Super Hi International Holding Ltd. (NASDAQ: HDL and HKEX: 9658)
(“Super Hi” or the “Company”), a leading Chinese cuisine restaurant
brand operating Haidilao hot pot restaurants in the international
market, today announced its unaudited financial results for the
first quarter of FY2024 ended March 31, 2024.
First Quarter 2024 Highlights
- Revenue was
US$187.6 million, representing an increase of 16.6% from US$160.9
million in the same period of 2023.
- Opened 4 net new Haidilao
restaurants in the first quarter of 2024. Total number of
Haidilao restaurants expanded from 115 as of December 31, 2023 to
119 as of March 31, 2024.
- Total table turnover
rate1 and same-store table
turnover rate2 were both 3.9 times per
day, compared to 3.3 times per day in the same period of 2023.
- Had over 7.3 million
total guest visits, representing
an increase of 21.7% from 6.0 million in the same period of
2023.
- Same-store sales
growth3 was 10.0%, compared to 8.8% in
the full year of 2023.
- Income from operation
margin4 was 6.6%, compared to 7.0%
in the same period of 2023.
_______________________
1 Calculated by dividing the total tables served for the period
by the product of total Haidilao restaurant operation days for the
period and average table count during the period.2 Calculated by
dividing the total tables served for the period by the product of
total Haidilao restaurant operation days for the period and average
table count at the Company’s same stores during the period.3 Refers
to the year-over-year growth of the aggregate gross revenue from
Haidilao restaurant operations at the Company’s same stores for the
period indicated.4 Calculated by income from operation divided by
total revenue. Income from operation is calculated by (loss) profit
for the period excluding interest income, finance costs, unrealized
foreign exchange differences arising from remeasurement of balances
which are not denominated in functional currency, net gain arising
on financial assets at fair value through profit or loss and
income tax expense.
Mr. Yu Li, CEO & Executive Director of Super
Hi, commented, “We delivered a strong performance in the first
quarter of 2024, with a 16.6% increase in revenue and a significant
rise in guest visits. Our commitment to enhancing customers’ dining
experience, optimizing our services, and expanding our restaurant
network has been instrumental in achieving these results. We are
particularly pleased with the improvement in our same-store sales
growth and table turnover rate, which reflect our ongoing efforts
to drive operational excellence. Looking ahead, we will continue to
focus on customer satisfaction and employee effort, while exploring
new business models and strategic acquisitions to further enrich
our offerings and expand our market presence.”
Ms. Cong Qu, Financial Director and Board Secretary of Super Hi,
added, “We are thrilled to announce our successful listing on
Nasdaq, which marks a significant milestone for Super Hi
International Holding Ltd. This achievement not only enhances our
visibility in the global market but also provides us with
additional resources to support our growth initiatives. Our
financial performance in the first quarter of 2024 demonstrates our
ability to effectively execute our strategic plans. As we move
forward, we remain committed to optimizing our supply chain,
building our brand, and leveraging digital support to empower our
restaurants and drive sustainable growth.”
First Quarter 2024 Financial
ResultsRevenue was US$187.6 million,
representing an increase of 16.6% from US$160.9 million in the same
period of 2023.
- Revenue from Haidilao restaurant operations was US$180.3
million, representing an increase of 15.7% from US$155.8 million in
the same period of 2023. The increase was mainly driven by (i)
continued recovery in international markets; (ii) enhanced
operational performance of Haidilao restaurants, which resulted in
higher table turnover rates and increased guest visits; and (iii)
ongoing business expansion and increased brand influence.
- Revenue from delivery business was US$2.9 million, representing
an increase of 61.1% from US$1.8 million in the same period of
2023. The increase was mainly driven by (i) increased brand
influence; and (ii) the Company’s efforts to enhance partnerships
with local delivery platforms.
- Revenue from other business was US$4.4 million, representing an
increase of 33.3% from US$3.3 million in the same period of 2023.
This was a result of the growing popularity of hot pot condiment
products and Haidilao-branded and sub-branded food products to
local customers and retailers.
Raw materials and consumables used were US$62.8
million, representing an increase of 16.5% from US$53.9 million in
the same period of 2023. As a percentage of revenue, raw materials
and consumables used remained stable at 33.5% in the first quarter
of 2024, unchanged from the same period of 2023.
Staff costs were US$63.6 million, representing
an increase of 19.8% from US$53.1 million in the same period of
2023. As a percentage of revenue, staff costs were 33.9%, compared
to 33.0% in the same period of 2023. The increase was primarily due
to the increase in the number of employees in line with the
expansion of restaurant network and the increase in guest visits
and table turnover rate, as well as the increase in piece rate
wages for the employees.
