Express Catering completes third Starbucks, earnings rise
EXPRESS CATERING Limited increased its net profit by 12 per cent for the first quarter ending August, which reflected the opening of its Starbucks coffee shops at the Sangster International Airport.
The business headed by Ian Dear reported total revenues of US$4.1 million for the quarter, or 6.6 per cent higher than a year ago. Net profit rose to US$937,900 for the quarter, from US$834,450 a year earlier. That equated to earnings per share of US$0.0057 versus US$0.0051 a year earlier.
Express Catering has an exclusive arrangement to sell all food and beverage operations in the post-security zone of the Sangster Airport based in Montego Bay. But it also offers food services in the pre-security areas of the airport as well.
For the quarter, the company spent US$3 million, a slight rise from US$2.9 million in the prior year’s quarter.
“This was spent mainly to continue the work on the additional Starbucks locations in the airport. The third of the total planned three Starbucks locations in the airport was completed just after the close of the quarter,” Express Catering said.
During its financial year ending May 2018, Express Catering invested US$97 1,000, which was mainly attributed to the build-out of Starbucks locations within the airport. The first store was opened in the last quarter of the financial year, and the others opened in the first quarter.
The food operation reported total assets of US$12.5 million at the close
of the August quarter, up from US$12.2 million a year ago.
The other franchises operated by the company at Sangster Airport are Jimmy Buffet’s Margaritaville, Moe’s Southwest Grill, International Dairy Queen, Quiznos, Auntie Anne’s, Nathan’s Hot Dogs, Cinnabon, Wendy’s, Starbucks and Dominos. Those are complimented by a number of proprietary and Jamaican food and beverage brands, including Bobsled Café, Tastee Patties, Viva Gourmet, Grab N Go, and Groovy Grouper.