Westlife Foodworld Sales Up By 7% YOY In Q2FY24

Westlife Foodworld Limited (WFL), formerly known as Westlife Development and the owner-operator of McDonald's restaurants across west and south India, announced its financial results for the first half of FY24 and quarter ended September 30, 2023, the company on Thursday announced through an exchange filing.

Despite ongoing market challenges, the company delivered a growth of 3 percent SSSG in H1FY24, marking an 11 percent YOY growth in revenue compared to H1FY23. Q2 FY24 sales grew by 7 percent YoY, demonstrating the company's ability to sustain growth and profitability.

Same Store Sales Growth (SSSG) in Q2 was 1 percent YoY. Both On-Premise and Off-Premise businesses grew by 7 percent YoY, with the Off-Premise contribution remaining stable at 41 percent.

The group continues to focus on digital transformation with Self Ordering Kiosks and Mobile Apps, with Digital Sales growing by 30 percent YoY and contributing 67 percent to the top line. Moreover, the average Sales Per Store in Trailing Twelve Months (TTM) increased by 7 percent YoY.

Westlife Foodworld's Operating EBITDA grew 7 percent YoY in H1FY24.

Amit Jatia, Chairperson, Westlife Foodworld said, “Our second quarter results, amidst challenging market conditions, reflect consistently strong execution of our long-term strategic playbook aligned with our Vision 2027. The resilient Q2 FY24 performance and sales growth affirm that Westlife Foodworld's strategy of omnichannel, menu innovations, and prudent network expansion is working."

Westlife Foodworld Limited shares

The shares of Westlife Foodworld Limited on Thursday at 2:25 pm IST were at Rs 877.50, down by 2.41 percent.

Published on: Thursday, October 26, 2023, 02:31 PM IST