WELLINGTON, May 31 (Reuters) - New Zealand fast food operator Restaurant Brands Ltd said on Tuesday that first quarter sales were down 4.4 percent on a year ago largely because of stores closed by the earthquake in Christchurch.
It reported sales of NZ$72.5 million ($59 million) for the 12 weeks to May 23 on the store closures and disposal of unwanted shops.
On a same store basis sales were 2.3 percent lower than a year ago. It said insurance was expected to offset much of the impact of the Feb 22 earthquake on its Christchurch operations.
Shares in Restaurant Brands, which operates the KFC, Starbucks and Pizza Hut franchises, closed on Monday at NZ$2.72. The stock has gained 3 percent so far this year, compared with a 7 percent rise in the benchmark top 50 index.
(By Gyles Beckford) Keywords: RESTAURANTBRANDS/ (Gyles.Beckford@thomsonreuters.com)(+64 4 471 4321)(Reuters Messaging: gyles.beckford.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
It reported sales of NZ$72.5 million ($59 million) for the 12 weeks to May 23 on the store closures and disposal of unwanted shops.
On a same store basis sales were 2.3 percent lower than a year ago. It said insurance was expected to offset much of the impact of the Feb 22 earthquake on its Christchurch operations.
Shares in Restaurant Brands, which operates the KFC, Starbucks and Pizza Hut franchises, closed on Monday at NZ$2.72. The stock has gained 3 percent so far this year, compared with a 7 percent rise in the benchmark top 50 index.
(By Gyles Beckford) Keywords: RESTAURANTBRANDS/ (Gyles.Beckford@thomsonreuters.com)(+64 4 471 4321)(Reuters Messaging: gyles.beckford.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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