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
second quarter of FY2024 ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenue was
US$183.3 million, representing an increase of 12.5% from US$163.0
million in the same period of 2023.
- In the second quarter of 2024, the
Company opened 4 new Haidilao restaurants and closed 1 restaurant
in Southeast Asia that had been underperforming for a prolonged
period, resulting in an increase of 3 net new Haidilao
restaurants. Total number of Haidilao restaurants expanded
from 119 as of March 31, 2024 to 122 as of June 30, 2024.
- Total table turnover
rate1 and same-store table
turnover rate2 were both 3.8 times per
day, compared to 3.3 times per day in the same period of 2023.
- Had over 7.2 million
total guest visits, representing
an increase of 14.3% from 6.3 million in the same period of
2023.
- Same-store sales
growth3 was 6.6%.
Ms. Yang Lijuan, CEO & Executive Director of Super Hi,
commented, “During the second quarter of 2024, we focused on
enhancing our local restaurant management across key areas
including environment, services, products, and food safety. This
approach aims to improve guest satisfaction, strengthen guest
connections, and boost operational efficiency. Our efforts yielded
tangible results, with our table turnover rate increasing to 3.8
times per day, up 0.5 times per day from the same period of last
year. During the quarter, revenue grew by 12.5% year over year,
driven by the ongoing recovery of the macro environment and our
local restaurants’ concerted efforts to improve performance by
enhancing guest satisfaction, expanding our guest base, capturing
more diverse consumption scenarios, and optimizing product
offerings. Our achievements underscore our commitment to
sustainable growth and position us well for continued success in
the evolving restaurant industry landscape.”
Second Quarter 2024 Financial
ResultsRevenue was US$183.3 million,
representing an increase of 12.5% from US$163.0 million in the same
period of 2023.
- Revenue from Haidilao restaurant operations was US$176.2
million, representing an increase of 12.3% from US$156.9 million in
the same period of 2023. The increase was mainly driven by (i)
continued recovery in international markets; (ii) our continuous
efforts in increasing guest visits and table turnover rates; and
(iii) ongoing business expansion and increased brand
influence.
- Revenue from delivery business was US$2.3 million, representing
a decline of 11.5% from US$2.6 million in the same period of 2023.
The decline was primarily attributable to the strategic decision of
some restaurants to prioritize the dine-in business compared to the
same period of last year.
- Revenue from other business was US$4.8 million, representing an
increase of 37.1% from US$3.5 million in the same period of 2023.
The increase 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$61.7
million, representing an increase of 11.4% from US$55.4 million in
the same period of 2023. As a percentage of revenue, raw materials
and consumables decreased slightly to 33.7% in the second quarter
of 2024 from 34.0% in the same period of 2023.
Staff costs were US$62.7 million, representing
an increase of 14.8% from US$54.6 million in the same period of
2023. As a percentage of revenue, staff costs were 34.2%, compared
to 33.5% in the same period of 2023. The increase was primarily due
to (i) 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, (ii) the Company’s operation strategy of
ensuring sufficient number of employees to provide superior
customer experience, and (iii) the increase in statutory minimum
wages in several countries.
Income from operations4 was
US$8.5 million, representing a decline of 14.1% from US$9.9 million
in the same period of 2023. Income from operation margin5 was 4.6%,
compared to 6.1% in the same period of 2023. This decline in income
from operations was primarily due to (i) an increase in rentals and
related expenses of US$1.9 million, mainly representing increased
property management fees resulting from the opening of new
restaurants and the increase in variable lease payments in line
with the increase in revenue from relevant restaurants, and (ii)
listing expenses of US$1.8 million.
Loss for the period was US$0.1 million,
compared to a loss of US$2.2 million in the same period of 2023.
This change was mainly due to an increase in revenue compared to
the same period of 2023.
Basic and diluted net loss per
share were both approximating nil,
remaining flat compared to 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 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 from (loss) profit for the period.5
Calculated by dividing income from operation by total revenue.
Operational Highlights
Haidilao Restaurant PerformanceThe following table summarizes
key performance indicators of Haidilao’s restaurants for the
quarters indicated.
