You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Spur sees restaurant turnover increase in September

Up from dire levels in previous months.
Image: Moneyweb

Spur Corporation says its restaurants have reported a steady recovery in turnover since Covid-19 lockdown restrictions were relaxed to allow sit-down restaurant to operate.

Local restaurants were mandated to close from the start of the ‘hard’ Level 5 lockdown on March 27. They were then allowed to trade on a delivery-only basis from May 1, with the sit-down service resuming only from June 29.

According to its latest trading statement, in September 2020 the group’s SA restaurants traded at 73.8% of the turnover they achieved in the same month in 2019, up from 36.5% for July and 56.7% for August.

Spur’s share price rose as much as 7.32% to R15.99 after the statement’s release.

Spur share price over a month

Spur Steak Ranches achieved restaurant turnover of 72.1% of that in September 2019. The strongest performing brands were The Hussar Grill at 93.7% of prior year turnover and RocoMamas at 86.5%. The group says Pizza and Pasta is showing a slower recovery at 63.2% of turnover.

International restaurants traded at 83.9% of September 2019’s turnover.

As a whole (with local and international restaurants), the group’s turnover has steadily increased from 14.3% of 2019’s turnover in May to 74.8% in September, with 600 of the group’s 631 restaurants having reopened by the end of the month.

CEO Pierre van Tonder said the recovery in restaurant turnover post (hard) lockdown has exceeded management’s expectations. “The improving monthly growth trend is particularly encouraging in the tight consumer environment where spending is under intense pressure.

“After several months of lockdown and limited social engagement, our customers are wanting a safe and entertaining family dining experience….”

As the group is utilising the extension period granted by the Financial Sector Conduct Authority, its annual results to end June 2020 are scheduled for November 20, 2020.

AUTHOR PROFILE

COMMENTS   3

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

oh goody. And with THE SAME MENU items they had for the past decade.

The famed Goodie Burger & Cheddamelt burger…how much of the same old do we want?

(Conversely, WIMPY has surprised me the past few years…always a constant refreshing change to their menu.)

SPUR is like Toyota. Will please most people with mediocre expectations. Familiar & reliable humdrum.

In the same group, Rocomamas’ burgers are like your LEXUS.

Then you have the “Italian connection”…Pana(v)rottis….with little Italian atmosphere. The food offering may be enjoyable, but usually none of the staff/waiters are able to greet patrons in Italian. The only glimpse of Italian is the ‘tricolori’ on staff’s shirts!
How about management arranges training for frontline staff with basic greetings like “Buona Giorno” or “Buona Sera”, or when patrons leave “Grazie e arrivederci” to add the special touch?

Capisce?!

You know that globalism is taking over when a breeker from Klerksdorp complains about black waiters not greeting him in Italian when he walks into a pizza joint in South Africa!!

Spurs are glorified take away joints, sticky creme soda placemats, cutlery fished out of filthy buckets and banana milkshakes tasing of lime because they didnt bother to clean the milkshake maker properly. Farrelly and Van Tonder knew the game was up so they got out while they could.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: