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Q1 (2013-14): Mc Donald’s sales in first quarter up by 0.5%
Posted On: 03-09-2013 01:04:00 AM

As per a report in Economic Times, Hardcastle Restaurants, the joint venture partner of McDonald's in the West and South of India, has reported a sales growth of only 0.5% in the first quarter (April – June) of this year.

Same stores sales in the last few years have been good, with financial year 2012 showing a growth of 22% but last year this figure had already fallen to 6.2%. Still, the company continues to be bullish and plans to open another 75-100 outlets in the coming years. This reflects the company’s optimism in the Indian context, given that it took the company 17 years to build the first 166 outlets. In the last year itself the company opened 32 new restaurants. The investment in a new restaurant is typically Rs 2.5-3 crore. With a plan to set up 75 to 100 restaurants the CAPEX alone is expected to be 250 to 300 crore.

Hardcastle Restaurants is a direct subsidiary of Westlife Development that got re-listed on the BSE last month. Westlife Development had last month raised Rs 180 crore through preferential issue of shares to Arisaig India Fund, following the Bombay High Court's nod for merging Hardcastle Restaurants as its direct subsidiary. Westlife Development recorded revenues of Rs 684.3 crore in FY13, close to 98 % of the firm's business is from McDonald's.

 
 
 

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