RIO DE JANEIRO, Brazil--(BUSINESS WIRE)--Brazil Fast Food Corp. (OTC Bulletin Board: BOBS - News) (“Brazil Fast Food”, or the “the Company”) the second largest fast-food restaurant chain with 630 points of sale, operating under the Bob’s, KFC and Pizza Hut brands in Brazil, reported today financial results for the second quarter ended on June 30, 2008.Second Quarter 2008 Highlights
System-wide sales reached R$ 122.32 million, up 15.1% from the second quarter of 2007 Total revenue reached R$25.6 million, up 5.7% from the second quarter of 2007 Operating loss totaled R$10 thousand Net income was R$39 thousand
“Despite a difficult environment in the second quarter evidenced by an acceleration of inflation, a tightening of monetary policy and the consequent slow down in discretionary consumer spending, we feel we have positioned our business well for future profitable growth,” said Mr. Ricardo Bomeny, Chairman and CEO of Brazil Fast Food. “After the weak performance of our own-stores’ sales in the first quarter that extended into April with a cumulative decline of 14.1%, we experienced an expressive recovery with 4.2% growth in May,3.1% growth in June and 29.2% in July compared to the same period in 2007, which we believe are the result of our successful marketing campaigns and a net improvement in the climatic conditions in the regions we have our stores. We are particularly encouraged by the steady growth of our system-wide sales, as well as our healthy same store sales growth of 7.1% in the quarter, which gives us confidence that our investments in improving customer experience and strengthening our brand, are paying off. Additionally, our recent acquisition of Internacional Restaurantes do Brasil, Pizza Hut’s largest franchise in Brazil is another important step in the execution of our business strategy to become the leading multi-brand fast food restaurant chain in Brazil, to leverage our operating expertise to accelerate our growth in the quarters and years ahead.”
Read More
