Taiwan’s major restaurant operators reported an increase in revenues last year, supported by the nation’s economic recovery and expansions at home and overseas.
Restaurant operator Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團) saw its consolidated sales last year increase 11.7 percent to NT$3.85 billion (US$120.51 million) on the back of an expansion in the number of its outlets.
Consolidated sales last month reached NT$313 million, representing a 6.75 percent year-on-year increase, TTFB said in a statement released yesterday.
The company attributed the strong growth in sales to its strategy of increasing its number of outlets in a bid to secure more market share.
The group operates five restaurant chains which have a total of 101 outlets, compared with the 90 outlets it had by the end of 2015, company data showed.
TTFB plans to open 25 outlets in Taiwan and China this year, with its new Chinese cuisine brand RICE BAR (時時香) this month scheduled to start operations in Taichung.
As for the group’s mid-term plans, TTFB said that it is to launch six new restaurant chains and to expand its footprint in the US in the coming three years, which would boost its total number of outlets to more than 180 worldwide.
TTFB stock remained unchanged at NT$219 per share in Taipei trading yesterday, while the benchmark TAIEX rose 0.08 percent to 9,349.64 points.
Taiwan’s other two major listed restaurant operators also posted increases in consolidated sales for last month.
Gourmet Master Co (美食達人), which operates the 85°C (85度C) bakery and coffee chain in Taiwan, China, Hong Kong, Australia and the US, saw revenue for last month rise 0.79 percent year-on-year to NT$1.96 million.
Consolidated revenue last year totaled NT$22.1 billion, an increase of 7.89 percent from the same period last year, the company said in a filing with the Taiwan Stock Exchange.
The performance was due to fast expansion in the US and robust growth momentum in China, the company said in a statement yesterday.
Revenue from China makes up nearly 70 percent of Gourmet Master’s total sales, company data showed.
A Gourmet Master official gave an optimistic sales outlook for the current quarter, saying that sales are expected to grow on the back of strong demand over the Lunar New Year holiday.
Meanwhile, Wowprime Corp (王品集團), which owns 17 restaurant chains with a total of 407 outlets, posted a 1.61 percent year-on-year increase in sales for last month of NT$1.42 billion, a company statement showed.
The firm’s accumulated sales last year declined 4 percent to NT$16.1 billion.