first quarter in Hawaii were $US38.9 million ($NZ61.8 million), up 9.3% in total and 1.0% on a same store basis (local currency).

 

Hawaii trading has solidified around the new highs achieved during last year and the new stores opened last year continued to produce strong trading results.

 

Store numbers remained constant during the quarter at 75 stores.

 

California

 

California’s sales in the first quarter were $US27.5 million ($NZ43.7 million), an increase of 0.3% on a total basis, however a decrease of 4.0% on a same store basis (local currency).

 

Same store sales have reduced on the prior year largely due to customers shifting to value-orientated menu and promotional items.

 

Store numbers remained constant during the quarter at 75 stores.

 

Annual Shareholders’ Meeting

 

The Annual Shareholders’ Meeting of the company will be held on Thursday 18 May 2023, commencing at 10.00 am at The Boathouse, Park Hyatt Auckland, 99 Halsey Street, Auckland CBD and online at https://meetnow.global/nz.

 

Authorised by:

 

Arif Khan

Acting Group CEO

+64 9 525 8700

 

Grant Ellis

Group CFO

+64 9 525 8700

ENDS



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