Strong sales in the New Zealand QSR market have helped offset some of the negative effects the industry has faced, according to Restaurant Brands’ fourth-quarter report.
The report outlined a growth of 2.7 percent in the fourth quarter of 2023, despite a slowing sales growth in almost every market.
Total year sales had increased by 6.7 percent to NZ$1.33 billion, which was supported by the recovery from the impacts of the 2022 Covid-19 Omicron variant outbreak and a full year of trading from new stores that opened in 2022.
The group had implemented a strategic programme of price increases across all of its markets in order to assist with relieving market pressures whilst ensuring balanced brand health and financial pressures faced by consumers.
Fourth quarter sales increased in Australia by 2.4 percent to AU$72.3 million. There was, however, lower sales growth this quarter compared to the first three, due to a range of contributing factors, such as the cost of living.
Restaurant Brands saw a dip of 1.3 percent in its Hawaii market, whilst sales in California fell by 4.9 percent.
These losses were partially offset due to the sales increase in the New Zealand market. Restaurant Brands said that it expects to report a full-year net profit after tax for 2023 within its provided guidance.
Restaurant brands is the operator of KFC, Pizza Hut, Carl’s Jr. and Taco bell in New Zealand.
