Restaurant Brands New Zealand (ASX: $RBD) FY23 Full-Year Results

Restaurant Brands New Zealand Limited (ASX: $RBD) has released its FY23 full-year results, reporting a record high total group store sales of $1,322 million, marking a 6.7% increase from FY22. Despite inflationary pressures impacting profit, the company witnessed strong sales growth across all four operating regions in NZ dollars. However, net profit after tax (NPAT) decreased by $15.8 million from the prior year due to inflationary pressures on ingredient and wages, and underperformance in California and New Zealand. The company implemented a strategic program of price increases and cost control measures to mitigate margin pressures, resulting in margin gains in the second half of FY23. The Board has decided not to declare a dividend payment for FY23 and is not providing guidance for FY24 at present due to ongoing economic volatility.

Executive Commentary on FY23 Results

The company's focus is on creating value beyond price, positioning the group for sustainable future growth through innovation, margin improvement, and cost stabilization measures.

Outlook and Key Points

Restaurant Brands New Zealand Limited's FY23 results reflect a mixed performance with record high total group store sales, but a decrease in net profit after tax (NPAT) due to inflationary pressures and underperformance in certain regions. The company implemented strategic measures to mitigate margin pressures, resulting in margin gains in the second half of FY23. The Board's decision not to declare a dividend payment for FY23 and the lack of guidance for FY24 due to ongoing economic volatility indicate the company's cautious approach in the current economic environment. The company's ambitions for sustainable future growth through innovation, margin improvement, and cost stabilization measures demonstrate its strategic focus. The Annual Shareholders' Meeting is scheduled to be held in Auckland on Friday 24 May 2024.