Fast food operator Restaurant Brands has announced a more than 50 per cent lift in profits for the year to February, mainly on the back of a strong performance from the KFC chain.
After-tax earnings were $9.47 million, compared with $6.31 million last year. The profit was in line with forecasts made by the company. Sales were up 3.4 per cent to $303.99 million.
One-off items took the bottom line profit for this year down to $9.02 million. But this is still a considerable improvement on last year, when writedowns due to the exit of unprofitable businesses resulted in an all-up loss of $3.55 million.
A dividend of 3.5 cents a share will be paid, making a total payout for the year of 6.5c a share, compared with 5.5c a share a year ago.
The company’s directors said KFC had “another year of sound sales and profit growth” driven by the continued store refurbishment programme. However, Pizza Hut continued to face tough trading conditions, with sales for the year down 7 per cent on a same-store basis. The Starbucks Coffee business had a “pleasing” 5.6 per cent gain in sales, with revenues topping the $33 million mark for the first time.
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