Super Hi International Holding Ltd Reports Second Quarter FY2024 Financial Results
Intellectia.AI Updated: 2024-08-27
Super Hi International Holding Ltd. Reports Second Quarter FY2024 Financial Results
Overview
Super Hi International Holding Ltd. (NASDAQ: HDL), a prominent Chinese cuisine restaurant brand operating Haidilao hot pot restaurants internationally, announced its unaudited financial results for the second quarter of FY2024 ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 FY2024 | Q2 FY2023 | Q1 FY2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue | $183.3 million | $163.0 million | $175.5 million | +12.5% | +4.4% |
| Loss for the Period | $0.1 million | $2.2 million | $1.7 million | -95.5% | -94.1% |
| Basic and Diluted Net Loss per Share | N/A | N/A | N/A | N/A | N/A |
(*) Basic and diluted net loss per share were both approximating nil, remaining flat compared to the same period of 2023.
Interpretation:
Super Hi demonstrated commendable financial performance, highlighted by a revenue growth of 12.5% year-over-year. The reduced loss for the period from $2.2 million to $0.1 million indicates significant improvement in operational efficiency and cost management.
Revenue Breakdown by Segment
| Segment | Q2 FY2024 | Q2 FY2023 | YoY Change |
|---|---|---|---|
| Haidilao Restaurant Operations | $176.2 million | $156.9 million | +12.3% |
| Delivery Business | $2.3 million | $2.6 million | -11.5% |
| Other Business | $4.8 million | $3.5 million | +37.1% |
Interpretation:
Revenue from Haidilao restaurant operations saw a healthy increase of 12.3%, mainly due to international market recovery, enhanced guest visits, and increased table turnover rates. The delivery business experienced a decline, likely due to a strategic shift towards prioritizing the dine-in experience. Other business revenue grew significantly by 37.1%, driven by the rising popularity of hot pot condiment products and branded food products.
Key Developments and Operational Highlights
- Opened 4 new Haidilao restaurants and closed 1 underperforming restaurant in Southeast Asia.
- Expanded total number of Haidilao restaurants from 119 to 122.
- Improved total table turnover rate and same-store table turnover rate to 3.8 times per day, up from 3.3 times.
- Achieved over 7.2 million total guest visits, a 14.3% increase from 6.3 million.
- Same-store sales growth of 6.6%.
Comments from Company Officers
Ms. Yang Lijuan, CEO & Executive Director, stated:
"During the second quarter of 2024, our focus on enhancing local restaurant management, encompassing environment, services, products, and food safety, has shown tangible results. Our revenue growth of 12.5% year-over-year reflects the ongoing recovery of the macro environment and our concerted efforts to improve guest satisfaction and expand our guest base. We are committed to sustainable growth and are well-positioned for continued success in the evolving restaurant industry landscape."
Dividends and Share Repo Program
- No information provided.
Forward Guidance
- The company did not issue any forward guidance.
Stock Price Movement
- The stock price changed by -0.77% after the earnings release.
This earnings report highlights Super Hi's strong revenue growth and significant improvements in guest engagement and operational efficiencies, indicating a positive outlook amidst an evolving market landscape.
