Recipe Unlimited reports $850.7m in Q1 2019 total system sales

10th May 2019 (Last Updated May 10th, 2019 15:11)

Canada-based full-service restaurant company Recipe Unlimited has reported total system sales grew $94.8m to $850.7m, representing an increase of 12.5% for the first quarter (Q1) ending 31 March 2019.

Canada-based full-service restaurant company Recipe Unlimited has reported total system sales grew $94.8m to $850.7m, representing an increase of 12.5% for the first quarter (Q1) ending 31 March 2019.

The increase in system sales was primarily driven by the addition of The Keg in February 2018 and increases in frozen pot pie sales and the retail and catering segment from the Swiss Chalet branded products.

The restaurant company reported a 1.6% decrease in same restaurant sales, compared to the same period of the previous year.

The company also reported total gross revenues of $304.6m, compared to $244.1m in the first quarter of 2018.

Operating EBITDA of the company increased 8.4% to $ 50.1m, compared to $46.2m in the previous year.

“We are excited about further growth in this segment in 2019 as we continue to expand our Recipe branded retail product offerings in grocery.”

Recipe Unlimited CEO Frank Hennessey said: “In the first quarter, System Sales grew by $94.8m or 12.5% to $850.7m, contributing to operating EBITDA and operating EBITDA margin improvements.

“Our Corporate, Franchise and Retail & Catering segments all demonstrated year-over-year growth in absolute dollars and as a percent of sales.

“The new pie production line that was added in the third quarter of 2018 has increased production capacity and has helped us meet the increased demand for our St-Hubert and Swiss Chalet frozen pie products, contributing to the growth in the Retail & Catering segment in the first quarter.

“We are excited about further growth in this segment in 2019 as we continue to expand our Recipe branded retail product offerings in grocery.”

In addition, the company also reported basic earnings per share (EPS) of $0.36 and diluted EPS of $0.35 for the first quarter of 2019, compared to basic EPS of $0.36 and diluted EPS of $0.35 during 2018.