Guzman Y Guzman delivered revenue of $342.2 million in the last fiscal year, up 32.1 per cent, thanks to opening new restaurants. However, the fast-food operator’s statutory net loss widened to $13.7 million.
This is the first time the Mexican fast food chain published financial results since its initial public offering on June 20.
During the fiscal year, the company saw network sales of $959.7 million, an increase of 26.4 per cent.
Australian network sales grew 27.3 per cent to $894.6 million, while Singapore network sales rose 7.5 per cent to $46.4 million. Japan network sales climbed 12.3 per cent to $7.9 million and US network sales surged 81.8 per cent to $10.8 million.
“Strong sales growth and ongoing margin expansion resulted in significant growth in earnings, exceeding prospectus forecasts,” said Steven Marks, Guzman Y Guzman founder and co-CEO.
The company ended the fiscal year with 220 restaurants operating globally across Australia, Singapore, Japan and the US.
For the current fiscal year, the company expects to open 31 restaurants.
This article was first published on sibling website Inside Retail.
