Restaurant Brands Q1 Sales Announcement

Restaurant Brands New Zealand Limited

28 April 2021
ASX/NZX

Restaurant Brands Delivers Solid Sales Growth for the First Quarter

Restaurant Brands’ total sales for the first quarter to 31 March 2021 were $259.7 million, an increase of
11.2% on the equivalent period last year across the businesses it operated during the previous year and
up 29.8% when including trading from its recent California acquisition.

The increase in sales of $59.6 million was driven by the inclusion of trading for the California acquisition,
ten additional stores in Australia, and strong same store sales growth in Hawaii and New Zealand.

COVID-19 continues to impact the business, resulting in a higher mix of drive through and delivery sales
in all markets.

Company owned store numbers were up by 65 on the equivalent period last year to 353, primarily
following the acquisition of 69 stores in California in September 2020.

New Zealand

First quarter sales for New Zealand were $115.2 million, an increase of 17.6% on a total basis and
11.3% on a same store basis.

KFC, Pizza Hut and Carl’s Jr. all showed solid same store growth, whilst the newly opened Taco Bell
stores continue to trade at expected levels.

The comparative total sales growth was assisted by the loss of six full days of trading in March last
year as a result of Government-mandated COVID-19 store closures, resulting in lost sales of
approximately $7 million.

Store numbers decreased by one during the quarter to 136, with the sale of a Pizza Hut store to an
independent franchisee.

Australia

First quarter sales for Australia were $A54.1 million ($NZ58.1 million), an increase of 11.1% in total, due
to new store openings late last year and store acquisition activity.

Same store sales were up 1.1% (local currency), with drive-through store sales continuing to grow
strongly; however mall and in-line inner city store sales have yet to recover to pre-COVID-19 levels.

Store numbers increased by five during the quarter to 75, following the acquisition of five KFC stores in
Northern Sydney.

Hawaii

First quarter sales in Hawaii were $US35.4 million ($NZ49.2 million), an increase of 6.8% on a total
basis and 9.6% on a same store basis (local currency).

Pizza Hut continues to respond well to the increased demand for home delivery. The small downturn
last year in Taco Bell sales has reversed following some lifting of COVID-19 restrictions.

Store numbers increase by one during the quarter to 73 stores, with the opening of a Pizza Hut in
Lahaina.

California

First quarter sales were $US26.5 million ($NZ37.2 million), up on both prior year levels and pre-purchase
expectations.

Store numbers remain unchanged from the 69 stores acquired in September 2020.

Annual Shareholders’ Meeting

The Annual Shareholders’ Meeting of the company will be held on Thursday 27 May 2021. Given the
ongoing disruption to international travel arising from COVID-19 and the potential for restrictions on
large gatherings being implemented, it will be a virtual meeting.






Authorised by:

Russel Creedy Grant Ellis
CEO
+64 9 525 8700
CFO
+64 9 525 8700


ENDS

2021 ($000's)2020 ($000's)Change
Total Store Sales ($NZ)
Q1 2021 vs Q1 2020

New Zealand115,187 97,957 17.6%
Australia58,126 50,354 15.4%
Hawaii49,157 51,812 (5.1%)
California37,227 - n/a
Total Store Sales259,697 200,123 29.8%
YTD 2021 vs YTD 2020
New Zealand115,187 97,957 17.6%
Australia58,126 50,354 15.4%
Hawaii49,157 51,812 (5.1%)
California37,227 - n/a
Total Store Sales259,697 200,123 29.8%
20212020Change
Same Store Sales
Q1 2021 vs Q1 2020
New Zealand11.3% 1.7% 9.6%
Australia1.1% 2.0% (0.9%)
Hawaii9.6% 7.9% 1.7%
YTD 2021 vs YTD 2020
New Zealand11.3% 1.7% 9.6%
Australia1.1% 2.0% (0.9%)
Hawaii9.6% 7.9% 1.7%
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report
Summary of Results for the 1st Quarter (Q1)
(for the 3 months 01/01/21 to 31/03/21)

2021 ($000's)2020 ($000's)Change
Total Store Sales (Local Currency)
Q1 2021 vs Q1 2020
Australia ($A)54,097 48,709 11.1%
Hawaii ($US)35,426 33,179 6.8%
California ($US)26,530 - n/a
YTD 2021 vs YTD 2020
Australia ($A)54,097 48,709 11.1%
Hawaii ($US)35,426 33,179 6.8%
California ($US)26,530 - n/a
20212020Change
Number Of Stores Open At Quarter End
New Zealand136 148 (12)
Australia75 65 10
Hawaii73 75 (2)
California69 - 69
Total Stores353 288 65
Exchange Rates
- Blended $A:$NZ rate for Q10.931 0.967 (0.036)
- Blended $A:$NZ rate for YTD0.931 0.967 (0.036)
- Blended $US:$NZ rate for Q10.717 0.640 0.077
- Blended $US:$NZ rate for YTD0.717 0.640 0.077
Note: Some sales numbers for each of the divisions may not aggregate in total due to rounding.
Summary of Results for the 1st Quarter (Q1)
(for the 3 months 01/01/21 to 31/03/21)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report