BRIEF: Jiumaojiu reports same-store sales growth for its Tai Er chain in first quarter

Jiumaojiu International Holdings Ltd. (9922.HK) said on Friday that same-store sales for self-operated restaurants from its core Tai Er chain rose 6.9% in the first quarter, as a 10.9% rise for stores on the Chinese Mainland was partly offset by a 13.5% decline for other regions.

“In overseas markets, the same store average daily sales of Tai Er faced pressure, mainly due to a slight decline in average customer spending resulting from menu structure adjustments and changes in external market conditions in some overseas regions,” the company said.

The table turnover rate for the Tai Er chain was 3.5 in the first quarter, up from 3.1 last year.

Jiumaojiu had 482 Tai Er restaurants at the end of March, accounting for 78% of its total stores, down from 499 at the end of last year. Its second-largest brand, Jiu Mao Jiu, had 62 stores at the end of March, down from 63 at the end of last year; while its Song Hot Pot chain had 59 stores, down from 62 at the end of last year.

Jiumaojiu shares are down 30% over the last 52 weeks.

By Doug Young

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