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Morning Briefing for pub, restaurant and food wervice operators

Mon 6th Mar 2017 - Wagamama reports 9% LfLs in Quarter Three, sites now average £41,800 a week each
Wagamama reports 9% LfLs in Quarter Three, sites now average £41,800 a week each: Turnover increased 15.7% to £64.2 million in Wagamama’s Third Quarter to 29 January 2017 with 9% UK like-for-like sales growth. The company saw its best ever UK sales week, hitting turnover of £6.2m in the week ending 1 January 2017. A total of 33 weekly sales records were achieved by 31 sites across the Christmas period. UK like-for-like were up 9.4% for the Christmas period compared to the Coffer Peach Tracker average of 2.1%. The company said delivery was producing an “overall positive influence on results”, with circa 50% cannibalisation of existing sales. Average UK unit sales hit £41,800 per week in the Third Quarter compared to £38,000-a-week for the comparable quarter a year ago and £34,100 two years ago, a sales increase of 22.6% in two years. Sales in the Boston, Massachusetts area, where it has three sites, rose 11.8% in like-for-like terms during the quarter – another site is planned for the Seaport area of the city. Adjusted Ebitda was up 11.4% in Quarter Three to £11.7 million compared to £10.5 million in the same quarter the year before. Adjusted Ebitda margin was 18.5% in Quarter Three compared to 19.1% in the same quarter in the previous year. Its new UK restaurant opened at Dean Street and its first New York City restaurant opened in November with ‘strong initial performance and feedback’. Seven refurbishments have been completed or are underway in the quarter. A new franchise restaurant opened in Dundonald (Northern Ireland) and the pipeline is growing. Turnover increased 15.7% to £202.2 million in the company’s first three quarters with the continued expansion of its restaurants in the UK and US (with eight new openings in the year to date) and 9.2% UK like-for-like sales growth. Adjusted Ebitda was up 15.6% in year-to-date to £34.8 million from £30.1 million in the first three quarters. Eight new UK restaurants opened in the first three quarters together with seven new franchise restaurants. Turnover in Wagamama sites in the United Kingdom increased 13.8% to £61.0 million in Quarter Three from £53.6 million the corresponding quarter. The company stated: “This was primarily due to the increase in the number of restaurants from 123 open at the end of Quarter Three 2015/16 to 127 open at the end of Q3 2016/17 and a 9% like-for-like sales increase. Turnover in our restaurant business in the United States increased 73.3% to £2.6 million in Q3 2016/17 from £1.5 million in Q3 2015/16. US turnover increased by 45.7% to $3.2 million for Q3 2016/17 versus $2.2 million for Q3 2015/16 reflecting growth in like-for-like sales and the opening of one new restaurant in New York City. Turnover from our international franchised restaurants business line increased 50.0% to £0.6 million in Q3 2016/17 from £0.4 million in Q3 2015/16. Gross margin has increased from £25.4 million in Q3 2015/16 to £28.0 million in Q3 2016/17. The growth in the estate and the like-for-like sales growth were the primary causes of this increase. Administrative expenses before exceptional items increased 12.0% to £22.1 million in Q3 2016/17 from £19.8 million in Q3 2015/16. This was primarily due to overhead costs and depreciation commensurate with the addition of new restaurants in addition to the increase in central overhead expenses, again reflecting the increase in estate size. Turnover in our restaurant business in the United Kingdom increased 15.1% to £194.4 million in YTD Q3 2016/17 from £168.9 million in YTD Q3 2015/16. This was primarily due to the increase in the number of restaurants from 123 open at the end of Q3 2015/16 to 127 open at the end of Q3 2016/17 and a 9.2% like-for-like sales increase. Turnover in our restaurant business in the United States increased 28.3% to £5.9 million in YTD Q3 2016/17 from £4.6 million in YTD Q3 2015/16. US$ turnover increased by 10.4% to $7.7 million for YTD Q3 2016/17 versus $7.0 million for YTD Q3 2015/16 reflecting growth in like-for-like sales and the opening of one new restaurant in Q3 2016/17 but offset by the closure of one Boston restaurant during Q1 2016/17. Turnover from our international franchised restaurants business line increased 46.2% to £1.9 million in YTD Q3 2016/17 from £1.3 million in YTD Q3 2015/16. We opened 2 new restaurants in Q3 2016/17 and eight restaurants in YTD Q3 2016/17 compared to two restaurants in Q3 2015/16 and 9 restaurants in YTD Q3 2016/16. The increase in the number of franchised restaurants reflects new openings in Ayia Napa, Gibraltar, Rotterdam, Istanbul, Jeddah. Auckland and Dundonald (Belfast).”


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