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Sales update for the six months ended 31 December 2014
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 THE SIX MONTHS ENDED 31 DECEMBER 2014
Spur Corporation increased total restaurant sales by 14.1% to R3.2 billion in the
six months to December 2014 (“the period”), with sales from existing restaurants
increasing by 9.0%.
Restaurant sales in South Africa grew by 12.6%, while sales from international
restaurants increased by 25.8% in Rand terms. Applying a constant exchange
rate, international restaurant sales increased by 19.1%.
Restaurant sales for the six months ended 31 December 2014
Total restaurant Existing
sales restaurant sales
(% change) (% change)
Spur Steak Ranches 11.1 9.3
Panarottis Pizza Pasta 25.4 19.0
John Dory’s Fish Grill Sushi 10.6 8.7
Captain DoRegos (18.2) (22.0)
Total South African operations 12.6 9.0
Total international operations 25.8 9.0
Total group 14.1 9.0
The Hussar Grill steakhouse chain was acquired with effect from 1 January 2014,
and sales for the period have been included in the group’s total restaurant sales.
The group opened five Spur, six Panarottis, one John Dory’s, five Captain
DoRegos and two The Hussar Grill franchised outlets in South Africa during the
period. A further six redundant Captain DoRegos outlets were closed (FY 2014:
15 closures) as the post acquisition consolidation of the brand nears completion.
Internationally, three additional franchised Spur Steak Ranches in Namibia and a
further franchised outlet in Australia were opened during the period.
At 31 December 2014, the group’s restaurant base comprised 503 outlets, 56 of
which operate outside of South Africa.
Chief executive, Pierre van Tonder, said: “The group’s sales performance for the
period was pleasing, despite concerns in the domestic economy and continuing
negative consumer sentiment. Our trading performance was adversely impacted
by electricity load shedding during the latter part of November and early
December 2014. We continue to engage with our franchisees regarding the
installation of generators as we now have empirical data which demonstrates that
those restaurants with generators outperformed those without for the month of
December.
“While the prospects of lower fuel costs and a stable interest rate environment
are encouraging, we remain concerned about the impact that sluggish economic
growth, general uncertainty and the prospects of protracted periods of load
shedding will have on consumer spending. Our focus therefore remains on
offering our customers exceptional value and rewarding them with excellent
dining experiences, to maintain and grow our market share.”
The financial information in this sales update has not been reviewed or reported
on by the group’s independent auditor. Spur Corporation’s interim results for the
six months ended 31 December will be released on SENS on 26 February 2015.
Cape Town
28 January 2015
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
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