Restaurant Brands Second Quarter Sales

19 September 2019
ASX/NZX



Restaurant Brands Strong Sales Growth Continues in the Second Quarter

Restaurant Brands’ total sales for the second quarter of the financial year (16 weeks to 9 September 2019)
were $259.7 million, an increase of $8.8 million or 3.5% on the equivalent period last year. Each of its
operating divisions (New Zealand, Australia and Hawaii) maintained strong same store sales growth with
sales increases of +5.4%, +5.8% and +9.6% respectively.

New Zealand operations sales were $134.8 million, up 1.5% in total (despite the sale of the Starbucks Coffee
business in October 2018), and up 5.4% on a same store basis. Australian KFC outlets produced sales of
$NZ62.0 million, up 5.8% on both a total basis and a same store basis (local currency). Hawaiian operations
sales were $NZ62.9 million, up 6.4% on a total basis and 9.6% on a same store basis (local currency).

Year to date sales were $442.6 million, an increase of 2.7% over the prior year on a total basis.

Company store numbers were down by 20 on the equivalent period last year to 285, primarily from the sale
of the 22 Starbucks Coffee stores in October 2018.

KFC New Zealand

Second quarter sales for KFC New Zealand were $113.5 million, an increase of 8.8% on the equivalent
period last year and up 6.1% on a same store basis for this quarter.

Year to date sales for KFC New Zealand were $193.5 million, an increase of 7.9% on a total basis and
5.7% on a same store basis.

Store numbers remained constant during the quarter, but increased by three on the prior year with the
opening of stores last quarter at Bombay (south of Auckland), Courtenay Place in Wellington (in the new
CBD format) and Tauranga Crossing.

Pizza Hut New Zealand

Second quarter sales for Restaurant Brands-owned Pizza Hut stores were $10.6 million, a decrease of 5.9%
on the equivalent period last year. Same store sales for the quarter decreased by 4.3%.

Year to date sales for Restaurant Brands-owned Pizza Hut stores were $18.3 million, a decrease of 10.5%
in total, and down 4.4% on a same store basis.

Restaurant Brands-owned store numbers decreased by one during the quarter and were up by one from last
year to 30, as the brand continues to build and sell stores to independent franchisees. There are now 70
Pizza Hut stores operated by independent franchisees of a network of 100 stores.

Network total sales for the quarter were $30.9 million, a decrease of 4.7%. Year to date network total sales
were $53.6 million, a decrease of 4.0%.






RESTAURANT BRANDS NEW ZEALAND LIMITED

Carl’s Jr.

Total Carl’s Jr. sales for the second quarter were $10.7 million, an increase of 8.3% on the equivalent
period last year following the introduction of delivery via the UberEats platform. Same store sales for the
quarter were up by 8.2%.

Year to date sales for Carl’s Jr. were $19.0 million, an increase of 8.8% on a total basis and 9.8% on a
same store basis.

Store numbers remained steady at 18 during the quarter.

KFC Australia

Second quarter sales for KFC Australia were $A58.8 million ($NZ62.0 million), an increase of 5.8% on both
a total basis and a same store basis (local currency).

Year to date sales for KFC Australia were $A99.5 million ($NZ104.8 million), an increase of 4.2% on a total
basis and 5.9% on a same store basis (local currency).

Store numbers remained constant at 61 during the quarter.

Taco Bell Hawaii

Total Taco Bell sales for the second quarter were up to $US25.0 million ($NZ38.1 million) on the back of
several successful promotions. This was an increase of 11.1% on a total basis and 14.5% on a same store
basis (local currency).

Year to date sales for Taco Bell were $US42.4 million ($NZ64.0 million), an increase of 9.8% on a total basis
and 13.7% on a same store basis (local currency).

Store numbers remained steady at 36 during the quarter.

Pizza Hut Hawaii

Pizza Hut Hawaii sales for the second quarter were $US16.2 million ($NZ24.7 million), flat to the prior year
on a total basis and up 2.8% on a same store basis (local currency).

Year to date Pizza Hut Hawaii sales were $US28.5 million ($NZ42.9 million), an increase of 0.1% on a total
basis and up 2.9% on a same store basis (local currency).

Store numbers were down one during the quarter and down two on last year, following the expiry of leases
on the Tamuning and Kona stores.

Half Year Results

The company expects to release its half year trading results on 16 October 2019.