|
|
As of/For the Three Months Ended June 30, |
|
|
2024 |
|
2023 |
|
Number of restaurants |
|
|
|
|
Southeast Asia |
74 |
|
70 |
|
East Asia |
18 |
|
17 |
|
North America |
20 |
|
18 |
|
Others(1) |
10 |
|
10 |
|
Total |
122 |
|
115 |
|
|
|
|
|
|
Total guest visits (million) |
|
|
|
|
Southeast Asia |
5.1 |
|
4.5 |
|
East Asia |
0.7 |
|
0.6 |
|
North America |
0.9 |
|
0.7 |
|
Others(1) |
0.5 |
|
0.5 |
|
Overall |
7.2 |
|
6.3 |
|
|
|
|
|
|
Table turnover rate(2)
(times per day) |
|
|
|
|
Southeast Asia |
3.7 |
|
3.3 |
|
East Asia |
4.1 |
|
3.2 |
|
North America |
4.0 |
|
3.3 |
|
Others(1) |
3.9 |
|
3.7 |
|
Overall |
3.8 |
|
3.3 |
|
|
|
|
|
|
Average spending per guest(3)
(US$) |
|
|
|
|
Southeast Asia |
19.1 |
|
19.7 |
|
East Asia |
27.3 |
|
28.4 |
|
North America |
41.9 |
|
47.2 |
|
Others(1) |
42.4 |
|
40.3 |
|
Overall |
24.4 |
|
25.0 |
|
|
|
|
|
|
Average daily revenue per
restaurant(4) (US$ in
thousands) |
|
|
|
|
Southeast Asia |
15.1 |
|
14.4 |
|
East Asia |
15.2 |
|
11.6 |
|
North America |
20.7 |
|
18.8 |
|
Others(1) |
24.7 |
|
22.9 |
|
Overall |
16.9 |
|
15.4 |
| Notes: |
|
| (1) |
Others include Australia, the
United Kingdom and the United Arab Emirates. |
| (2) |
Calculated by dividing total
number of tables served for the periods 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 gross
revenue of Haidilao restaurant operation for the periods by total
guests served for the periods in the same geographic region. |
| (4) |
Calculated by dividing the
revenue of Haidilao restaurant operation for the periods by the
total Haidilao restaurant operation days of the periods 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 June 30, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
Number of Same Stores(1) |
|
|
|
|
Southeast Asia |
66 |
|
East Asia |
13 |
|
North America |
18 |
|
Others(5) |
8 |
|
Total |
105 |
|
|
|
|
|
|
Same Store Sales(2) (US$
in thousands) |
|
|
|
|
Southeast Asia |
90,736 |
|
89,692 |
|
East Asia |
17,725 |
|
14,474 |
|
North America |
34,862 |
|
30,848 |
|
Others(5) |
19,654 |
|
17,802 |
|
Total |
162,977 |
|
152,816 |
|
|
|
|
|
|
Average same store sales per
day(3) (US$ in
thousands) |
|
|
|
|
Southeast Asia |
15.1 |
|
14.9 |
|
East Asia |
15.0 |
|
12.2 |
|
North America |
21.3 |
|
18.8 |
|
Others(5) |
27.0 |
|
24.5 |
|
Total |
17.1 |
|
16.0 |
|
|
|
|
|
|
Average same store table turnover
rate(4) (times/day) |
|
|
|
|
Southeast Asia |
3.7 |
|
3.3 |
|
East Asia |
4.0 |
|
3.2 |
|
North America |
4.0 |
|
3.3 |
|
Others(5) |
4.2 |
|
3.9 |
|
Total |
3.8 |
|
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 second quarter
of 2023 and 2024, respectively. |
| (2) |
Refers to the aggregate gross
revenue from Haidilao restaurant operation at our same stores for
the periods indicated. |
| (3) |
Calculated by dividing the gross
revenue from Haidilao restaurant operation for the periods by the
total Haidilao restaurant operation days at our same stores for the
periods. |
| (4) |
Calculated by dividing the total
tables served for the periods by the product of total Haidilao
restaurant operation days for the period and average table count at
our same stores during the periods. |
| (5) |
Others include Australia, the
United Kingdom and the United Arab Emirates. |
| |
|
Recent DevelopmentsOn June 21, 2024, the
Company announced the appointment of Ms. Yang Lijuan as the new
Chief Executive Officer and as executive director of the Company,
effective July 1, 2024.
