MONTREAL — Sportscene Group Inc. reports that for the 13-week period ending Feb. 26, 2017, total network sales rose 16.3 per cent to $29.8 million. Since the beginning of fiscal 2017, total sales have grown by 9.7 per cent over the previous year to total $57.9 million — despite a fewer number of restaurants in operation this year following the network optimization carried out in the summer 2016. The network’s recent sales growth is primarily attributable to the increase in average same-Cage-sales. The company’s revenues increased by $2.2 million (three per cent) due primarily to growth of 11.4 per cent in the restaurant segment’s revenues.
Sportscene’s consolidated adjusted EBITDA increased by 50.4 per cent in the second quarter and by 42 per cent since the start of the fiscal year (to $1.5 million and $3.4 million respectively).
The company closed the second quarter of fiscal 2017 with net earnings of $0.1 million or $0.2 per share (basic and diluted) compared with a net loss of $0.1 million and $0.01 per share for the same quarter last year. For the first six months of fiscal 2017, it recorded year-to-date net earnings of $0.6 million or $0.15 per share compared with net earnings of $0.1 million and $0.04 per share for the corresponding period of the previous year.
“We are satisfied and encouraged by the upward trend that has gained momentum during each period since mid-fiscal 2016,” says Jean Bédard, president and CEO, adding that that the upgrading of La Cage’s food offering and brand image continues to produce concrete results, while the success met by the new Cage design shows no signs of abating as, quarter after quarter, the renovated Cages continue to enjoy customer traffic growth rates well above the network average. Five additional Cages were completely renovated during the first six months of fiscal 2017, bringing the total number of outlets showcasing the new La Cage image to 20.