MONTREAL — According to Sportscene Group Inc.’s results for the first quarter of fiscal 2019, following three years of sustained growth, the company’s strategic repositioning has been successfully completed, as its performance continues to meet expectations in terms of restaurant traffic, increased sales, higher profitability and improved financial health.
For the 13-week period ending November 25, 2018, Sportscene Group’s consolidated revenues grew by 10.7 per cent to $28 million, reflecting the strong performance of its core business — the restaurant segment — whose revenues were up by 11 per cent thanks to the increase in restaurants’ total sales. The company closed the quarter with net earnings of $1 million, or $0.25 per share, up 27.9 per cent compared to the same quarter last year.
“Sportscene’s financial health allows us to pursue our growth strategy, as demonstrated by our recent acquisition of Moishes,” says Jean Bédard, president and CEO. “Last December, we joined forces with the Moishes team to ramp up development of this business, which includes its internationally renowned steakhouse, its trademarks and the distribution operations for the Moishes product line sold in leading Quebec grocery chains. Looking forward, we will continue to develop our brand portfolio along with our expertise, in order to maintain a healthy growth rate.”
The company is currently pursuing optimization and expansion of the La-Cage banner, while maintaining its local-procurement strategy focused on quality and freshness. The opening of a corporate La Cage location is scheduled in the next few months.
Last September, the company opened a L’Avenue restaurant in Boucherville, Que. — the third unit to operate under that banner. Additionally, it has developed its new À Domicile concept, the first unit of which will open this month. The company also plans to expand its PF Chang’s Asian-cuisine banner in summer 2019.