As lockdown restrictions ease, Spur says September turnover exceeded expectations

0:00
play article
Subscribers can listen to this article
(iStock)
(iStock)

The Spur Corporation has reported its best month of sales since the lockdown restrictions were relaxed to allow sit-down restaurant service at the end of June.

In a trading update on Thursday, Spur said its SA restaurants traded at 73.8% of last year's turnover for September, an improvement from just 36.5% for July and 56.7% for August.

Spur owns Spur Steak Ranches, Italian food franchise Panarottis, seafood restaurant John Dory’s, burger joint RocoMamas and steak restaurant Hussar Grill.

The strongest performing brands for September were The Hussar Grill at 93.7% of last year's turnover, and RocoMamas at 86.5%.

Spur has been beset by leadership changes in recent months with its Chief Executive Officer Pierre van Tonder announcing his retirement, while Chief Operating Officer Mark Farrelly and Chief Financial Officer Phillip Matthee both announced their resignations.  

Outgoing CEO Van Tonder, in a statement, said the recovery in restaurant turnover had "exceeded management's expectations".

"The improving monthly growth trend is particularly encouraging in the tight consumer environment where spending is under intense pressure."

A week ago Spur named Val Nichas as its new CEO effect from January 2021.

The group's annual results for the year ended 30 June will be released in mid-November. 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
16.31
(+0.16)
ZAR/GBP
21.43
(+0.06)
ZAR/EUR
19.34
(+0.08)
ZAR/AUD
11.60
(+0.03)
ZAR/JPY
0.16
(-0.01)
Gold
1918.50
(-0.14)
Silver
24.91
(-0.10)
Platinum
889.00
(+0.68)
Brent Crude
42.06
(-3.35)
Palladium
2393.00
(+0.83)
All Share
54814.59
(-0.96)
Top 40
50368.64
(-1.05)
Financial 15
10130.52
(-0.08)
Industrial 25
73952.80
(-0.84)
Resource 10
53612.84
(-1.53)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
26% - 42 votes
No, I did not.
48% - 78 votes
My landlord refused
25% - 41 votes
Vote