Restaurant Brands Says Late Settlement of Pacific Deal to Dent Profits
March 02 2017 - 6:00PM
Dow Jones News
By David Winning
SYDNEY--Restaurant Brands New Zealand Ltd. (RBD.NZ) finally
secured approval from Yum! Brands Inc. (YUM) for its purchase of 37
Taco Bell and 45 Pizza Hut stores in Hawaii and the Pacific more
than two months later than planned, but said the delay would dent
its annual profit.
Restaurant Brands said it now expects to close the US$105
million deal for Pacific Island Restaurants Inc.--first unveiled in
October--within two weeks. It had previously expected to settle the
transaction by late December.
"The delay in settlement means that there was no contribution
from the Hawaiian operations in the financial year ended Feb. 27,"
Restaurant Brands said. "As a result, net profit (excluding
non-trading) will be at the lower end of the previously announced
NZ$30 million-NZ$32 million guidance."
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
March 02, 2017 17:45 ET (22:45 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Apr 2023 to Apr 2024
