Restaurant franchisor and operator MTY Food Group has posted a net income of $30.4m for the second quarter (Q2) of fiscal year (FY) 2023, up by 6% compared with $28.6m a year ago.
For the quarter that ended 31 May 2023, the company’s revenue surged by 88% to $305.2m from $162.5m in the same period a year ago.
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The company attributed the surge in revenue to the acquisitions of BBQ Holdings, Wetzel’s Pretzels and Sauce Pizza $ Wine restaurant brands.
The company’s normalised adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 57% to $74.6m, compared to $47.6m a year ago.
The company’s system sales rose by 39% to $1.5bn in Q2 compared to the same period a year ago.
System sales surged by 63% in the US, 18% internationally and 7% in Canada.
MTY’s same-store sales also increased across all its geographical segments compared to last year’s quarter.
In Canada, it was up by 6%, in the US by 4% and in international locations by 2%.
In Q2 2023, MTY opened 73 locations compared to its 47 locations in Q2 FY22.
It also announced a quarterly dividend payment of $0.25 per share on 15 August 2023.
MTY Food Group CEO Eric Lefebvre said: “We are delighted by our ongoing strong financial performance in the second quarter of 2023, marked by normalised adjusted EBITDA of $74.6m and record-high system sales of $1.5bn.
“This growth momentum not only reflects the seamless integration of recent acquisitions in the US but also the internal strength of new locations and same-store sales increasing 5% year-over-year.
“We opened 73 new locations and closed 77 others during the second quarter, representing our best quarterly net result in the last nine years.”
