STRONG YET STA­TION­ARY

Finweek English Edition - - INVESTMENT -

Spur re­sults were strong with di­luted HEPS up 22.4%, al­beit rev­enue from ex­ist­ing Spur restau­rants was up a more mod­est 13%, with 3.6% menu inf la­tion, mean­ing ul­ti­mately like for like was sin­gle-digit growth. It is start­ing to do more as man­age­ment tries to shake off the rep­u­ta­tion of play­ing it safe and lack­ing in­no­va­tion, but th­ese re­sults don’t re­ally do much to counter that label. Fa­mous Brands* has long since left Spur in its wake and even Taste Hold­ings has over­taken it in num­ber of stores. While many in­vestors are singing Spur’s praises, it is now num­ber three in this listed sec­tor with no clear view that it’ll be mov­ing up the lad­der any time soon and, once again, I’d rather stick with the clear win­ner – Fa­mous Brands.

Spur Cor­po­ra­tion

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