VAUGHAN, Ont. — Recipe Unlimited Corp. is reporting a big increase in its third-quarter results with net income surging from last year and nearly doubling its 2019 profits.
The Ontario-based restaurant company says it earned $13.2 million or 23 cents per diluted share in the quarter, up from $5.2 million or nine cents per share a year earlier and $6.7 million or 11 cents per share in the third quarter of 2019.
Adjusted profits reached $27.6 million or 47 cents per diluted share, up from $16.1 million or 28 cents per share in the prior year quarter and $19.5 million or 31 cents per share in the 2019 period.
Total system sales for the the three months ended Sept. 26 grew 23.3 per cent from a year ago to $834.2 million and up 48.5 per cent from the second quarter.
But they were down four per cent from the 2019 quarter as the number of restaurants decreased to 1,284 from 1,355 last year and 1,375 two years ago.
Recipe Unlimited operates and franchises restaurant brands including Swiss Chalet, Harvey’s, The Keg, St-Hubert, Montana’s and Kelsey’s. The company sold its Milestones restaurant brand on Sept. 26.
“We are encouraged by our third-quarter results and the enthusiastic return of guests to our restaurants,” stated CEO Frank Hennessey, who noted strong earnings despite dining room closures at the start of the quarter.
E-commerce sales increased 16.9 per cent to $134.1 million compared with the prior year while retail and catering sales were up 8.2 per cent to $93.4 million.
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