Weak SSSG; better margin delivery

Company
11 Mar 2024
5 Min read 
  • Barbeque Nation Hospitality reported flat revenue growth in 3QFY24, with a decline in same-store-sales.
  •  The company saw weak demand and sluggish growth across brands/formats.
  •  Dine-in revenue was flat, while delivery revenue increased by 5% YoY.
  •  Gross margin improved by 120bp YoY, and operating margin improved by over 100bp YoY.
  •  The company plans to add 25-30 new stores in FY25.
  •  Despite a challenging environment, the company's valuations are comfortable, but operating margin delivery in FY25 is a concern.
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