SINGAPORE, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Super Hi International Holding Ltd. (NASDAQ:HDL) ("Super Hi" or the "Company"), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants in the international market, today announced its unaudited financial results for the second quarter of FY2024 ended June 30, 2024.
Second Quarter 2024 Highlights
Revenue was US$183.3 million, representing an increase of 12.5% from US$163.0 million in the same period of 2023.
In the second quarter of 2024, the Company opened 4 new Haidilao restaurants and closed 1 restaurant in Southeast Asia that had been underperforming for a prolonged period, resulting in an increase of 3 net new Haidilao restaurants. Total number of Haidilao restaurants expanded from 119 as of March 31, 2024 to 122 as of June 30, 2024.
Total table turnover rate1 and same-store table turnover rate2 were both 3.8 times per day, compared to 3.3 times per day in the same period of 2023.
Had over 7.2 million total guest visits, representing an increase of 14.3% from 6.3 million in the same period of 2023.
Same-store sales growth3 was 6.6%.
Ms. Yang Lijuan, CEO & Executive Director of Super Hi, commented, "During the second quarter of 2024, we focused on enhancing our local restaurant management across key areas including environment, services, products, and food safety. This approach aims to improve guest satisfaction, strengthen guest connections, and boost operational efficiency. Our efforts yielded tangible results, with our table turnover rate increasing to 3.8 times per day, up 0.5 times per day from the same period of last year. During the quarter, revenue grew by 12.5% year over year, driven by the ongoing recovery of the macro environment and our local restaurants' concerted efforts to improve performance by enhancing guest satisfaction, expanding our guest base, capturing more diverse consumption scenarios, and optimizing product offerings. Our achievements underscore our commitment to sustainable growth and position us well for continued success in the evolving restaurant industry landscape."
Second Quarter 2024 Financial ResultsRevenue was US$183.3 million, representing an increase of 12.5% from US$163.0 million in the same period of 2023.
Revenue from Haidilao restaurant operations was US$176.2 million, representing an increase of 12.3% from US$156.9 million in the same period of 2023. The increase was mainly driven by (i) continued recovery in international markets; (ii) our continuous efforts in increasing guest visits and table turnover rates; and (iii) ongoing business expansion and increased brand influence.
Revenue from delivery business was US$2.3 million, representing a decline of 11.5% from US$2.6 million in the same period of 2023. The decline was primarily attributable to the strategic decision of some restaurants to prioritize the dine-in business compared to the same period of last year.
Revenue from other business was US$4.8 million, representing an increase of 37.1% from US$3.5 million in the same period of 2023. The increase was a result of the growing popularity of hot pot condiment products and Haidilao-branded and sub-branded food products to local customers and retailers.
Raw materials and consumables used were US$61.7 million, representing an increase of 11.4% from US$55.4 million in the same period of 2023. As a percentage of revenue, raw materials and consumables decreased slightly to 33.7% in the second quarter of 2024 from 34.0% in the same period of 2023.
Staff costs were US$62.7 million, representing an increase of 14.8% from US$54.6 million in the same period of 2023. As a percentage of revenue, staff costs were 34.2%, compared to 33.5% in the same period of 2023. The increase was primarily due to (i) the increase in the number of employees in line with the expansion of restaurant network, and the increase in guest visits and table turnover rate, (ii) the Company's operation strategy of ensuring sufficient number of employees to provide superior customer experience, and (iii) the increase in statutory minimum wages in several countries.
Income from operations4 was US$8.5 million, representing a decline of 14.1% from US$9.9 million in the same period of 2023. Income from operation margin5 was 4.6%, compared to 6.1% in the same period of 2023. This decline in income from operations was primarily due to (i) an increase in rentals and related expenses of US$1.9 million, mainly representing increased property management fees resulting from the opening of new restaurants and the increase in variable lease payments in line with the increase in revenue from relevant restaurants, and (ii) listing expenses of US$1.8 million.
Loss for the period was US$0.1 million, compared to a loss of US$2.2 million in the same period of 2023. This change was mainly due to an increase in revenue compared to the same period of 2023.
Basic and diluted net loss per share were both approximating nil, remaining flat compared to the same period of 2023.
_____________________________________1 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period.2 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count at the Company's same stores during the period.3 Refers to the year-over-year growth of the aggregate gross revenue from Haidilao restaurant operations at the Company's same stores for the period indicated.4 Calculated by excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense from (loss) profit for the period.5 Calculated by dividing income from operation by total revenue.
Operational Highlights
Haidilao Restaurant PerformanceThe following table summarizes key performance indicators of Haidilao's restaurants for the quarters indicated.
As of/For the Three Months Ended June 30,
2024
2023
Number of restaurants
Southeast Asia
74
70
East Asia
18
17
North America
20
18
Others(1)
10
10
Total
122
115
Total guest visits (million)
Southeast Asia
5.1
4.5
East Asia
0.7
0.6
North America
0.9
0.7
Others(1)
0.5
0.5
Overall
7.2
6.3
Table turnover rate(2) (times per day)
Southeast Asia
3.7
3.3
East Asia
4.1
3.2
North America
4.0
3.3
Others(1)
3.9
3.7
Overall
3.8
3.3
Average spending per guest(3) (US$)
Southeast Asia
19.1
19.7
East Asia
27.3
28.4
North America
41.9
47.2
Others(1)
42.4
40.3
Overall
24.4
25.0
Average daily revenue per restaurant(4) (US$ in thousands)
Southeast Asia
15.1
14.4
East Asia
15.2
11.6
North America
20.7
18.8
Others(1)
24.7
22.9
Overall
16.9
15.4
Notes:
(1)
Others include Australia, the United Kingdom and the United Arab Emirates.
(2)
Calculated by dividing total number of tables served for the periods by the product of total Haidilao restaurant operation days for the period and average table count during the period in the same geographic region.
(3)
Calculated by dividing gross revenue of Haidilao restaurant operation for the periods by total guests served for the periods in the same geographic region.
(4)
Calculated by dividing the revenue of Haidilao restaurant operation for the periods by the total Haidilao restaurant operation days of the periods in the same geographic region.
Same-Store SalesThe following table sets forth details of the Company's same store sales for the quarters indicated.
As of/For the Three Months Ended June 30,
2024
2023
Number of Same Stores(1)
Southeast Asia
66
East Asia
13
North America
18
Others(5)
8
Total
105
Same Store Sales(2) (US$ in thousands)
Southeast Asia
90,736
89,692
East Asia
17,725
14,474
North America
34,862
30,848
Others(5)
19,654
17,802
Total
162,977
152,816
