{"id":709838,"date":"2023-08-07T16:15:00","date_gmt":"2023-08-07T14:15:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=709838"},"modified":"2023-08-07T16:32:39","modified_gmt":"2023-08-07T14:32:39","slug":"eating-out-booms-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/709838\/eating-out-booms-in-south-africa\/","title":{"rendered":"Eating out booms in South Africa"},"content":{"rendered":"\n

Listed food and restaurant group Spur has seen a substantial increase in profits and sales in the first half of the year. <\/p>\n\n\n\n

In a trading statement for the year ended 30 June 2023 (FY23), the group said that its total franchised restaurant sales jumped by 23.0% for the whole financial year compared to FY22. <\/p>\n\n\n\n

“Although economic conditions remain challenging in the face of higher inflation and severe pressure on consumer disposable income, the group\u2019s business model continues to demonstrate its resilience,” the group said. <\/p>\n\n\n\n

The group added that its sales increased by 15.1% in the first six months of 2023 compared to the same period in FY22.<\/p>\n\n\n\n

“In this constrained consumer trading environment, the group accelerated its marketing activity and amplified brand awareness with value-added campaigns, engaging sponsorship activity and outdoor exposure that resulted in an increase in restaurant foot count of 13%,” the group said. <\/p>\n\n\n\n

“Restaurants remained focused on product quality and enhanced customer experience, which increased customer loyalty and spend.” <\/p>\n\n\n\n

The group’s expected sales growth is below: <\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Profit <\/strong><\/p>\n\n\n\n

Amidst the group’s improved sales, it is expecting a substantial increase in Earnings Per share (EPS) and Headline Earnings per share (HEPS). <\/p>\n\n\n\n

The group said that it expected HEPS to increase from 144.22 cents in 2022 to 256.70 – 263.92 in 2023 – a 78% to 83% increase. <\/p>\n\n\n\n

The group’s expected earnings are below: <\/p>\n\n\n

\n
\"\"<\/a><\/figure><\/div>\n\n\n

“The improved trading performance, together with the high growth achieved by the retail company-owned stores, led to a continued strong recovery in both group revenue and profit,” the group said. <\/p>\n\n\n\n

It added that its results in the prior financial year were affected by a once-off payment of R22 million regarding a SARS dispute. <\/p>\n\n\n\n

The group said it will release its results for the year ended 30 June 2023 on 22 August 2023. <\/p>\n\n\n\n

Expanding <\/strong><\/p>\n\n\n\n

Last month<\/a>, Spur announced that it will acquire a 60% interest in Doppio Zero, Piza e Vnio and Modern Taulors. This will include close to 40 franchised and company-owned restaurants and Doppio Zero’s bakery and central supply business. <\/p>\n\n\n\n

Spur said that it is acquiring the stake to expand into markets where it is not fully represented. <\/p>\n\n\n\n

\u201cDoppio Zero has extensive expertise in the bakery and coffee speciality market and offers a bespoke day and evening dining experience. Piza e Vino complements the group\u2019s Italian offering provided by Panarottis (78 restaurants) and Casa Bella (6 restaurants),” the group said. <\/p>\n\n\n\n

\n\n\n\n

Read<\/strong>: How much it costs to open a top fast-food franchise in South Africa<\/a><\/p>\n\n\n\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Spur has seen a substantial rise in profit and revenue, as it expands into a new market. <\/p>\n","protected":false},"author":95,"featured_media":709840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,10435],"class_list":["post-709838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-spur"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/709838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=709838"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/709838\/revisions"}],"predecessor-version":[{"id":709856,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/709838\/revisions\/709856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/709840"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=709838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=709838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=709838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}