Spur says turnover recovery has exceeded expectations
Group turnover from SA restaurants in September was almost three quarters of that of the same month in 2019
Restaurant group Spur, the owner of RocoMamas, the Hussar Grill and John Dory’s, says the recovery in turnover in its SA restaurants has exceeded expectations as customers seek to socially engage after the lockdown.
The group’s SA restaurants traded at 73.8% of the prior year’s turnover for the month of September, improving from 36.5% for July and 56.7% for August, the group said in an update.
In September, the Hussar Grill was the star performer, trading at 93.7%, while RocoMamas was at 86.5%.
International restaurants traded at 83.9% of the prior year in September.
By the end of that month, 600 of the group’s 631 restaurants had reopened, with CEO Pierre van Tonder saying the monthly growth trend is particularly pleasing in light of the constrained consumer environment.
“After several months of lockdown and limited social engagement, our customers want a safe and entertaining family dining experience,” Van Tonder said.
On Thursday, Spur also announced another delay to its financial results, and has recently announced a management shakeup, with both Van Tonder and CFO Phillip Matthee set to leave their positions.
Van Tonder will be replaced by former Famous Brands executive Val Nichas from January.
Cristina Teixeira, a former CFO of Group Five and of Consolidated Infrastructure Group, will replace Matthee with effect from the beginning of February. Matthee will take a different position within the group.
Spur’s results for the year to end-June are now expected on November 20, having previously been scheduled for release on October 28.
In afternoon trade on Thursday, Spur’s share was unchanged at R14.90, having fallen about 44% so far in 2020.
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