For further information please contact:

Russel Creedy Grant Ellis
CEO CFO/Company Secretary
Phone: +64 9 525 8700 Phone: +64 9 525 8700

ENDS

2019/20 ($000's)2018/19 ($000's)Change
Total Store Sales ($NZ)
Q2 2019/20 vs Q2 2018/19
KFC New Zealand
113,477 104,299 8.8%
Pizza Hut New Zealand10,606 11,275 (5.9%)
Starbucks Coffee
- 7,304 (100.0%)
Carl's Jr.10,740 9,913 8.3%
New Zealand
134,823 132,792 1.5%
KFC Australia *62,040 60,600 2.4%
Taco Bell *38,140 33,476 13.9%
Pizza Hut Hawaii *24,740 24,092 2.7%
Hawaii *62,880 57,569 9.2%
Total Store Sales
259,743 250,960 3.5%
YTD 2019/20 vs YTD 2018/19
KFC New Zealand
193,487 179,264 7.9%
Pizza Hut New Zealand
18,309 20,452 (10.5%)
Starbucks Coffee- 13,049 (100.0%)
Carl's Jr.19,001 17,461 8.8%
New Zealand230,797 230,226 0.2%
KFC Australia *
104,846 103,391 1.4%
Taco Bell *63,998 56,115 14.0%
Pizza Hut Hawaii *42,921 41,255 4.0%
Hawaii *106,919 97,370 9.8%
Total Store Sales442,563 430,987 2.7%
* - Converted at exchange rates on following page
Same Store Sales (Local Currency)
Q2 2019/20 vs Q2 2018/19
KFC New Zealand109,896 103,591 6.1%
Pizza Hut New Zealand9,924 10,371 (4.3%)
Carl's Jr.10,724 9,907 8.2%
New Zealand ($NZ)130,543 123,869 5.4%
KFC Australia ($A)
56,779 53,651 5.8%
Taco Bell24,654 21,526 14.5%
Pizza Hut Hawaii
15,996 15,557 2.8%
Hawaii ($US)40,650 37,084 9.6%
YTD 2019/20 vs YTD 2018/19
KFC New Zealand188,378 178,201 5.7%
Pizza Hut New Zealand
17,165 17,963 (4.4%)
Carl's Jr.18,981 17,293 9.8%
New Zealand ($NZ)224,524 213,457 5.2%
KFC Australia ($A)96,486 91,105 5.9%
Taco Bell41,892 36,841 13.7%
Pizza Hut Hawaii28,068 27,270 2.9%
Hawaii ($US)69,960 64,111 9.1%
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report
Summary of Results for the 2nd Quarter (Q2)
(for the 16 weeks 21/05/19 to 09/09/19)

2019/20 ($000's)2018/19 ($000's)Change
Total Store Sales (Local Currency)
Q2 2019/20 vs Q2 2018/19
KFC Australia ($A)58,796 55,595 5.8%
Taco Bell24,969 22,482
11.1%
Pizza Hut Hawaii16,195 16,193
0.0%
Hawaii ($US)41,164 38,675
6.4%
YTD 2019/20 vs YTD 2018/19
KFC Australia ($A)99,458 95,480 4.2%
Taco Bell42,413 38,640 9.8%
Pizza Hut Hawaii28,460 28,443 0.1%
Hawaii ($US)70,873 67,083 5.6%
2019/202018/19Change
Number Of Stores Open At Quarter End
KFC New Zealand97 94 3
Pizza Hut New Zealand30 29 1
Starbucks Coffee
-22 (22)
Carl's Jr.18 18 -
New Zealand145 163 (18)
KFC Australia61 61 -
Taco Bell36 36 -
Pizza Hut Hawaii
43 45 (2)
Hawaii79 81 (2)
Total Stores285 305 (20)
Exchange Rates
- Blended $A:$NZ rate for Q20.948 0.917 0.030
- Blended $A:$NZ rate for YTD0.949 0.923 0.025
- Blended $US:$NZ rate for Q20.655 0.672 (0.017)
- Blended $US:$NZ rate for YTD0.663 0.689 (0.026)
Note: Some sales numbers for each of the concepts may not aggregate in total due to rounding.
Summary of Results for the 2nd Quarter (Q2)
(for the 16 weeks 21/05/19 to 09/09/19)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report