Collins Foods says its sales have rebounded from the coronavirus lockdowns in Australia, although its KFC restaurants in Germany and the Netherlands have been harder hit.
While same-store sales at its 240 KFC restaurants were down 8.0 per cent in the last week in March, in the five weeks from March 30 to this past Sunday, sales were just down 0.9 per cent, compared with the same period a year ago.
KFC restaurants in mall food courts have been the worst hit, while sales elsewhere – mostly drive-thru restaurants – are up 4.0 per cent.
“Increased drive-thru and home delivery sales more than offset any negative impact from the current government restrictions banning dine-in transactions,” Collins Foods said.
At the company’s 18 restaurants in Germany, same-store sales are down 28 per cent, which is nonetheless a sizeable improvement since the start of the pandemic.
Trading at its 23 restaurants in the Netherlands is down 40 per cent, with business particularly hurt by the number of restaurants in Dutch city centres that are “in-line” rather than drive-thru.
Sales at its 12 Taco Bell restaurants, most in Queensland, were recovering and have recently returned to pre-coronavirus levels, Collins Food said.
Its nine Sizzler restaurants had implemented take-away and home delivery services, Collins Foods said.
The ASX-listed company said its balance sheet was strong and it had significant headroom in its debt facilities and covenants.
At 1127 AEDT, Collins Foods shares were up 6.5 per cent to $7.33.