MTY Group posted a stable profit in the third quarter on Friday, despite lower revenues from the COVID-19 pandemic.
Posted Oct 9, 2020 at 11:51 am
The restaurant company behind the Thai Express, Tiki-Ming, Tutti Frutti, Ben & Florentine and Valentine brands saw its quarterly profit at 22.9 million or 93 cents a share, compared to 22.9 million. 9 million, or 91 cents a share, for the same period last year.
The Montreal company's revenues for the quarter ended August 31 fell 16% to $ 135.4 million, compared with revenue of $ 161.3 million for the same quarter a year earlier.
System sales fell from $ 1.08 billion in the third quarter of 2019 to $ 897.5 million.
MTY calculated that it lost 52,900 working days in that quarter. As many as 1,470 of its restaurants were temporarily closed at the beginning of the quarter, but that number had dropped to 364 by the end.
As of Friday, 339 establishments were still closed, less than 5% of the company's network. and some recently imposed additional restrictions forced some restaurants to close again.
“In the next quarter, we will continue to monitor the effects of the pandemic, adapt our operations to volatile market conditions, help our franchisees take advantage of the government programs available to them, and carefully manage our spending levels and our cash flow, ”MTY CEO Eric Lefebvre said in a statement.
MTY competes and operates fast food and casual dining options under more than 80 different brands in Canada, the United States and elsewhere.