28 Jun 2013

Fast-food sales trend expected to continue

11:20 am on 28 June 2013

Restaurant Brands expects the trends shown in its first quarter results, when fast-food sales rose 3.9%, to continue through the financial year.

Chairman Ted van Arkel told the annual meeting of shareholders that higher sales, combined with tight controls and efficiencies in the company's stores and an improving economy, should mean annual net profit will be a little ahead of last year's.

Restaurant Brands reported a net profit of $16.2 million for the 12 months ended 28 February, down 4%on the previous year.

Mr van Arkel said the company faced a challenging economic environment in its previous financial year and the new year has not brought any significant improvement yet.

He said customers are still not opening their wallets in any meaningful manner and the competition for their dollar remains as intense as ever.