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Jubilant FoodWorks shuts 105 stores in July-Sept quarter following lower sales
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Wednesday, 18 November, 2020, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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In the face of a challenging external environment, Jubilant FoodWorks closed a total of 105 stores in the July-September quarter. It was the Covid-19 and its ensuing lockdown that impacted the dine-in operations of the restaurants that led to lower sales, the company said.
The company which operates fast-food chains, Domino's Pizza and Dunkin' Donuts, said that its revenue from Operations in Q2 grew sequentially by 111.8 per cent at Rs.805.5 crore. Its Delivery and Takeaway channels did very well to grow by 5.8 per cent and 49.8 per cent year-on-year respectively. The sales momentum continued in October with revenues recovering to 96.2 per cent of last year, driven by Delivery growing by 16.3 per cent and Takeaway by 64.3 per cent.
It has closed 100 stores of Domino's Pizza in Q2, bringing it down to 1,264 stores but opened 10 new stores of Domino's Pizza and operations have been reduced to 281 cities as of September 30, 2020 according to an information in the public domain.
The company has also closed five restaurants of Dunkin' Donuts, bringing down the number down to 26 from 30 though it has opened one new restaurant, the company said in a regulatory filing.
Commenting on the performance for Q2 Shyam S. Bhartia, chairman and Hari S. Bhartia, co-chairman, Jubilant FoodWorks Limited said, “We continued to face challenges in the external environment with the increased spread of Covid-19. Despite this, our business delivered a strong all-round performance during last quarter. Revenues recovered substantially and margins improved compared to last year, underlining the inherent resilience and strength of our business model. Our consistent investment in Digital and technology is driving significant improvement in sales and customer engagement. While we expect Covid to be a significant factor in the foreseeable future, we have a developed a playbook to work around it and restore the business on the path of sustainable, profitable growth.”
“Our strong recovery is , driven by Delivery and Takeaway channels Our continued focus on strengthening our App and on Digital marketing led to a record number of App downloads. Our Covid-19 response strategy is working and we are optimistic about the future and confident of navigating the challenges in the months ahead,” stated Pratik Pota, CEO and Wholetime Director, Jubilant FoodWorks.
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