Covid takes $15m bite out of Restaurant Brands' earnings

Thu, 28 May 2020

The covid-19 outbreak in New Zealand has cost Restaurant Brands an estimated $15 million in lost earnings.Chief executive Russel Creedy told investors the national shutdown had “cost dearly,” with New Zealand sales down nearly $45 million since March 25.“The nature of our products means we never actually recover the lost sales because the consumption opportunity is not deferred but lost entirely,” he said at the group’s annual general meeting today.New Zealand operations were hit by a full closure of all 148 stores...

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