Spur to report jump in sales
CAPE TOWN – The Spur Corporation has managed to achieve a strong performance for the year, despite the impact of tough economic conditions on consumers.
In its trading update for the year ended June 30, 2022, Spur said sales for its restaurant franchises grew by 28 per cent compared to 2021.
Local restaurant sales grew by 24.5 per cent in the second half of 2022, whole international restaurant sales increased 25 per cent during the second half of 2021.
In addition to the Spur restaurant chain, the group also owns the Panarottis, John Dory’s and RocoMamas brands.
“Although economic conditions remain challenging in the face of higher inflation and severe pressure on consumer disposable income, the group’s business model continues to demonstrate its resilience,” Spur said on Monday.
Focused
The restaurant chain owner’s strategy has been focused on value and convenience, which includes click and collect, deliveries and takeaways.
This year, the group opened its first RocoMamas drive through after launching the first Spur drive through in 2021.
The Spur restaurant brand saw a 30 per cent sales growth for the year, while half-year sales to June 2022, rose by 28 per cent.
At Panarottis, sales climbed 31 per cent for the year and 30 per cent for the interim period, while John Dory’s annual sale increased by 27 per cent and its half-year sales grew by 23 per cent.
Sales
RocoMamas also managed to grow its sales by 25 per cent for the year, and 22 per cent for the half-year.
“The improved trading performance together with a focus on expanding margins, as well as the reduced level of financial support required by franchisees post pandemic, led to a strong recovery in both group revenue and profit,” added the Spur.
The company expects its headline earnings per share to increase between 141.19 cents and 146.73 cents, translating to a jump of 27.5 per cent and 32.5 per cent, compared to 2021.
The group will release its annual results on Friday.