Africa’s largest fast food and restaurant franchiser Famous Brands has reported slimmer interim earnings, with a 7% decline in headline earnings per share , for the six-month period ended 31 August 2023.
Famous Brands’ revenue increased by 10% to R3.9 billion for the half-year, however operating profit saw a 6% decline to R371 million, with a 1.6% decline in operating margin to 9.4%, compared to the 11% reported last year. However, even with this growth, the core South African restaurant operations – which include brands like Mugg & Bean, Steers and Wimpy – felt most of the pressure as dwindling consumer spending power has resulted in people spending less time and money at restaurants.
Increases in insurance costs have also added pressure to local operations with the group informing investors that the reported levels are the highest ever seen in their history. “Our leading brands new restaurant rollout plan will gain momentum, including a drive to boost our drive-thru presence. In addition, we are investing in consumer technology and delivery hubs to improve our home delivery capabilities,” it said.
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