It has been another busy day for the Australian share market with a large number of announcements hitting the wires.
Two updates that have caught my eye today are listed below. Here's what they just announced:
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is zooming higher this morning after the quick service restaurant operator provided an update on its operations. According to the release, between March 30 and May 3 the company has been working hard to maximise sales and tightly manage costs given the challenging operating conditions.
Impressively, despite everything going on, the company's KFC Australia business only posted a 0.9% decline in same store sales compared to the prior corresponding period. This was despite its stores in shopping centres being impacted by a sharp decline in foot traffic. Excluding these stores, its same store sales would have been up 4% on the prior year. Things haven't been quite as positive in Germany and the Netherlands, though. They have experienced 28% and 40% declines, respectively, in same store sales over the period. But as they contribute approximately 14% of its total sales, this isn't as material as it might first seem.
DEXUS Property Group (ASX: DXS)
The DEXUS share price is up 2% to $8.91 after providing a third quarter update this morning. According to the release, the property group ended the quarter with a 97.2% occupancy rate for its office portfolio and a 96% occupancy rate for its industrial portfolio. These were broadly flat on the end of the first half.
Management advised that it believes DEXUS is in a strong position and notes that it has "entered this period of uncertainty owning and managing a quality property portfolio with high occupancy and a strong balance sheet." It also appears optimistic on the economic recovery. It said: "The eventual recovery will be helped by sizable government fiscal stimulus, a lower for longer interest rate environment, and the ongoing infrastructure pipeline underway in key capital cities."
