The fast-food operator is expecting profit growth of at least 6 per cent this year. Photo / Supplied
Fast-food operator Restaurant Brands New Zealand is expecting profit growth of at least 6 per cent this year as the firm benefits from new store openings.
The firm, which will open its first Taco Bell stores in Australia and New Zealand this year, had already had a good first-quarter, chief
executive Russel Creedy told investors at the annual meeting today.
While the launch of Taco Bell here and in Australia won't have a material affect on this year's group earnings, he said the consistent performance of the existing network, new store builds and the stable economic environment will deliver higher earnings.
"We expect the group will deliver an NPAT - excluding non-trading items - result for the new financial year of in excess of $45 million," Creedy said in speech notes. The projection excludes any major new acquisitions during the year and the adverse impact of new accounting standards for the treatment of leases.
Restaurant Brands reported an underlying profit of $42.2m in the 52 weeks ended February 25, up from $40.8m a year earlier. Net profit rose 0.8 per cent to $35.7m, after allowing for a net $9m of non-trading costs, including impairments on the Carl's Jr chain and a gain on the sale of the firm's interest in Starbucks Coffee.
