Quick service and casual dining group Famous Brands, South Africa’s most popular fast food chain, said rising fuel costs and inflationary pressures had led to significant price hikes, a trend that is expected to continue.
In reporting its interim results for the six months ending August 2022, the group notes that consumers are facing increasing financial pressure due to rising inflation and interest rates.
During the study period, South African consumers faced a number of macroeconomic problems exacerbated by the inflationary environment. Rising prices for fuel and groceries, especially oils, fats, breads, cereals, soft drinks and electricity, were the main drivers of inflation. Forcing significant price rising further increases throughout the rest of the year are expected.
Since all Covid-19 restrictions were lifted in June 2022, the restaurant industry has seen a shift in consumer behavior as consumers return to restaurants, resume travel and attend sporting events.
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The lifting of Covid-19 restrictions has slowed the growth of delivery channels as consumers have returned to sit-down dining and ordering takeout, the group said. However, as consumer behavior shifts towards e-commerce convenience in the long term, home delivery will remain a channel to watch. Bulk orders continued to grow positively as consumers continued to use the channel after the pandemic. For the rest of the year, the Group will focus on expanding its supply and logistics channels, seeking to take advantage of the best real estate space for rental as the market becomes more competitive.
F&B groups such as Wimpy performed well throughout this period. Total turnover increased by 19% to R379 million (2021: R444,43004 million). This revenue is 11% higher than R3 222 million (excluding Gourmet Burger Kitchen) for the period equivalent to August 2019, demonstrating a strong recovery from Covid-19. Operating profit increased by 77% to R393 million and gross profit per share increased to 215 cents (2021: 97 cents). Sales of leading brands increased by 25% to R431 million, while sales of signature brands showed a strong recovery, up 68% to R103 million.
Improved trading terms for franchise partners have allowed Famous Brands to settle most of his Covid-19-related license relief packages. Home delivery channel growth slowed as Covid-19 restrictions lifted consumers back to home delivery channels.
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