MONTREAL — MTY’s network of restaurants achieved same-store sales growth of 1.2 per cent during the first quarter of 2016, according to results of its operations released yesterday.
The franchisor and operator of multiple restaurant concepts also reported net income attributable to owners increased by 27 per cent compared to the first quarter of 2015, while EBITDA grew by 16 per cent, fuelled by both a nine-per-cent increase in revenues and improved margins.
Another notable result was a 15-per-cent increase in cash flows from operations — at the end of the quarter, the company had $34.0 million in cash, net of the line of credit of one of its subsidiaries. System sales increased by six per cent, to reach $261.9 million in the first quarter of 2016.
At the end of the quarter, MTY’s network had 2,724 locations — 44 corporate and 2,680 franchised. During the quarter, 46 new stores were opened and 60 were closed.