Solid sales growth leads to share price jump for Spur
Restaurant franchisor Spur’s share price gained nearly 5% on Thursday after it reported sales of R3.8bn for the six months to end-December, 8.6% higher than the matching period’s R3.5bn. Excluding its UK and Irish restaurants which ceased trading by the end of June, sales growth was 10.4%. At the end of 2016, the group’s restaurants numbered 590, 15 more than in June. Of these, 60 are outside of SA. During the second half of 2016, it entered New Zealand and Ethiopia by opening Spur Steak Ranches, and Oman with a RocoMamas outlet. Thursday’s sales update included RocoMamas for the first time. Spur said RocoMamas grew sales 113.2% from the matching six months in 2015. Excluding new restaurants, RocoMamas grew sales 45%. Its next fastest-growing brand was The Hussar Grill, which grew sales 58%. Excluding new outlets, the brand’s sales growth was 38%. "Despite the slowing economy, RocoMamas continues to show strong growth, while the robust results from The Hussar Grill highlights the re...
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