Super Hi Reports Strong Q2 2024 Financial Results
Super Hi International Holding Ltd. (NASDAQ: HDL and HKEX: 9658), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants globally, has released its unaudited financial results for the second quarter of FY2024, ending June 30, 2024.
Financial Highlights for Q2 2024
The results indicate that the company achieved a revenue of US$183.3 million during the second quarter, which reflects an increase of 12.5% compared to US$163.0 million in the same quarter of the previous year.
Key Indicators
Notable metrics from the quarter include:
- Opened 4 new Haidilao restaurants, closing 1 location, resulting in a net gain of 3 restaurants, bringing the total to 122.
- Total guest visits surpassed 7.2 million, a rise of 14.3% from the previous year.
- Table turnover rates, both overall and at same-store locations, rose to 3.8 times per day, up from 3.3 times per day in Q2 2023.
- Same-store sales growth registered at 6.6%.
Performance Insights
Ms. Yang Lijuan, CEO and Executive Director, shared insights about the company's focus on local restaurant management innovations aimed at enhancing the overall dining experience. She emphasized the importance of guest satisfaction, operational efficiency, and strategic performance enhancements as key drivers of the company’s growth.
Comments from Management
Ms. Yang remarked, "Our team's concerted efforts during the quarter significantly improved our operational metrics, contributing to a 12.5% revenue increase year-over-year. Our strategies to improve service quality and optimize guest experiences have directly influenced our operational success."
Revenue Breakdown
In terms of segment performance, the breakdown is as follows:
- Revenue generated from Haidilao restaurant operations was US$176.2 million, marking a 12.3% increase from US$156.9 million in Q2 2023.
- The delivery services generated US$2.3 million, showing an 11.5% decline primarily due to prioritizing dine-in operations.
- Other business revenues totaled US$4.8 million, up 37.1% from US$3.5 million the prior year, largely driven by increased popularity of hot pot condiment products.
Raw materials and consumables accounted for US$61.7 million, representing 33.7% of revenue, slightly decreasing from 34.0% in the year prior.
Costs and Expenses
Staff costs rose to US$62.7 million, making up 34.2% of total revenue due to increases in workforce aligned with restaurant network growth and escalating minimum wages in various regions.
Operational Challenges
The income from operations amounted to US$8.5 million, illustrating a decline of 14.1% year-over-year, attributed to higher rentals and listing expenses totaling US$1.9 million and US$1.8 million, respectively.
Recent Developments and Expansion Plans
With a total of 122 self-operated Haidilao restaurants across 13 countries, Super Hi continues to maintain its position as the largest Chinese cuisine brand internationally. The company remains committed to strategic expansions and enhancing its market influence.
Future Outlook
The management's focus on optimizing guest experiences and expanding into new markets positions Super Hi favorably for continued growth amid a recovering macro environment.
Contact Information
Investor Relations:
Email: superhi_ir@superhi-inc.com
Phone: +1 (212) 574-7992
Public Relations:
Email: media.hq@superhi-inc.com
Frequently Asked Questions
What were the total revenues for Super Hi in Q2 2024?
The total revenues recorded for Q2 2024 were US$183.3 million, reflecting a rise of 12.5% year-over-year.
How many new restaurants did Super Hi open in the second quarter?
Super Hi opened 4 new Haidilao restaurants in the second quarter of 2024 while closing one underperforming location.
What was the guest visit trend compared to the previous year?
There were over 7.2 million guest visits in Q2 2024, representing an increase of 14.3% from the same period in 2023.
Who is the CEO of Super Hi International Holding Ltd.?
The CEO of Super Hi is Ms. Yang Lijuan, who has been leading the company to enhance operational efficiency and customer engagement.
What are Super Hi's future expansion plans?
Super Hi aims to expand its footprint internationally while enhancing its restaurant experiences, focusing on maintaining its service quality as it grows.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- EdReports Launches Pre-K Advisory Board for Quality Curriculum
- Camposol Holding PLC Announces Impressive Q2 2024 Results
- Automated Guided Vehicle Market Growth and Trends
- Instant Financial Reveals Insights on Wages and Wellbeing
- UPCX Becomes Platinum Sponsor at WebX2024 in Tokyo
- International Land Alliance Reports Strong Q2 Results
- Danske Bank A/S Reports Managerial Transactions
- Arhaus Unveils Artisan-Crafted Fall 2024 Collection
- Canadian North Resources Inc. Financial Results Overview
- HireVue's Find My Fit Wins Top HR Product Award