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Speaker 1: So restaurant brands in New Zealand. It's the parent company

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Speaker 1: of Pizza Hut, Taco Bell, KFC, Carl's Junior, all the favorites.

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Speaker 1: They've reported their results for twenty twenty four net profit

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Speaker 1: after tax twenty six point five million. Then that is

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Speaker 1: up sixty two point six percent on the year prior.

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Speaker 1: Joining us now is Mike Egan. Mike Egan is the

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Speaker 1: Restaurant Association President. Good evening, Good evening, Good to have

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Speaker 1: you on the show. Mike, tell me what's going on here.

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Speaker 2: Well, overall takeaway sales were up six center in twenty

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Speaker 2: twenty four on the previous year, So the whole sector

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Speaker 2: sort of has been increasing. Some of that will be inflationally,

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Speaker 2: of course, but congratulations the restaurant brands. It's a good

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Speaker 2: story because they employ a lot of people and a

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Speaker 2: lot of New Zealanders who like their requisitine and.

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Speaker 1: You know you mentioned more generally fast food. Is it

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Speaker 1: be cost a living thing that you know we gravitate

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Speaker 1: towards it because it's cheaper?

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Speaker 2: Yeah, I think so. And convenience is a big factor.

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Speaker 2: I mean, people that are super busy, stuck in traffic.

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Speaker 2: Part of the stress of every day. I guess is

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Speaker 2: what's for dinner? Mom? What's your dinner? Dad? And you know, hey,

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Speaker 2: we've got some delicious, delicious carco Bell. So the kids

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Speaker 2: go yeah, and so mum and dad are a winner.

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Speaker 2: So there's a whole lot of factors that that people

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Speaker 2: have those decisions. I guess to choose takeaways.

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Speaker 1: How's the ingredients cost the situation looking for these retailers,

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Speaker 1: for these restaurants, a price has gone up dramatically. Is

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Speaker 1: that effect? It's clearly not affecting the bottom line for

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Speaker 1: restaurant brands.

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Speaker 2: No, I think. I think the cost of a materials

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Speaker 2: are really stabilized in the last six months. Yeah, it's

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Speaker 2: a bit like the market had those huge increases eighteen

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Speaker 2: months ago, a year ago, and now sort of inflation

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Speaker 2: sort of under control, and so they can now really

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Speaker 2: focus on other parts of their business and sharpening, sharpening

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Speaker 2: the pencil on you know your talking earlier about energy

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Speaker 2: costs and things like that, so that they're probably more

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Speaker 2: of a worry and insurance and rates and all the

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Speaker 2: rest of the food cost is actually quite good at

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Speaker 2: the moment.

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Speaker 1: Mike, Thanks for that interesting stuff. Mike Egan, who's the

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Speaker 1: Restaurant Association President. For more from Heather Duplessy Allen Drive,

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Speaker 1: Listen live to news talks.

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Speaker 2: It'd be from four pm weekdays, or follow the podcast

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Speaker 2: on iHeartRadio