Income from operations was US$12.4 million,
representing an increase of 9.7% from US$11.3 million in the same
period of 2023. Income from operation margin was 6.6%, compared to
7.0% in the same period of 2023. This was primarily due to (i) an
increase in revenue, partially offset by increase in raw materials
and consumables used and staff costs as described above, (ii) a
decrease in other income of US$2.2 million resulting from a
decrease in government grants received during the three months
ended March 31, 2024, and (iii) listing expenses of US$0.6
million.
Loss for the period was US$4.5 million,
compared to an income of US$5.6 million in the same period of 2023.
This was due to an increase in other losses of US$11.2 million
mainly contributed by unrealized foreign exchange losses resulting
from the weakening of other currencies against U.S. dollars.
Basic and diluted net loss per share were both
US$0.01, compared to a basic and diluted net income per share of
US$0.01 in the same period of 2023.
Operational Highlights
Haidilao Restaurant PerformanceThe following table summarizes
key performance indicators of Haidilao restaurants for the quarters
indicated.
|
|
As of/For the Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
Number of restaurants |
|
|
|
|
Southeast Asia |
72 |
|
69 |
|
East Asia |
18 |
|
17 |
|
North America |
19 |
|
18 |
|
Others(1) |
10 |
|
10 |
|
Total |
119 |
|
114 |
|
|
|
|
|
|
Total guest visits (million) |
|
|
|
|
Southeast Asia |
5.1 |
|
4.4 |
|
East Asia |
0.8 |
|
0.6 |
|
North America |
0.9 |
|
0.6 |
|
Others(1) |
0.5 |
|
0.4 |
|
Overall |
7.3 |
|
6.0 |
|
|
|
|
|
|
Table turnover rate(2)
(times per day) |
|
|
|
|
Southeast Asia |
3.7 |
|
3.3 |
|
East Asia |
4.2 |
|
3.1 |
|
North America |
4.2 |
|
3.2 |
|
Others(1) |
3.8 |
|
3.3 |
|
Overall |
3.9 |
|
3.3 |
|
|
|
|
|
|
Average spending per guest(3)
(US$) |
|
|
|
|
Southeast Asia |
19.4 |
|
20.8 |
|
East Asia |
28.4 |
|
28.8 |
|
North America |
43.3 |
|
51.3 |
|
Others(1) |
42.2 |
|
41.1 |
|
Overall |
24.9 |
|
26.0 |
|
|
|
|
|
|
Average daily revenue per
restaurant(4) (US$ in
thousands) |
|
|
|
|
Southeast Asia |
15.8 |
|
15.2 |
|
East Asia |
16.1 |
|
11.9 |
|
North America |
21.5 |
|
19.3 |
|
Others(1) |
24.4 |
|
22.4 |
|
Overall |
17.5 |
|
15.9 |
|
|
|
|
|
Notes:
(1) Others include Australia, the United Kingdom
and the United Arab Emirates.
(2) Calculated by dividing the total tables
served for the period by the product of total Haidilao restaurant
operation days for the period and average table count during the
period in the same geographic region.
(3) Calculated by dividing the revenue
generated from Haidilao restaurant operations for the period by
total guest visits for the period in the same geographic
region.
(4) Calculated by dividing the revenue from
Haidilao restaurant operations for the period by the total Haidilao
restaurant operation days for the period in the same geographic
region.
Same-Store SalesThe following table sets forth details of the
Company’s same store sales for the quarters indicated.
|
|
As of/For the Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
Number of Same Stores(1) |
|
|
|
|
Southeast Asia |
65 |
|
East Asia |
14 |
|
North America |
18 |
|
Others(5) |
7 |
|
Total |
104 |
|
|
|
|
|
|
Same Store Sales(2) (US$
in thousands) |
|
|
|
|
Southeast Asia |
93,125 |
|
89,780 |
|
East Asia |
21,091 |
|
16,567 |
|
North America |
36,256 |
|
31,189 |
|
Others(5) |
16,246 |
|
13,989 |
|
Total |
166,718 |
|
151,525 |
|
|
|
|
|
|
Average same store sales per
day(3) (US$ in
thousands) |
|
|
|
|
Southeast Asia |
15.9 |
|
15.6 |
|
East Asia |
16.6 |
|
13.4 |
|
North America |
22.1 |
|
19.3 |
|
Others(5) |
25.5 |
|
22.3 |
|
Total |
17.7 |
|
16.4 |
|
|
|
|
|
|
Average same store table turnover
rate(4) (times/day) |
|
|
|
|
Southeast Asia |
3.8 |
|
3.3 |
|
East Asia |
4.3 |
|
3.2 |
|
North America |
4.2 |
|
3.2 |
|
Others(5) |
3.8 |
|
3.3 |
|
Total |
3.9 |
|
3.3 |
|
|
|
|
|
Notes:
(1) Includes restaurants that commenced
operations prior to the beginning of the periods under comparison
and opened for more than 75 days in the first quarter of 2023 and
2024, respectively.
