Fast food operator Restaurant Brands says it is pushing through price increases at stores around the globe as inflation continues to eat into margins at its KFC, Pizza Hut and Taco Bell franchises.
The Auckland-based business, which runs more than 480 food outlets across Australia, New Zealand and the US, told investors on Monday that first-quarter sales were up by 12 per cent to $NZ308.6 million compared with the same time last year.
“Worldwide inflationary pressures continue, albeit at a lower rate. While the company continues to implement price increases in response to these increased costs, margins remain under pressure,” the company said in an update filed to the ASX.Restaurant Brands runs KFC, Pizza Hut, Taco Bell and Carl’s Jnr in New Zealand, as well as KFC and Taco Bell stores in Australia and Pizza Hut and Taco Bell in the United States.
Sales in Australia were up by 15.5 per cent to $67.9 million, as sales in shopping centres and inner-city locations recovered to close to where they were pre-COVID. The most recent grocery price tracking data from investment bank UBS shows that while the price of many common fast-food ingredients is normalising, products still cost about 10 per cent more than at the same time last year.
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