Kiwis spend $150k in one week at new Taco Bell

Friday, 28 February 2020

Aucklanders spent $150,000 in one week when Taco Bell opened in New Lynn in November, Restaurant Brands says.

It has announced a profit of $30.1 million for its most recent full year, which was only 10 months because of a change in its balance date.

The profit was down compared to the previous financial year, but Restaurant Brands said, had it been for a full 12 months, it would have lifted more than 8 per cent.

It introduced Taco Bell in New Zealand and New South Wales, Australia, in the last quarter of last year.

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It said while that had a minimal impact on this year's results, more than 10 more stores were expected in the next financial year.

The first New Zealand store, in New Lynn, made $150,000 in sales in its first week and $700,000 in its first two months of trading, Restaurant Brands said, which was significantly up on expectations.

'With establishment costs, the business incurred a small loss of $0.3 million for the year. The next store in Shortland Street, Auckland is expected to open in the first quarter of 2020 with five further stores forecast to be opened during the 2020 year.'

Carls Jr's new delivery service had a positive impact, driving same-store sales growth of 11.3 per cent.

Pizza Hut sales dropped 4.7 per cent on an annual equivalent basis.

'Transformation of the Pizza Hut network in New Zealand to a master franchise model continues on plan with the sale of two stores to franchisees during FY Dec 19,' Restaurant Brands said.

'The company remains on target to reduce the number of company stores to 15 by the end of the next financial year.'

KFC underpinned the New Zealand operations, with full-year sales up 8.3 per cent.

'The KFC sales growth was driven by sound marketing programmes, a further roll-out of KFC delivery to a more than 40 stores, six new store openings, some very strong new product releases and continued positive impact from the sponsorship of Super Rugby.'