(2) Refers to the aggregate gross revenue from
Haidilao restaurant operations at our same stores for the period
indicated.
(3) Calculated by dividing the gross revenue
from Haidilao restaurant operations for the period by the total
Haidilao restaurant operation days at our same stores for the
period.
(4) Calculated by dividing the total tables
served for the period by the product of total Haidilao restaurant
operation days for the period and average table count at our same
stores during the period.
(5) Others include Australia, the United Kingdom
and the United Arab Emirates.
Recent DevelopmentsIn May 2024, the Company
issued 3,096,600 American Depositary Shares (“ADSs”), at a price of
US$19.56 per ADS, for a total offering size of US$60.57 million,
before deducting underwriting discounts and commissions and other
offering expenses payable by Super Hi.
About Super HiSuper Hi operates Haidilao hot
pot restaurants in the international market. Haidilao is a leading
Chinese cuisine restaurant brand. With roots in Sichuan from 1994,
Haidilao has become one of the most popular and largest Chinese
cuisine brands in the world. With almost 30 years of brand history,
Haidilao is well-loved by guests for its unique dining experience —
warm and attentive service, great ambiance and delicious food,
standing out among global restaurant chains, which has made
Haidilao restaurants into a worldwide cultural phenomenon. As of
March 31, 2024, Super Hi had 119 self-operated Haidilao restaurants
in 13 countries across four continents, making it the largest
Chinese cuisine restaurant brand in the international market in
terms of number of countries covered by self-operated
restaurants.
Forward-Looking StatementsThis press release
contains statements that may constitute “forward-looking”
statements pursuant to the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “likely to” and similar
statements. SUPER HI may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the “SEC”), in its annual report to
shareholders, in announcements, circulars or other publications
made on the website of The Stock Exchange of Hong Kong Limited (the
“SEHK”), in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about SUPER HI’s beliefs, plans and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: SUPER HI’s operations and business prospects; future
developments, trends and conditions in the industry and markets in
which SUPER HI operates; SUPER HI’s strategies, plans, objectives
and goals and SUPER HI’s ability to successfully implement these
strategies, plans, objectives and goals; SUPER HI’s ability to
maintain an effective food safety and quality control system; SUPER
HI’s ability to continue to maintain its leadership position in the
industry and markets in which SUPER HI operates; SUPER HI’s
dividend policy; SUPER HI’s capital expenditure plans; SUPER HI’s
expansion plans; SUPER HI’s future debt levels and capital needs;
SUPER HI’s expectations regarding the effectiveness of its
marketing initiatives and the relationship with third-party
partners; SUPER HI’s ability to recruit and retain qualified
personnel; relevant government policies and regulations relating to
SUPER HI’s industry; SUPER HI’s ability to protect its systems and
infrastructures from cyber-attacks; general economic and business
conditions globally; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in SUPER HI’s filings with the SEC and the
announcements and filings on the website of the SEHK. All
information provided in this press release is as of the date of
this press release, and SUPER HI does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
ContactsInvestor RelationsEmail:
superhi_ir@superhi-inc.com
Public Relations Email: media.hq@superhi-inc.com
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
| |
For the three months ended March 31, |
|
|
2024 |
|
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
| |
|
|
|
Revenue |
187,647 |
|
|
160,938 |
|
| Other income |
900 |
|
|
3,074 |
|
| Raw materials and consumables
used |
(62,845 |
) |
|
(53,900 |
) |
| Staff costs |
(63,597 |
) |
|
(53,071 |
) |
| Rentals and related
expenses |
(4,410 |
) |
|
(3,504 |