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 over 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
June 30, 2024, Super Hi had 122 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.comPhone: +1 (212) 574-7992
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 June 30, |
| |
2024 |
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
| |
|
|
|
Revenue |
183,283 |
|
162,993 |
|
| Other income |
2,375 |
|
2,387 |
|
| Raw materials and consumables
used |
(61,734 |
) |
(55,416 |
) |
| Staff costs |
(62,692 |
) |
(54,615 |
) |
| Rentals and related
expenses |
(4,699 |
) |
(2,761 |
) |
| Utilities expenses |
(6,858 |
) |
(6,397 |
) |
| Depreciation and
amortization |
(18,544 |
) |
(20,097 |
) |
| Travelling and communication
expenses |
(1,731 |
) |
(1,226 |
) |
| Listing expenses |
(1,832 |
) |
- |
|
| Other expenses |
(17,726 |
) |
(14,301 |
) |
| Other losses - net |
(5,785 |
) |
(8,873 |
) |
| Finance costs |
(1,937 |
) |
(1,991 |
) |
| Profit (Loss) before
tax |
2,120 |
|
(297 |
) |
| Income tax expense |
(2,224 |
) |
(1,870 |
) |
| Loss for the
period |
(104 |
) |
(2,167 |
) |
| |
|
|
| Other comprehensive
income |
|
|
| Item that may be
reclassified subsequently to profit or
loss: |
|
|
| Exchange differences arising
on translation of foreign operations |
7,143 |
|
10,477 |
|
| Total comprehensive
income for the period |
7,039 |
|
8,310 |
|
| |
|
|
| Loss for the period
attributable to: |
|
|
| Owners of the Company |
(126 |
) |
(2,074 |
) |
| Non-controlling interests |
22 |
|
(93 |
) |
| |
(104 |
) |
(2,167 |
) |
| |
|
|
| Total comprehensive
income attributable to: |
|
|
| Owners of the Company |
7,017 |
|
8,403 |
|
| Non-controlling interests |
22 |
|
(93 |
) |
| |
7,039 |
|
8,310 |
|
| |
|
|
| (Loss) Earnings per
share |
|
|
| Basic and diluted (USD) |
(0.00 |
) |
(0.00 |
) |
| |
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
|
As at June 30, |
As at December 31, |
| |
2024 |
2023 |
| |
USD’000 |
USD’000 |
|
|
|
|
|
|
| Non-current
Assets |
|
|
|
|
| Property, plant and
equipment |
159,881 |
|
168,724 |
|
| Right-of-use assets |
161,604 |
|
167,641 |
|
| Intangible assets |
298 |
|
402 |
|
| Deferred tax assets |
1,625 |
|
1,995 |
|
| Other receivables |
1,960 |
|
1,961 |
|
| Prepayment |
242 |
|
295 |
|
| Rental and other deposits |
18,683 |
|
16,903 |
|
| |
344,293 |
|
357,921 |
|
| |
|
|
|
|
| Current
Assets |
|
|
|
|
| Inventories |
26,632 |
|
29,762 |
|
| Trade and other receivables
and prepayments |
29,489 |
|
29,324 |
|
| Financial assets at fair value
through profit or loss |
77,130 |
|
- |
|
| Rental and other deposits |
2,920 |
|
3,882 |
|
| Pledged bank deposits |
2,994 |
|
3,086 |
|
| Bank balances and cash |
140,659 |
|
152,908 |
|
| |
279,824 |
|
218,962 |
|
| |
|
|
|
|
| Current
Liabilities |
|
|
|
|
| Trade payables |
32,994 |
|
34,375 |
|
| Other payables |
31,230 |
|
34,887 |
|
| Amounts due to related
parties |
840 |
|
842 |
|
| Tax payable |
7,713 |
|
9,556 |
|
| Lease liabilities |
38,389 |
|
38,998 |
|
| Contract liabilities |
8,334 |
|
8,306 |
|
| Provisions |
721 |
|
1,607 |
|
| |
120,221 |
|
128,571 |
|
| |
|
|
|
|
| Net Current
Assets |
159,603 |
|
90,391 |
|
| |
|
|
|
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
| |
As at June 30, |
As at December 31, |
| |
2024 |
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
|
Non-current Liabilities |
|
|
|
Deferred tax liabilities |
1,273 |
|
1,347 |
|
| Lease
liabilities |
154,420 |
|
163,947 |
|
| Contract
liabilities |
2,533 |
|
3,098 |
|
| Provisions |
8,833 |
|
7,799 |
|
| |
167,059 |
|
176,191 |
|
| |
|
|
| Net
Assets |
336,837 |
|
272,121 |
|
| |
|
|
| |
|
|
| Capital
and Reserves |
|
|
| Share capital |
3 |
|
3 |
|
| Shares held under
share award scheme |
* |
|
* |
|
| Share premium |
550,593 |
|
494,480 |
|
| Reserves |
(215,728 |
) |
(224,397 |
) |
| Equity
attributable to owners of the Company |
334,868 |
|
270,086 |
|
| Non-controlling
interests |
1,969 |
|
2,035 |
|
| Total
Equity |
336,837 |
|
272,121 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
For the three months ended June 30, |
| |
2024 |
2023 |
| |
USD’000 |
USD’000 |
| |
|
|
|
Net cash from operating activities |
23,984 |
|
36,011 |
|
| Net cash (used in)
from investing activities |
(18,726 |
) |
1,051 |
|
| Net cash from
(used in) financing activities |
45,348 |
|
(11,667 |
) |
| Net
increase in cash and cash equivalents |
50,606 |
|
25,395 |
|
| Cash and cash
equivalents at beginning of the period |
90,031 |
|
93,311 |
|
| Effect of foreign
exchange rate changes |
22 |
|
230 |
|
| Cash and
cash equivalents at end of the period |
140,659 |
|
118,936 |
|
| |
Super Hi (NASDAQ:HDL)
Historical Stock Chart
From Oct 2024 to Nov 2024
Super Hi (NASDAQ:HDL)
Historical Stock Chart
From Nov 2023 to Nov 2024
