The Brisbane company, which owns 250 KFC stores in Australia as well as Taco Bell stores, said its earnings were boosted by the sale of its Sizzler Asia business for $20 million. Its underlying net profit was up 28 per cent to $31 million.
A fully-franked dividend of 12.5 cents a share was declared.
Managing director Drew O’Malley said five new stores were added in the first half and another 30 remodelled.
“While inflationary pressures remain, we managed short term cost impacts through margin support initiatives that improved profitability in the first half while prioritising long-term brand health and consumer trust,” he said.
He said sales for the first six weeks of the second half showed KFC same store sales up 2.9 per cent in Australia. Its stores in the Netherlands were up 8.1 per cent and 8.6 per cent in Germany. Taco Bell’s sales were up 8.7 per cent.
“Our KFC network will continue to expand and we are building our organic growth in the Netherlands while monitoring the broader European landscape for acquisition and development opportunities,” O’Malley said.