BRIEF: ‘Sauerkraut Fish’ parent Jiumaojiu reports sharp same-store sales declines
Chinese restaurant operator Jiumaojiu (9922.HK) announced on Friday that average daily same-store sales for its self-operated Tai Er, Song Hotpot and Jiu Mao Jiu chains fell 24.6%, 26.9% and 18.5% year-on-year in the fourth quarter of 2024, respectively.
Tai Er’s table turnover rate fell to 3.0 in the fourth quarter from 3.6 in the previous quarter and 4.1 for all 2023; Song Hotpot also dropped from 3.0 in the third quarter to 2.7 in the fourth; and Jiu Mao Jiu dropped from 2.8 to 2.4 over that period.
However, average spending per customer saw slight growth. Tai Er’s per capita spending increased from 69 yuan in the third quarter to 72 yuan in the fourth quarter, Song Hot Pot rose from 97 yuan to 99 yuan, while Jiu Mao Jiu remained unchanged at 54 yuan.
As of the end of last December, the total number of Tai Er restaurants stood at 634, down by 20 from the end of September. Song Hot Pot added one outlet to reach 80, while Jiu Mao Jiu decreased by one to 71. Across all brands, the total number of restaurants was 807, a net decrease of 17 compared to the previous quarter.
By Lee Shih Ta
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