Super Hi Reports Unaudited Financial Results for the Second Quarter of 2024
Super Hi International Holding (NASDAQ: HDL) reported its Q2 2024 financial results, showing strong growth. Revenue increased 12.5% year-over-year to US$183.3 million, driven by recovery in international markets and improved restaurant performance. The company expanded its Haidilao restaurant network to 122 locations, opening 4 new restaurants and closing 1 underperforming outlet. Total guest visits rose 14.3% to 7.2 million, with table turnover rate improving to 3.8 times per day. Despite revenue growth, income from operations declined 14.1% to US$8.5 million due to increased expenses. The company reported a narrow loss of US$0.1 million, an improvement from the US$2.2 million loss in Q2 2023. Super Hi's CEO highlighted efforts to enhance local restaurant management and improve guest satisfaction.
Super Hi International Holding (NASDAQ: HDL) ha riportato i risultati finanziari per il secondo trimestre del 2024, mostrando una forte crescita. I ricavi sono aumentati del 12,5% rispetto all'anno precedente, raggiungendo 183,3 milioni di dollari USA, sostenuti dal recupero nei mercati internazionali e dalle prestazioni migliorate dei ristoranti. L'azienda ha ampliato la rete di ristoranti Haidilao a 122 sedi, aprendo 4 nuovi ristoranti e chiudendo 1 punto vendita non performante. Le visite totali dei clienti sono aumentate del 14,3%, arrivando a 7,2 milioni, con un miglioramento del tasso di rotazione dei tavoli a 3,8 volte al giorno. Nonostante la crescita dei ricavi, il reddito operativo è diminuito del 14,1%, scendendo a 8,5 milioni di dollari USA a causa dell'aumento delle spese. L'azienda ha riportato una perdita ridotta di 0,1 milioni di dollari USA, un miglioramento rispetto alla perdita di 2,2 milioni di dollari USA nel secondo trimestre del 2023. Il CEO di Super Hi ha sottolineato gli sforzi per migliorare la gestione locale dei ristoranti e aumentare la soddisfazione dei clienti.
Super Hi International Holding (NASDAQ: HDL) reportó sus resultados financieros del segundo trimestre de 2024, mostrando un fuerte crecimiento. Los ingresos aumentaron un 12.5% en comparación con el año anterior, alcanzando los 183.3 millones de dólares estadounidenses, impulsados por la recuperación en los mercados internacionales y el mejor rendimiento de los restaurantes. La compañía ampliará su red de restaurantes Haidilao a 122 ubicaciones, abriendo 4 nuevos restaurantes y cerrando 1 establecimiento no rentables. El total de visitas de clientes aumentó un 14.3% a 7.2 millones, con un aumento en la rotación de mesas a 3.8 veces por día. A pesar del crecimiento de los ingresos, el ingreso de las operaciones disminuyó un 14.1% a 8.5 millones de dólares estadounidenses debido a un aumento en los gastos. La compañía reportó una pérdida reducida de 0.1 millones de dólares, una mejora comparada con la pérdida de 2.2 millones de dólares en el segundo trimestre de 2023. El CEO de Super Hi destacó esfuerzos para mejorar la gestión de los restaurantes locales y aumentar la satisfacción del cliente.
슈퍼 하이 인터내셔널 홀딩( NASDAQ: HDL)이 2024년도 2분기 재무 결과를 발표하며 강력한 성장을 나타냈습니다. 수익은 전년 대비 12.5% 증가한 1억 8,330만 달러로, 국제 시장의 회복과 개선된 식당 성과에 힘입었습니다. 이 회사는 하이딜라오 레스토랑 네트워크를 122곳으로 확장했습니다, 신규로 4개의 레스토랑을 개설하고 1개의 저조한 매장을 폐쇄했습니다. 총 고객 방문 수는 14.3% 증가하여 720만 명에 달했습니다, 테이블 회전율은 하루 3.8배로 개선되었습니다. 수익이 증가했음에도 불구하고, 운영 수익은 14.1% 감소하여 850만 달러에 그쳤으며, 이는 지출 증가 때문입니다. 이 회사는 10만 달러의 소규모 손실을 기록했습니다, 이는 2023년도 2분기에서 220만 달러의 손실보다 개선된 수치입니다. 슈퍼 하이의 CEO는 지역 식당 관리 개선과 고객 만족도를 높이기 위한 노력을 강조했습니다.
