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July 15, 2019

MTY Food reports $237.88m revenues in H1 2019

Canadian company MTY Food Group has reported total revenue of $237.88m in the first half (H1) ending 31 May 2019, compared to $182.85m last year. 

Canadian company MTY Food Group has reported total revenue of $237.88m in the first half (H1) ending 31 May 2019, compared to $182.85m last year.

System sales of the company for the first half of this year were $1.52bn, compared to $1.28bn for the same period in the previous year.

The restaurant company also reported net income attributable to shareholders of $34.08m, compared to $60.46m for the same period in the previous year.

In addition, the Canadian restaurant chain has reported revenue increased by 21.6% from $107.4m to $130.6m in the second quarter (Q2).

The growth is due to the increase in sales to retail channels and the Casa Grecque acquisition.

System sales for the quarter were up 12% reaching $832.3m, primarily due to recent acquisitions, and same-store sales increased by 0.6% from the same period last year.

MTY Food CEO Eric Lefebvre said: “For the second quarter, we are pleased to report that our consolidated same-store sales were positive at 0.6%, reflecting growth of 1.4% and 0.6% in Canada and the US respectively, while international sales remained negative.

“In Canada, this was the seventh consecutive quarter in which we achieved positive same-store sales growth. In the US, our comparable store performance turned positive, reflecting an improvement on the West Coast.

“Performance on the East Coast remained strong. System sales reached $832.3m, up 12% while net organic change was positive for the quarter and essentially flat year-to-date.”

The company’s net income attributable to shareholders for H1 was $34.08m, compared to $60.46m for the same period the previous year.

MTY’s network had 181 corporate and 7,164 franchised locations in operation at the end of the quarter.

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