(Montreal) Franchisor and restaurant operator MTY Food Group reports first quarter 2022 net income attributable to owners of $16.6 million, or $0.68 per share on a diluted basis, compared to 13, 4 million, or $0.54 per share on a diluted basis in the corresponding quarter of fiscal year 2021.
Posted at 6:38 a.m.
Network revenues amounted to 885.7 million, up 16% compared to the first quarter of 2021.
MTY Food Group adds that 82 restaurants were temporarily closed at the start of the quarter and 69 at its close. During the quarter, 225 establishments were closed for one day or more.
At the end of the quarter, the MTY network had 6,704 locations in operation, including 89 company-operated and 6,615 franchised. Among establishments, 54% were in the United States, 39% in Canada and 7% elsewhere.
MTY CEO Éric Lefebvre says the Montreal-based company is pleased with its overall financial results which were achieved despite strict public health measures in place in Canada for most of the first quarter of 2022 due to the Omicron variant of COVID-19.
MTY is also very encouraged by the opening of 75 new establishments in the first quarter.
Looking ahead, MTY anticipates a continued recovery in Canada with the lifting of public health measures. In the United States, the increase in comparable figures will be more modest, according to Éric Lefebvre, since most states had already relaxed measures in the restaurant industry over the past year.
But due to the dynamic nature of COVID-19, the company says it is unable to specify its possible impact on its long-term financial performance.
Among the dozens of brands owned by MTY Food Group are Bâton Rouge, Casa grec, Ben & Florentine, La Crémière, Sushi Shop, Mikes and Scores.