RBD - Restaurant Brands

[Toddy]

That's a good sales update IMO.

- NZ (the most important segment) year-on-year revenue comps went from +8% to +15% from Q4 to Q1. They are lapping periods of price increases now, so there must be decent volume growth in that too.
- Hawaii went from -1% to +6%. Unexpected recovery this soon; interested to see how that continues.
- Australia and Cali were broadly in line with Q4 year on year numbers.

Possibly. But there is also a good chance that these sales growth results are just a blip on the landscape as massive headwinds with cost pressures facing the loyal customer base.

Im picking that sales growth will fall away.

[Goob]

Possibly. But there is also a good chance that these sales growth results are just a blip on the landscape as massive headwinds with cost pressures facing the loyal customer base.

Im picking that sales growth will fall away.

Oh for sure, I absolutely don't expect +15% NZ growth to continue, especially as the comp periods lap the price increases. But by how much do you think they fall? That's what this game is about.

I would point out:
- We are already in a recession. Q1 sales update was a live view of how sales perform in a downturn (for NZ division).
- During the GFC, Restaurant Brands’ KFC stores SSS growth slowed from +7.7% to +4.4%... that's pretty bloody good.