Rosinter Announces Trade Update for December & Full Year 2010
OREANDA-NEWS. January 27, 2011. OJSC Rosinter Restaurants Holding (Rosinter), the leading casual dining restaurant chain in Russia and CIS (RTS and MICEX ticker: ROST), announces its trade update for December 2010 and full year 2010. The release is published at www.rosinter.com, reported the press-centre of Rosinter.
In 2010 consolidated net operating revenue increased by 16.9% in ruble terms driven by recovery in same-store sales and growing contribution of recently opened restaurants
Gross revenue of comparable stores (LFL) grew in 2010 by 6.9% driven by 6.5% traffic increase and 0.4% average check growth
Restaurant network expanded to 362 outlets in 2010 from 350 outlets in 2009 with growing component of franchise operations
December 2010 Highlights
In December 2010 consolidated net operating revenue increased by 10.8% in ruble terms as compared to the same period of previous year
Gross revenue of comparable stores (LFL) grew in December 2010 by 5.8% supported by 5.2% traffic increase
Franchise network expanded by 6 new outlets
Sergey Beshev, President and CEO, commented:
“We are very satisfied with our operational performance in 2010 which is consistent with our promise of delivering a profitable growth. We posted a 16.9% y-o-y growth of consolidated operating revenue and increased our network by 12 restaurants while optimizing company’s organizational and legal structures. Strong revenue dynamics, more efficient operations, and improved balance sheet following our successful SPO allowed us to speed development and continue consolidating the solid platform required to support our expansion.
I would like to provide some more insight on our 2010 corporate development process and results. We have been running a very strict new sites section process which targets only prime locations with high expected profitability, while optimizing simultaneously our corporate portfolio by exiting timely non-core and low-performing locations. Our new corporate development process, which we accelerated in second half of 2010 after completing SPO, delivered by end 2010 good results with 16 new restaurants opening and 12 outlets still in construction by end 2010. While the restaurant portfolio optimization process has a negative impact in count, it has a positive impact in shareholders’ value given its positive effects on company’s consolidated results. Our development keeps an important component of franchised stores which increased to 113 restaurants from 95 at the beginning of 2010.
In 2011 we are focusing on corporate and franchise development, further enhancement of our operational performance and on the revitalization of our two proprietary core brands IL Patio and Planet Sushi to ensure strong long-term competitive position and profitability.”