Stock Report

Sapphire Foods opens 500th store and expects to double store base in next 3-4 years



Posted On : 2021-12-01 17:21:57( TIMEZONE : IST )

Sapphire Foods has announced the opening of its 500th store, KFC Dindigul, Tamil Nadu.

Commenting on this occasion, Sanjay Purohit, Group CEO Sapphire Foods said "This is an important landmark in Sapphire Foods' growth journey and underlines the business' strong recovery from the uncertainties brought about by the pandemic. As restrictions have eased, we have seen healthy recovery in Dine In sales while our delivery sales continue to accelerate. This has resulted in robust SSSG (same store sales growth) in Oct'21 & Nov'21 over corresponding period in both FY21 and FY20 (pre-covid period). Allied with our increased pace of store expansion (13 Stores in Q1'FY22, 32 stores in Q2'FY22 and estimated 60 stores in Q3'FY22), system sales growth in Oct'21 & Nov'21 combined is 40%+ over FY 20 (pre covid period).

With our increasing scale and focus on cost efficiencies we expect the company to turn PAT positive in Q3'FY22, barring any new covid related disruptions.

We feel excited about the prospects of the company going forward and expect to double our store count in next 3-4 years".

Source : Equity Bulls

Keywords

SapphireFoods 500thstore KFC Dindigul TamilNadu