STRONG START FOR COLLINS FOODS

STRONG START FOR COLLINS FOODS

COLLINS Foods Limited (ASX: CKF) has posted a strong start to the new financial year, with a 28 per cent increase in revenue to $124.3 million.

Australia’s largest KFC franchisee achieved net profit after tax of $4.5 million, up 21 per cent in the 12 weeks to July 20.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 24 per cent to $13.3 million, compared to the previous corresponding quarter.

Outgoing managing director and CEO Kevin Perkins says store trading has exceeded expectations, with 3 per cent average growth in sales across 169 KFC outlets.

“KFC Queensland delivered 2.6 per cent growth in same store sales, while KFC Western Australia and Northern Territory ran well ahead of internal transformation targets generating 4.2 per cent growth in same store sales,” Perkins says.

“We are generally pleased with the way overall sales and earning s have trended over the first quarter of the new financial year and the outlook is positive for Collins Foods and the group’s ability to deliver growing shareholder returns.”

The company’s stake in Sizzler restaurants has experienced subdued performance, with its “Get Refreshed” program still in its early stages of implementation.

Perkins says the board will continue to monitor Sizzler’s transformation potential this year.

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