) |
| Utilities expenses |
(6,875 |
) |
|
(6,224 |
) |
| Depreciation and
amortization |
(20,478 |
) |
|
(21,698 |
) |
| Travelling and communication
expenses |
(1,480 |
) |
|
(1,081 |
) |
| Listing expenses |
(628 |
) |
|
- |
|
| Other expenses |
(15,403 |
) |
|
(13,479 |
) |
| Other gains (losses) -
net |
(12,334 |
) |
|
(1,089 |
) |
| Finance costs |
(1,989 |
) |
|
(2,349 |
) |
| (Loss) Profit before
tax |
(1,492 |
) |
|
7,617 |
|
| Income tax expense |
(3,053 |
) |
|
(2,055 |
) |
| (Loss) Profit for the
year |
(4,545 |
) |
|
5,562 |
|
| |
|
|
| Other comprehensive
income |
|
|
| Item that may be
reclassified subsequently to profit or
loss: |
|
|
| Exchange differences arising
on translation of foreign operations |
6,109 |
|
|
1,089 |
|
| Total comprehensive
income for the period |
1,564 |
|
|
6,651 |
|
| |
|
|
| (Loss) Profit for the
period attributable to: |
|
|
| Owners of the Company |
(4,457 |
) |
|
5,616 |
|
| Non-controlling interests |
(88 |
) |
|
(54 |
) |
|
|
(4,545 |
) |
|
5,562 |
|
|
|
|
|
| Total comprehensive
income attributable to: |
|
|
| Owners of the Company |
1,652 |
|
|
6,705 |
|
| Non-controlling interests |
(88 |
) |
|
(54 |
) |
| |
1,564 |
|
|
6,651 |
|
| |
|
|
| (Loss) Earnings per
share |
|
|
| Basic and diluted (USD) |
(0.01 |
) |
|
0.01 |
|
| |
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
|
As of March 31, |
|
As of December 31, |
| |
2024 |
|
2023 |
| |
USD’000 |
|
USD’000 |
| |
|
|
|
| Non-current
Assets |
|
|
|
| Property, plant and
equipment |
159,516 |
|
168,724 |
| Right-of-use assets |
162,576 |
|
167,641 |
| Intangible assets |
345 |
|
402 |
| Deferred tax assets |
1,878 |
|
1,995 |
| Other receivables |
1,960 |
|
1,961 |
| Prepayment |
352 |
|
295 |
| Rental and other deposits |
19,419 |
|
16,903 |
| |
346,046 |
|
357,921 |
| |
|
|
|
| Current
Assets |
|
|
|
| Inventories |
29,406 |
|
29,762 |
| Trade and other receivables
and prepayments |
29,630 |
|
29,324 |
| Financial assets at fair value
through profit or loss |
66,462 |
|
- |
| Rental and other deposits |
2,618 |
|
3,882 |
| Pledged bank deposits |
2,938 |
|
3,086 |
| Bank balances and cash |
90,031 |
|
152,908 |
| |
221,085 |
|
218,962 |
| |
|
|
|
| Current
Liabilities |
|
|
|
| Trade payables |
36,521 |
|
34,375 |
| Other payables |
29,079 |
|
34,887 |
| Amounts due to related
parties |
464 |
|
842 |
| Tax payable |
8,934 |
|
9,556 |
| Lease liabilities |
38,543 |
|
38,998 |
| Contract liabilities |
8,921 |
|
8,306 |
| Provisions |
1,186 |
|
1,607 |
| |
123,648 |
|
128,571 |
| |
|
|
|
| Net Current
Assets |
97,437 |
|
90,391 |
| |
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
| |
As of March 31, |
As of December 31, |
| |
2024 |
|
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
|
Non-current Liabilities |
|
|
|
Deferred tax liabilities |
1,373 |
|
|
1,347 |
|
| Lease
liabilities |
157,031 |
|
|
163,947 |
|
| Contract
liabilities |
3,084 |
|
|
3,098 |
|
| Provisions |
8,310 |
|
|
7,799 |
|
| |
169,798 |
|
|
176,191 |
|
| |
|
|
| Net
Assets |
273,685 |
|
|
272,121 |
|
| |
|
|
| |
|
|
| Capital
and Reserves |
|
|
| Share capital |
3 |
|
|
3 |
|
| Shares held under
share award scheme |
* |
|
|
* |
|
| Share premium |
494,480 |
|
|
494,480 |
|
| Reserves |
(222,745 |
) |
|
(224,397 |
) |
| Equity
attributable to owners of the Company |
271,738 |
|
|
270,086 |
|
| Non-controlling
interests |
1,947 |
|
|
2,035 |
|
| Total
Equity |
273,685 |
|
|
272,121 |
|
| |
|
|
* Less than USD1,000
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
For the three months ended March 31, |
| |
2024 |
|
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
|
Net cash from operating activities |
24,018 |
|
|
27,732 |
|
| Net cash used in
investing activities |
(73,548 |
) |
|
(17,182 |
) |
| Net cash used in
financing activities |
(12,518 |
) |
|
(11,275 |
) |
| Net
decrease in cash and cash equivalents |
(62,048 |
) |
|
(725 |
) |
| Cash and cash
equivalents at beginning of the period |
152,908 |
|
|
93,878 |
|
| Effect of foreign
exchange rate changes |
(829 |
) |
|
158 |
|
| Cash and
cash equivalents at end of the period |
90,031 |
|
|
93,311 |
|
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