Restaurant Brands reports 7.9% sales increase

Restaurant Brands has reported a 7.9% increase in total sales for the first quarter of the financial year 2024.

Sales for the quarter reached $333 million, up $24.4m from the same period last year.

The strong sales growth in New Zealand and Hawaii offset the slowing sales growth in Australia and negative sales growth in California.

In New Zealand, sales were up 15.2% to $149m, driven by additional store openings and marketing initiatives.

Australia saw a 1.4% increase in sales, amounting to $68.9m, while Hawaii's sales rose by 5.6% to $41.1m.

Sales in California, however, declined by 4.2% to $26.3m.

The company's focus remains on improving margins and increasing profit levels.

No change in store numbers was reported for any of the markets.

The annual shareholder meeting is scheduled to be held on May 24.