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Sales Update - January 2013
Spur Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share code: SUR
ISIN: ZAE 000022653
(“Spur Corporation” or “the group”)
SALES UPDATE FOR SIX MONTHS ENDED 31 DECEMBER 2012
Spur Corporation increased restaurant sales across its brand portfolio by 17.5%
in the six months to end December 2012, with restaurant turnover exceeding
R2.4 billion for the period. Sales from existing outlets were 12.8% higher.
Restaurant sales in South Africa increased by 16.5% for the six month period,
while sales in the international operations were 26.4% higher in Rand terms.
Sales in Spur Steak Ranches locally increased by 16.5%, with turnover from
existing restaurants up 13.7%. The strong growth was driven mainly by the
continued success of the Spur Family Card loyalty programme, aggressive
marketing and the momentum built in the breakfast market.
Panarottis Pizza Pasta lifted local restaurant sales by 30.6% as the brand
benefited from a renewed focus on its core products of pizza and pasta. An
improved family offering, the refurbishment of several outlets and the upgrading
of kids’ play facilities have all contributed to the excellent sales growth. Turnover
from existing outlets increased by 19.7%.
Sales in John Dory’s Fish Grill Sushi restaurants locally grew by 11.9% and by
9.7% in existing stores.
DoRego’s, the value-oriented franchise takeaway chain, was only acquired by
the group with effect from 1 March 2012 and therefore does not report a
comparative sales performance. DoRego’s offers chicken, seafood and burgers
to the fast-growing lower to middle income market and has a strong presence in
the Free State, Gauteng and Eastern Cape.
Chief executive, Pierre van Tonder, said: “We have continued our aggressive
promotions strategy and focused on the group’s core strengths of quality, good
value and innovative marketing to gain market share in the highly competitive
family sit-down restaurant market”.
He said retail sales figures from Statistics SA showed an increase of only 0.9% in
October and 3.4% in November 2012, highlighting the increasing pressure on
consumer spending. “It is therefore particularly pleasing to report such strong
growth across our brands in this challenging environment and to continue to
attract increasing volumes of customers.”
Spur Corporation also reported robust festive season trading, with restaurant
turnover growing by 16.2% for the month of December. In South Africa, Spur
Steak Ranches, which accounts for approximately 80% of the total South African
sales, increased turnover by 14.6%. Panarottis Pizza Pasta grew sales by 33.2%
and John Dory’s by 11.3%. International restaurant sales increased by 25.3%.
The financial information in this trading update has not been reviewed or reported
on by the group’s independent auditor. Spur Corporation’s interim results for the
six months to 31 December 2012 will be released on SENS on 7 March 2013.
Cape Town
22 January 2013
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
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