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Restaurants boost Spur turnover

Jan 22 2013 13:38 I-Net Bridge
spur


Company Data

SPUR CORPORATION LIMITED [JSE:SUR]

Last traded 0
Change -0,74
% Change 0
Cumulative volume 183096
Market cap 2.89bn

Last Updated: 24-10-2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Spur Corporation [JSE:SUR] advised Tuesday that it increased restaurant sales across its brand portfolio by 17.5% in the six months to end-December 2012‚ with restaurant turnover exceeding R2.4bn for the period.

Sales from existing outlets were 12.8% higher.

Restaurant sales in South Africa increased by 16.5% for the six month period‚ while sales in the international operations were 26.4% higher in rand terms‚ it said in a trading update.

Sales in Spur Steak Ranches locally increased by 16.5%‚ with turnover from existing restaurants up 13.7%. The strong growth was driven mainly by the continued success of the Spur Family Card loyalty programme‚ aggressive marketing and the momentum built in the breakfast market‚ the group noted.

Panarottis Pizza Pasta lifted local restaurant sales by 30.6% as the brand benefited from a renewed focus on its core products of pizza and pasta. An improved family offering‚ the refurbishment of several outlets and the upgrading of kids’ play facilities have all contributed to the excellent sales growth.

Turnover from existing outlets increased by 19.7%.

Sales in John Dory’s Fish Grill Sushi restaurants locally grew by 11.9% and by 9.7% in existing stores.

DoRego’s‚ the value-oriented franchise takeaway chain‚ was only acquired by the group with effect from 1 March 2012 and therefore does not report a comparative sales performance. DoRego’s offers chicken‚ seafood and burger s to the fast-growing lower to middle income market and has a strong presence in the Free State‚ Gauteng and Eastern Cape.

Chief executive Pierre van Tonder‚ said: "We have continued our aggressive promotions strategy and focused on the group’s core strengths of quality‚ good value and innovative marketing to gain market share in the highly competitive family sit-down restaurant market".

He said retail sales figures from Statistics SA showed an increase of only 0.9% in October and 3.4% in November 2012‚ highlighting the increasing pressure on consumer spending.

"It is therefore particularly pleasing to report such strong growth across our brands in this challenging environment and to continue to attract increasing volumes of customers."

Spur also reported robust festive season trading‚ with restaurant turnover growing by 16.2% for the month of December. In South Africa‚ Spur Steak Ranches‚ which accounts for approximately 80% of the total South African sales‚ increased turnover by 14.6%. Panarottis Pizza Pasta grew sales by 33.2% and John Dory's by 11.3%. International restaurant sales increased by 25.3%.

Spur’s interim results will be released on 7 March 2013.  

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