Sphera Franchise Group posts consolidated sales of 304.6 million lei in H1 2020, 31.6 percent lower YoY due to the lockdown period, shows data provided by the company.
"The Group's consolidated sales in the second quarter stood at 106.3 million lei, 54 percent lower compared to Q2 2019; the most significant impact was in April, when most restaurants were completely closed and deliveries were limited. The loss in Q2 was offset by rapid and firm cost-cutting measures, which reflect in the 47.3 percent decrease in restaurant spending in Q2 2020 compared to Q2 2019. Also, these figures are above the hospitality industry average in the context of the COVID-19 pandemic and current developments create the premises for a comeback," the company said in release on Thursday.
The restaurants' operating profit of 6.7 million lei was 86.5 percent down from the same period last year. General and administrative expenses decreased by 8.2 percent, while EBITDA plunged to 800,000 lei, 97.9 percent down from H1/2019 and had a margin by 8 percentage points lower than in the previous period. The operating profit decreased by 178 percent year-over-year, and the total loss for the reporting period was 22.4 million lei.
Sphera managed to mitigate the impact of the disease containment measures applied in Romania, Italy and the Republic of Moldova, focusing on developing new sales channels, such as collaborating with online order aggregators, while promoting the Delivery and Drive-Thru channels which continue to deliver food through KFC Delivery, KFC Drive Thru and Pizza Hut Delivery.
The group has so far entered partnerships with eight online ordering platforms in all the markets where it is active, but is also running its own online sales channels. In Q2 2020, delivery services accounted for 47 percent of the group's sales in Romania, compared to 7 percent in the same period last year.
Sphera Franchise Group SA is a holding company that brings together brands such as KFC, Pizza Hut, Pizza Hut Delivery and Taco Bell.
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