Super Hi International Holding (NASDAQ: HDL) a publié ses résultats financiers pour le deuxième trimestre de 2024, affichant une forte croissance. Le chiffre d'affaires a augmenté de 12,5 % par rapport à l'année précédente pour atteindre 183,3 millions de dollars américains, soutenu par la reprise des marchés internationaux et l'amélioration des performances des restaurants. La société a étendu son réseau de restaurants Haidilao à 122 établissements, en ouvrant 4 nouveaux restaurants et en fermant 1 point de vente sous-performant. Le nombre total de visites des clients a augmenté de 14,3 % pour atteindre 7,2 millions, avec un taux de rotation des tables amélioré à 3,8 fois par jour. Malgré la croissance du chiffre d'affaires, le résultat opérationnel a diminué de 14,1 % pour atteindre 8,5 millions de dollars américains en raison de l'augmentation des dépenses. L'entreprise a annoncé une perte réduite de 0,1 million de dollars américains, une amélioration par rapport à la perte de 2,2 millions de dollars au deuxième trimestre 2023. Le PDG de Super Hi a souligné les efforts pour améliorer la gestion des restaurants locaux et accroître la satisfaction des clients.
Super Hi International Holding (NASDAQ: HDL) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, die ein starkes Wachstum zeigen. Der Umsatz stieg im Jahresvergleich um 12,5% auf 183,3 Millionen US-Dollar, was auf die Erholung der internationalen Märkte und verbesserten Restaurantleistungen zurückzuführen ist. Das Unternehmen erweitert sein Haidilao-Restaurantnetzwerk auf 122 Standorte, indem es 4 neue Restaurants eröffnet und 1 schwach performendes Geschäft schließt. Die Gesamtzahl der Gästebesuche stieg um 14,3% auf 7,2 Millionen, wobei die Tischumschlagrate auf 3,8 Mal pro Tag verbessert wurde. Trotz des Umsatzwachstums sank der Betriebsertrag um 14,1% auf 8,5 Millionen US-Dollar aufgrund steigender Kosten. Das Unternehmen meldete einen geringen Verlust von 0,1 Millionen US-Dollar, was eine Verbesserung im Vergleich zum Verlust von 2,2 Millionen US-Dollar im zweiten Quartal 2023 darstellt. Der CEO von Super Hi hob die Bemühungen hervor, das lokale Restaurantmanagement zu verbessern und die Kundenzufriedenheit zu erhöhen.
- Revenue increased 12.5% year-over-year to US$183.3 million
- Total guest visits rose 14.3% to 7.2 million
- Table turnover rate improved to 3.8 times per day from 3.3 times in Q2 2023
- Same-store sales growth was 6.6%
- Net restaurant count increased by 3, expanding to 122 locations
- Income from operations declined 14.1% to US$8.5 million
- Income from operation margin decreased to 4.6% from 6.1% in Q2 2023
- Reported a loss of US$0.1 million for the quarter
- Staff costs increased to 34.2% of revenue from 33.5% in Q2 2023
- Revenue from delivery business declined 11.5% year-over-year
Insights
Super Hi's Q2 2024 results show mixed performance. Revenue grew
The company's expansion strategy continues, with 3 net new restaurants opened. Same-store sales growth of
While the company narrowed its losses, achieving near break-even, investors should monitor cost management and expansion pace to ensure sustainable growth.
Super Hi's Q2 results reflect the ongoing recovery in international markets for Chinese cuisine, particularly hot pot. The company's focus on enhancing local restaurant management and guest satisfaction appears to be paying off, with table turnover rates increasing from 3.3 to 3.8 times per day.
Interestingly, the company's strategic shift to prioritize dine-in over delivery led to an
The varying performance across regions is noteworthy. While Southeast Asia remains the largest market, North America shows the highest average spending per guest at
SINGAPORE, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Super Hi International Holding Ltd. (NASDAQ: HDL and HKEX: 9658) (“Super Hi” or the “Company”), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants in the international market, today announced its unaudited financial results for the second quarter of FY2024 ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenue was US
$183.3 million , representing an increase of12.5% from US$163.0 million in the same period of 2023. - In the second quarter of 2024, the Company opened 4 new Haidilao restaurants and closed 1 restaurant in Southeast Asia that had been underperforming for a prolonged period, resulting in an increase of 3 net new Haidilao restaurants. Total number of Haidilao restaurants expanded from 119 as of March 31, 2024 to 122 as of June 30, 2024.
- Total table turnover rate1 and same-store table turnover rate2 were both 3.8 times per day, compared to 3.3 times per day in the same period of 2023.
