Restaurant Brands New Zealand Ltd today reported its net profit for the year to February 29 fell 27 per cent to $8.1 million.
The $3 million profit fall was despite a 2 per cent increase in sales to $304.6 million.
The company said the lower profit was in line with expectations.
"KFC sales
and margin performance was disappointing during the middle of the year and was the major contributor to the lower profit result for the company," chief executive Vicki Salmon said.
KFC's ebitda (earnings before interest, tax, depreciation and amortisation) fell 15.5 per cent to $25.6 million on sales of $171.1 million.
Sales at Pizza Hut New Zealand lifted 7.4 per cent to $81.3 million with a corresponding ebitda increase of 9.7 per cent to $12.3 million.
Starbucks Coffee saw a return to positive same store sales growth in the fourth quarter with total sales of $23.1 million, up 1.1 per cent versus the prior year. Its ebitda rose 15.7 per cent to $3.0 million.
The company said that its Pizza Hut operation in Victoria had nearly completed its store transformation programme.
"Despite this disruption, the business achieved higher sales of $29.1 million (18.9 per cent up on prior year) and improved its margin performance at store level."
The company declared an unchanged final dividend of 5.5 cents per share bringing the full year dividend to 10.0 cents per share, consistent with the previous four years. It will be paid on June 4.
Restaurant Brands shares closed at $1.22 yesterday. The shares have fallen from $1.33 a year ago, and $2.14 two years ago.
- NZPA
