Brazil Fast Food Corp., the second largest restaurant chain with 684 points of sale, operating under the Bob's, Doggis, and KFC brands in Brazil as well as Pizza Hut in the State of SÃ£o Paulo, Brazil, reported financial results (in Brazilian Reais) for the third quarter ended on Sept. 31, 2009.
Net revenue for company-owned and operated retail outlets was up 70 percent to R$37 million (U.S. $21 million) year-over-year, as the company consolidated its 14 Pizza Hut restaurants acquired in December of 2008, and added two new stores under the Bob's brand, seven under the KFC brand and one store under the Doggis brand, compared to the same period last year. Same-store sales were down by 2.3 percent for Bob's and 0.5 percent for KFC.
Net income for the third quarter of 2009 increased 16 percent to R$2.2 million (U.S. $1.2 million) as compared to net income of R$1.9 million (U.S. $1.09 million), during the third quarter of 2008. Year-to-date numbers were slightly down, at R$3.6 million (U.S. $2.07 million) for the first three quarters of 2009 vs. R$4 million (U.S. $2.3 million) in 2008, a 10 percent decrease.
Total revenue for the third quarter 2009 increased 56 percent from R$29.8 million (U.S. $17.1 million) to R$46.6 million (U.S. $26.8 million), driven primarily by the consolidation of the company's Pizza Hut acquisition, but also by the expansion of Bob's, KFC and Doggis points of sale, as well as successful marketing campaigns promoting the company's best-selling "Ovomaltine" milk-shakes and "Big Bob" burger.
Year-to-date revenue numbers were R$132.7 million (U.S. $76.4 million) this year vs. R$84.8 million (U.S. $48.8 million) last year, a 56 percent increase.
"We are pleased with the execution of our multi-brand strategy and with our financial results for the quarter," said Ricardo Bomeny, chairman and CEO of Brazil Fast Food. "The acquisition of 14 Pizza Hut restaurants has been a key driver of our revenue growth and margin expansion in the quarter. This acquisition was a key component of our multi-brand strategy as it broadened our service offering into a higher margin segment of the restaurant business, increased our scale and improved our ability to compete in the market place."