- Had over 7.2 million total guest visits, representing an increase of
14.3% from 6.3 million in the same period of 2023. - Same-store sales growth3 was
6.6% .
Ms. Yang Lijuan, CEO & Executive Director of Super Hi, commented, “During the second quarter of 2024, we focused on enhancing our local restaurant management across key areas including environment, services, products, and food safety. This approach aims to improve guest satisfaction, strengthen guest connections, and boost operational efficiency. Our efforts yielded tangible results, with our table turnover rate increasing to 3.8 times per day, up 0.5 times per day from the same period of last year. During the quarter, revenue grew by
Second Quarter 2024 Financial Results
Revenue was US
- Revenue from Haidilao restaurant operations was US
$176.2 million , representing an increase of12.3% from US$156.9 million in the same period of 2023. The increase was mainly driven by (i) continued recovery in international markets; (ii) our continuous efforts in increasing guest visits and table turnover rates; and (iii) ongoing business expansion and increased brand influence. - Revenue from delivery business was US
$2.3 million , representing a decline of11.5% from US$2.6 million in the same period of 2023. The decline was primarily attributable to the strategic decision of some restaurants to prioritize the dine-in business compared to the same period of last year. - Revenue from other business was US
$4.8 million , representing an increase of37.1% from US$3.5 million in the same period of 2023. The increase was a result of the growing popularity of hot pot condiment products and Haidilao-branded and sub-branded food products to local customers and retailers.
Raw materials and consumables used were US
Staff costs were US
Income from operations4 was US
Loss for the period was US
Basic and diluted net loss per share were both approximating nil, remaining flat compared to the same period of 2023.
_____________________________________
1 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period.
2 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count at the Company’s same stores during the period.
3 Refers to the year-over-year growth of the aggregate gross revenue from Haidilao restaurant operations at the Company’s same stores for the period indicated.
4 Calculated by excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense from (loss) profit for the period.
5 Calculated by dividing income from operation by total revenue.
Operational Highlights
Haidilao Restaurant Performance
The following table summarizes key performance indicators of Haidilao’s restaurants for the quarters indicated.
| As of/For the Three Months Ended June 30, | |||
| 2024 | 2023 | ||
| Number of restaurants | |||
| Southeast Asia | 74 | 70 | |
| East Asia | 18 | 17 | |
| North America | 20 | 18 | |
| Others(1) | 10 | 10 | |
| Total | 122 | 115 | |
| Total guest visits (million) | |||
| Southeast Asia | 5.1 | 4.5 | |
| East Asia | 0.7 | 0.6 | |
| North America | 0.9 | 0.7 | |
| Others(1) | 0.5 | 0.5 | |
| Overall | 7.2 | 6.3 | |
| Table turnover rate(2) (times per day) | |||
| Southeast Asia | 3.7 | 3.3 | |
| East Asia | 4.1 | 3.2 | |
| North America | 4.0 | 3.3 | |
| Others(1) | 3.9 | 3.7 | |
| Overall | 3.8 | 3.3 | |
| Average spending per guest(3) (US$) | |||
| Southeast Asia | 19.1 | 19.7 | |
| East Asia | 27.3 | 28.4 | |
| North America | 41.9 | 47.2 | |
| Others(1) | 42.4 | 40.3 | |
| Overall | 24.4 | 25.0 | |
| Average daily revenue per restaurant(4) (US$ in thousands) | |||
| Southeast Asia | 15.1 | 14.4 | |
| East Asia | 15.2 | 11.6 | |
| North America | 20.7 | 18.8 | |
| Others(1) | 24.7 | 22.9 | |
| Overall | 16.9 | 15.4 | |
| Notes: | |
| (1) | Others include Australia, the United Kingdom and the United Arab Emirates. |
| (2) | Calculated by dividing total number of tables served for the periods by the product of total Haidilao restaurant operation days for the period and average table count during the period in the same geographic region. |
| (3) | Calculated by dividing gross revenue of Haidilao restaurant operation for the periods by total guests served for the periods in the same geographic region. |
| (4) | Calculated by dividing the revenue of Haidilao restaurant operation for the periods by the total Haidilao restaurant operation days of the periods in the same geographic region. |
Same-Store Sales
The following table sets forth details of the Company’s same store sales for the quarters indicated.
