Q3 2021 Results VAUGHAN, ON, Nov. 3, 2021 /CNW/- Recipe Unlimited Corporation (TSX: RECP) reported financial results today for the 13 and 39 weeks ended September 26, 2021.
- Q3 Total System Sales of $834.2 million, increased by 23.3% compared to Q3 2020 and 48.5% compared to Q2 2021, driven by the enthusiastic return of Guests to our dining rooms
- Operating EBITDA of $50.3 million compared to $42.5 million in Q3 2020 and $49.5 million in Q3 2019, despite the ongoing effects of the COVID-19 pandemic and significant reductions in government subsidies
- Long term debt repayments of $50.0 million for the quarter as a result of strong financial performance in the third quarter and prudent cash management
- Net Earnings of $13.2 million compared to $5.2 million in Q3 2020
- Our ability to pivot during the COVID-19 pandemic was recognized by the food service and hospitality industry and in 2021, Recipe was named the recipient of the prestigious Pinnacle Award as Company of the Year
"We are encouraged by our third-quarter results and the enthusiastic return of Guests to our restaurants. Despite dining room closures at the start of the third quarter which impacted 30.8% of our operating weeks in the quarter, our business generated $50.3 million of EBITDA.
During the past 20 months, we have taken significant steps to strengthen our overall business. Some of the initiatives include streamlining menus, improving our digital platform, testing higher efficiency kitchen equipment and more importantly, investing in our people and our franchisees. We have also made strategic changes to our brand portfolio mix, closed underperforming restaurants and opened 46 new restaurants since the start of the pandemic. In addition, we have restructured many of our joint venture restaurants to either full corporate or franchise ownership and we divested certain non-strategic investments; all of which enables us to control the growth and operation of these brands or locations. All of these steps have placed us in a strong position to thrive and compete as we emerge from the pandemic."
-Frank Hennessey, CEO