VAUGHAN, Ont. — Cara Operations has continued on an upwards trajectory since the company went public in April.
The Vaughan, Ont.-based parent company of brands such as Swiss Chalet, Harvey’s, Kelsey’s and Bier Markt announced its second quarter results yesterday. “We had a solid second quarter and are pleased with our year-to-date results,” said Bill Gregson, CEO.
Total same restaurant sales climbed 3.2 per cent during the quarter, rounding out six consecutive quarters of growth. Total system sales grew by 4.6 per cent to $437 million, a $19.2-million increase over the same quarter last year. Meanwhile, with the proceeds from the IPO in the spring, it reduced its debt by $234.6 million and purchased the remainder of the Landing Group.
Despite its progress, Cara’s management says it stays cautious about the Canadian economy and its challenges in Western Canada, so marketing programs will be launched during the third quarter to target the western provinces and combat the slowdown.
The group aims to open 24 net new restaurants in the second half of 2015, followed by 30 to 50 net new openings pear year beginning in 2016.
