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Prabhudas Lilladher Report
Restaurant Brands Asia Ltd. reported lower India earnings versus our estimates despite average daily sales per store recovery at 95% over FY20 ADS (May 2022 ADS at 111%).
Delivery ADS momentum has been on a declining trend through the quarter at 158%/155%/152% in January/February/March 2022 (160% in Q3 FY22) while dine-in ADS continues to recover post Omicron wave scare in December 2021/January 2022 with 55%/68%/81% recovery in Jan/Feb/Mar 2022 (96% in year-to-date May-22).
Accelerated ramp up of BK Cafe over FY23/FY24 to 200/300 stores (35 in FY22) will add incremental revenues and increase occasions for breakfast in non-peak hours.
Normal resumption of offices and reverse migration to metros will further help Restaurant Brands Asia's ADS growth in the upcoming quarters.
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