| As of/For the Three Months Ended June 30, | |||
| 2024 | 2023 | ||
| Number of Same Stores(1) | |||
| Southeast Asia | 66 | ||
| East Asia | 13 | ||
| North America | 18 | ||
| Others(5) | 8 | ||
| Total | 105 | ||
| Same Store Sales(2) (US$ in thousands) | |||
| Southeast Asia | 90,736 | 89,692 | |
| East Asia | 17,725 | 14,474 | |
| North America | 34,862 | 30,848 | |
| Others(5) | 19,654 | 17,802 | |
| Total | 162,977 | 152,816 | |
| Average same store sales per day(3) (US$ in thousands) | |||
| Southeast Asia | 15.1 | 14.9 | |
| East Asia | 15.0 | 12.2 | |
| North America | 21.3 | 18.8 | |
| Others(5) | 27.0 | 24.5 | |
| Total | 17.1 | 16.0 | |
| Average same store table turnover rate(4) (times/day) | |||
| Southeast Asia | 3.7 | 3.3 | |
| East Asia | 4.0 | 3.2 | |
| North America | 4.0 | 3.3 | |
| Others(5) | 4.2 | 3.9 | |
| Total | 3.8 | 3.3 | |
| Notes: | |
| (1) | Includes restaurants that commenced operations prior to the beginning of the periods under comparison and opened for more than 75 days in the second quarter of 2023 and 2024, respectively. |
| (2) | Refers to the aggregate gross revenue from Haidilao restaurant operation at our same stores for the periods indicated. |
| (3) | Calculated by dividing the gross revenue from Haidilao restaurant operation for the periods by the total Haidilao restaurant operation days at our same stores for the periods. |
| (4) | Calculated by dividing the total tables served for the periods by the product of total Haidilao restaurant operation days for the period and average table count at our same stores during the periods. |
| (5) | Others include Australia, the United Kingdom and the United Arab Emirates. |
Recent Developments
On June 21, 2024, the Company announced the appointment of Ms. Yang Lijuan as the new Chief Executive Officer and as executive director of the Company, effective July 1, 2024.
About Super Hi
Super Hi operates Haidilao hot pot restaurants in the international market. Haidilao is a leading Chinese cuisine restaurant brand. With roots in Sichuan from 1994, Haidilao has become one of the most popular and largest Chinese cuisine brands in the world. With over 30 years of brand history, Haidilao is well-loved by guests for its unique dining experience — warm and attentive service, great ambiance and delicious food, standing out among global restaurant chains, which has made Haidilao restaurants into a worldwide cultural phenomenon. As of June 30, 2024, Super Hi had 122 self-operated Haidilao restaurants in 13 countries across four continents, making it the largest Chinese cuisine restaurant brand in the international market in terms of number of countries covered by self-operated restaurants.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Super Hi may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “SEHK”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Super Hi’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Super Hi’s operations and business prospects; future developments, trends and conditions in the industry and markets in which Super Hi operates; Super Hi’s strategies, plans, objectives and goals and Super Hi’s ability to successfully implement these strategies, plans, objectives and goals; Super Hi’s ability to maintain an effective food safety and quality control system; Super Hi’s ability to continue to maintain its leadership position in the industry and markets in which Super Hi operates; Super Hi’s dividend policy; Super Hi’s capital expenditure plans; Super Hi’s expansion plans; Super Hi’s future debt levels and capital needs; Super Hi’s expectations regarding the effectiveness of its marketing initiatives and the relationship with third-party partners; Super Hi’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to Super Hi’s industry; Super Hi’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Super Hi’s filings with the SEC and the announcements and filings on the website of the SEHK. All information provided in this press release is as of the date of this press release, and Super Hi does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts
Investor Relations
Email: superhi_ir@superhi-inc.com
Phone: +1 (212) 574-7992
Public Relations
Email: media.hq@superhi-inc.com
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the three months ended June 30, | ||||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Revenue | 183,283 | 162,993 | ||
