Restaurant Brands First Quarter Sales

21 April 2020
NZX/ASX

Restaurant Brands Sales Growth Continues in the First Quarter

Restaurant Brands’ total sales for the first quarter of the financial year (three months to 31 March 2020)
were $200.1 million, an increase of $10.0 million or 5.3% on the equivalent period last year. Each of the
operating divisions (New Zealand, Australia and United States) maintained same store sales growth
with sales increases of +1.7%, +2.0% and +7.9% respectively.

New Zealand operations sales were $98.0 million, down 1.5% on a total basis, and up 1.7% on a same
store basis. The Australian business produced sales of $NZ50.4 million, up 13.3% on a total basis and
2.0% on a same store basis (local currency). United States sales were $NZ51.8 million, up 6.3% on a
total basis and 7.9% on a same store basis (local currency).

Company store numbers were up by four on the equivalent period last year to 288.

New Zealand

First quarter sales for New Zealand were $98.0 million, a decrease of 1.5% on the equivalent period last
year in total as a result of the Government-mandated full store closures as New Zealand moved to
COVID-19 Alert Level 4 from 25 March.

On a same store basis sales were up 1.7% for the quarter.

KFC continued its growth path with strong customer support for products and promotions. Pizza Hut
sales decreased with two less stores which were sold to independent franchisees. Carl’s Jr. showed a
small increase after the successful introduction of delivery this quarter last year. Taco Bell sales were
at the high end of expectations.

Store numbers remained at 148 during the quarter.

Australia

First quarter sales for Australia were $A48.7 million ($NZ50.4 million), an increase of 13.3% on a total
basis following the opening of two KFC and two Taco Bell stores during last year coupled with a lower
level of temporary store closures for refurbishments. On a same store basis sales were up 2.0% (local
currency) despite the impact of Covid-19 restrictions on dine in sales implemented in late March.

Store numbers remained steady at 65 during the quarter.

United States

First quarter sales were $US33.2 million ($NZ51.8 million). This was an increase of 6.3% on a total
basis and 7.9% on a same store basis (local currency) following continued successful local promotions
with both the Taco Bell and Pizza Hut brands showing strong growth. The store transformation
programme for Taco Bell in Hawaii is gaining momentum with four stores now rebuilt and delivering
sales growth of on average 22% over the quarter.

Store numbers increased by one to 75 during the quarter with the opening of the Kahili Taco Bell.
RESTAURANT BRANDS NEW ZEALAND LIMITED

COVID-19 Crisis

Whilst the first quarter was only peripherally affected by the COVID-19 crisis, the second quarter is
seeing a significant impact with all stores in New Zealand closed for most of the month of April and the
closures of the dine-in business and a number of in-line and mall stores in both Australia and the United
States. It is expected that most New Zealand stores will re-open for drive-thru and delivery service when
New Zealand’s COVID-19 Alert Level moves to Level 3 from 28 April.

Annual Shareholders’ Meeting

With measures to contain the spread of COVID-19 (particularly those that relate to large gatherings and
international arrivals) expected to remain in place for some time in New Zealand, the Annual
Shareholders’ Meeting scheduled for 28 May 2020 will be held as a virtual meeting.




Authorised by:

Russel Creedy Grant Ellis
CEO CFO/Company Secretary


ENDS

2020 ($000's)2019 ($000's)Change
Total Store Sales ($NZ)
Q1 2020 vs Q1 2019

New Zealand97,957 99,489 (1.5%)
Australia50,354 44,781 12.4%
United States51,812 45,842 13.0%
Total Store Sales200,123 190,112 5.3%
YTD 2020 vs YTD 2019
New Zealand97,957 99,489 (1.5%)
Australia50,354


44,781 12.4%
United States51,812 45,842 13.0%
Total Store Sales200,123 190,112 5.3%
* - Converted at exchange rates on following page
20202019Change
Same Store Sales (Local Currency)
Q1 2020 vs Q1 2019
New Zealand1.7%4.9%(3.2%)
Australia2.0%6.0%(4.0%)
United States7.9%8.4%(0.6%)
YTD 2020 vs YTD 2019
New Zealand1.7%4.9%(3.2%)
Australia2.0%
6.0%
(4.0%)
United States7.9%8.4%(0.6%)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report
Summary of Results for the 1st Quarter (Q1)
(for the 3 months 01/01/20 to 31/03/20)

2020 ($000's)2019 ($000's)
Change
Total Store Sales (Local Currency)
Q1 2020 vs Q1 2019
Australia ($A)48,709 42,975
13.3%
United States ($US)33,179 31,203 6.3%
YTD 2020 vs YTD 2019
Australia ($A)
48,709 42,975 13.3%
United States ($US)33,179 31,203 6.3%
20202019Change
Number Of Stores Open At Quarter End
New Zealand148 143 5
Australia65 61 4
United States75 80 (5)
Total Stores288 284 4
Exchange Rates
- Blended $A:$NZ rate for Q10.967 0.960 0.008
- Blended $A:$NZ rate for YTD0.967 0.960
0.008
- Blended $US:$NZ rate for Q10.640 0.681 (0.040)
- Blended $US:$NZ rate for YTD0.640 0.681 (0.040)
Note: Some sales numbers for each of the concepts may not aggregate in total due to rounding.
Summary of Results for the 1st Quarter (Q1)
(for the 3 months 01/01/20 to 31/03/20)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report