SUR 201307260012A
Sales update for the year ended 30 June 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 THE YEAR ENDED 30 JUNE 2013
Spur Corporation continued its resilient performance in the current weak
consumer spending environment and increased restaurant sales across its brand
portfolio by 16.4% in the 12 months to 30 June 2013 (“the period”).
Restaurant turnover exceeded R4.8 billion for the period and sales from existing
outlets were 13.1% higher.
Restaurant sales in South Africa increased by 15.4% for the period, while sales
in the international operations were 24.7% higher in Rand terms.
The performance of the international business has benefited from the
depreciation of the Rand in the second half of the reporting period. Total sales in
local currency increased by 14.0% and by 7.7% in existing outlets.
Spur Steak Ranches in South Africa increased sales by 15.2%, with turnover
from existing restaurants up 13.0%. The drivers of growth continue to be the
Spur Family Card loyalty programme, breakfast and weekday promotions and the
brand’s good value family offering.
Panarottis Pizza Pasta performed strongly and grew restaurant sales by 31.4% in
South Africa. The brand has benefited from the introduction of a new menu,
upgraded kids play facilities, ongoing weekday promotions and new store
openings. Turnover from existing outlets increased by 22.4%.
Sales in John Dory’s Fish Grill Sushi restaurants grew by 11.4% and by 9.3% in
existing stores as customers responded favourably to the enhanced menu
offering and family dining experience in stores.
Captain DoRegos, the value-oriented franchise takeaway chain, continues to be
integrated into the group’s operations. The brand was acquired by the group with
effect from 1 March 2012 and therefore does not report a comparative sales
performance.
Restaurant sales for the year ended 30 June 2013
Total restaurant Existing
sales restaurant sales
(% change) (% change)
Spur Steak Ranches 15.2 13.0
Panarottis Pizza Pasta 31.4 22.4
John Dory’s Fish Grill Sushi 11.4 9.3
Total South African operations 15.4 12.5
Total international operations 24.7 17.8
Total group 16.4 13.1
Spur Corporation expanded its restaurant base to 479 following the opening of a
net 23 outlets during the period. At year end the group operated 429 restaurants
in South Africa and 50 across the international operations.
Chief executive, Pierre van Tonder, said: “While consumers in our target market
are under financial pressure, the strength of our brands and the support of our
loyal customers has enabled us to maintain sales momentum. Our aggressive
promotions strategy across all the brands continues to drive foot traffic and
ensure that we remain competitive in the family sit-down restaurant market.”
The financial information in this trading update has not been reviewed or reported
on by the group’s independent auditor. Spur Corporation’s annual results for the
year ended 30 June 2013 will be released on SENS on 12 September 2013.
Cape Town
26 July 2013
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
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