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Highlights:
- Restaurant Brands New Zealand’s Group CEO and Group CFO announce their departure.
- It posted a sound HY22 performance despite facing cost pressures and staff shortages.
- It expects steady growth in its store numbers during the second half of the year.
Restaurant Brands New Zealand Limited (NZX:RBD) is a renowned NZX-listed company that operates in the hospitality sector.
Source: © Iqoncept | Megapixl.com
Senior leadership changes
Today, the Company revealed that Russel Creedy, its Group Chief Executive Officer, and Grant Ellis, its Group Chief Financial Officer, had sought retirement. They will retire on 31 March and 31 May, respectively.
Both of them have made immense contributions with their leadership and expertise to RBD’s growth and transformation, states Chairman José Parés.
However, both Ellis and Creedy will continue their involvement with the Company’s business until their departure from RBD. Upon retirement, Ellis will function as an advisor to both the new Chief Financial Officer and the Company’s Chairman and Creed will work as a special advisor to its majority shareholder.
How did RBD perform in HY22?
In its recently released 1H22 results, Restaurant Brands New Zealand recorded total Group sales of NZ$584.9 million, up NZ$44.3 million on pcp, on account of new stores being inducted into its portfolio and a strengthened US dollar. However, its Group NPAT stood at NZ$15.3 million in comparison to 1H21’s NZ$34.5 million, majorly because of rising costs across all its regions. Also, it continues to face challenges resulting from the COVID-19 pandemic, such as staff shortages, etc.
Its store numbers during the said period, grew by 17, which now stands at 367, on account of new store builds, including 11 new Taco Bell stores across Australia and New Zealand. Currently, there are 138 Company-owned stores across NZ, followed by 81 stores in Australia and 74 each in California and Hawaii.
Earnings guidance
Despite the continuous impacts of inflation, RBD expects an NPAT between NZ$32 million and NZ$37 million for FY22.
Bottom Line
Despite a challenging year, Restaurant Brands New Zealand Limited continues to expect its store numbers to grow during the remainder of the year and its overall business continues to remain solid across all its geographic markets, owing to various actions taken to mitigate inflationary pressures on its business operations.
At the time of writing this article on 7 September, Restaurant Brands New Zealand is down 1.34% to NZ$8.100.