| Other income | 2,375 | 2,387 | ||
| Raw materials and consumables used | (61,734 | ) | (55,416 | ) |
| Staff costs | (62,692 | ) | (54,615 | ) |
| Rentals and related expenses | (4,699 | ) | (2,761 | ) |
| Utilities expenses | (6,858 | ) | (6,397 | ) |
| Depreciation and amortization | (18,544 | ) | (20,097 | ) |
| Travelling and communication expenses | (1,731 | ) | (1,226 | ) |
| Listing expenses | (1,832 | ) | - | |
| Other expenses | (17,726 | ) | (14,301 | ) |
| Other losses - net | (5,785 | ) | (8,873 | ) |
| Finance costs | (1,937 | ) | (1,991 | ) |
| Profit (Loss) before tax | 2,120 | (297 | ) | |
| Income tax expense | (2,224 | ) | (1,870 | ) |
| Loss for the period | (104 | ) | (2,167 | ) |
| Other comprehensive income | ||||
| Item that may be reclassified subsequently to profit or loss: | ||||
| Exchange differences arising on translation of foreign operations | 7,143 | 10,477 | ||
| Total comprehensive income for the period | 7,039 | 8,310 | ||
| Loss for the period attributable to: | ||||
| Owners of the Company | (126 | ) | (2,074 | ) |
| Non-controlling interests | 22 | (93 | ) | |
| (104 | ) | (2,167 | ) | |
| Total comprehensive income attributable to: | ||||
| Owners of the Company | 7,017 | 8,403 | ||
| Non-controlling interests | 22 | (93 | ) | |
| 7,039 | 8,310 | |||
| (Loss) Earnings per share | ||||
| Basic and diluted (USD) | (0.00 | ) | (0.00 | ) |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at June 30, | As at December 31, | |||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Non-current Assets | ||||
| Property, plant and equipment | 159,881 | 168,724 | ||
| Right-of-use assets | 161,604 | 167,641 | ||
| Intangible assets | 298 | 402 | ||
| Deferred tax assets | 1,625 | 1,995 | ||
| Other receivables | 1,960 | 1,961 | ||
| Prepayment | 242 | 295 | ||
| Rental and other deposits | 18,683 | 16,903 | ||
| 344,293 | 357,921 | |||
| Current Assets | ||||
| Inventories | 26,632 | 29,762 | ||
| Trade and other receivables and prepayments | 29,489 | 29,324 | ||
| Financial assets at fair value through profit or loss | 77,130 | - | ||
| Rental and other deposits | 2,920 | 3,882 | ||
| Pledged bank deposits | 2,994 | 3,086 | ||
| Bank balances and cash | 140,659 | 152,908 | ||
| 279,824 | 218,962 | |||
| Current Liabilities | ||||
| Trade payables | 32,994 | 34,375 | ||
| Other payables | 31,230 | 34,887 | ||
| Amounts due to related parties | 840 | 842 | ||
| Tax payable | 7,713 | 9,556 | ||
| Lease liabilities | 38,389 | 38,998 | ||
| Contract liabilities | 8,334 | 8,306 | ||
| Provisions | 721 | 1,607 | ||
| 120,221 | 128,571 | |||
| Net Current Assets | 159,603 | 90,391 | ||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at June 30, | As at December 31, | ||||
| 2024 | 2023 | ||||
| USD’000 | USD’000 | ||||
| Non-current Liabilities | |||||
| Deferred tax liabilities | 1,273 | 1,347 | |||
| Lease liabilities | 154,420 | 163,947 | |||
| Contract liabilities | 2,533 | 3,098 | |||
| Provisions | 8,833 | 7,799 | |||
| 167,059 | 176,191 | ||||
| Net Assets | 336,837 | 272,121 | |||
| Capital and Reserves | |||||
| Share capital | 3 | 3 | |||
| Shares held under share award scheme | * | * | |||
| Share premium | 550,593 | 494,480 | |||
| Reserves | (215,728 | ) | (224,397 | ) | |
| Equity attributable to owners of the Company | 334,868 | 270,086 | |||
| Non-controlling interests | 1,969 | 2,035 | |||
| Total Equity | 336,837 | 272,121 | |||
| * | Less than USD1,000 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the three months ended June 30, | |||||
| 2024 | 2023 | ||||
| USD’000 | USD’000 | ||||
| Net cash from operating activities | 23,984 | 36,011 | |||
| Net cash (used in) from investing activities | (18,726 | ) | 1,051 | ||
| Net cash from (used in) financing activities | 45,348 | (11,667 | ) | ||
| Net increase in cash and cash equivalents | 50,606 | 25,395 | |||
| Cash and cash equivalents at beginning of the period | 90,031 | 93,311 | |||
| Effect of foreign exchange rate changes | 22 | 230 | |||
| Cash and cash equivalents at end of the period | 140,659 | 118,936 | |||
FAQ
What was Super Hi's (HDL) revenue in Q2 2024?
How many Haidilao restaurants did Super Hi (HDL) operate as of June 30, 2024?
What was Super Hi's (HDL) same-store sales growth in Q2 2024?
How did Super Hi's (HDL) guest visits change in Q2 2024 compared to Q2 2023?
What was Super Hi's (HDL) income from operations in Q2 2024?
