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Fri 9th Sep 2016 - KFC UK reports increase in like-for-likes and pre-tax profit
KFC UK reports increase in like-for-likes and pre-tax profit: KFC UK has reported a 2.1% increase in like-for-like sales in the year to 29 November 2015, while pre-tax profit increased to £55,946,000, compared with £47,323,000 in the previous year. Turnover fell to £465,334,000 in the period, down from £478,123,000 the year before. The company stated: “We have continued to develop our new products and new sales layers, while strong advertising and continuing investment in enhancing and maintaining our restaurant estate have helped sales in this tough macro-economic climate (like-for-like sales growth increasing by 2.1%), there was a 2.7% decrease in total sales to £465.3m (2014: £478.1m), which was due to closures and refranchising. Operating profit margin of 12.2% has increased compared with the prior year (2014: 10.3%). This is due to commodity cost deflation and a change in the sales mix along with the upside from 2014 store closures and refranchising and other cost-saving initiatives implemented across the business during the year. There was a decrease in other operating income to £5.0m (2014: £6.5m), mainly attributable to the refranchising that occurred at the end of 2014. Operating profit was £56.9m, compared with £49.0m in 2014. The company has net assets of £106m as at the end of the 2015 financial period. The quick service restaurant industry remains a strong competitive environment within a difficult economic climate. As a business we continue to invest in new stores and our existing estate, and we’re continuously looking at new and innovative design and trade concepts that drive increased transactional market share and sales year-on-year. A key element of our ongoing strategy is to review our estate to identify where franchise ownership represents greater growth potential for the brand in our market. This is a positive indication of our plans to focus our resources for future growth and to enable franchisees to grow and add value, especially where there are synergies with adjacent ownerships and assets.”

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