Super Hi Reports Unaudited Financial Results for the Third Quarter of 2024
Super Hi International (NASDAQ: HDL) reported Q3 2024 financial results with revenue of US$198.6 million, up 14.6% year-over-year. The company's restaurant count reached 121, a net increase of 6 since December 2023. Key metrics showed improvement with table turnover rate at 3.8 times per day and guest visits increasing 4.2% to 7.4 million. Same-store sales growth was 5.6%. Income from operations reached US$14.9 million, up 52%, with operating margin improving to 7.5%. The company reported a profit of US$37.7 million, compared to a loss of US$1.4 million in the same period last year.
Super Hi International (NASDAQ: HDL) ha riportato i risultati finanziari per il terzo trimestre del 2024, con un fatturato di 198,6 milioni di dollari USA, aumentato del 14,6% rispetto all'anno precedente. Il numero di ristoranti dell'azienda ha raggiunto 121, con un incremento netto di 6 rispetto a dicembre 2023. Le metriche chiave hanno mostrato miglioramenti, con un tasso di rotazione dei tavoli di 3,8 volte al giorno e visite dei clienti aumentate del 4,2%, raggiungendo i 7,4 milioni. La crescita delle vendite nei negozi comparabili è stata del 5,6%. Il reddito operativo ha raggiunto 14,9 milioni di dollari USA, in crescita del 52%, con un margine operativo migliorato al 7,5%. L'azienda ha riportato un utile di 37,7 milioni di dollari USA, rispetto a una perdita di 1,4 milioni di dollari USA nello stesso periodo dell'anno scorso.
Super Hi International (NASDAQ: HDL) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 198,6 millones de dólares USA, un aumento del 14,6% en comparación con el año anterior. El número de restaurantes de la compañía alcanzó 121, con un aumento neto de 6 desde diciembre de 2023. Los indicadores clave mostraron mejoras, con un índice de rotación de mesas de 3,8 veces al día y visitas de clientes que aumentaron un 4,2%, alcanzando los 7,4 millones. El crecimiento de las ventas en las mismas tiendas fue del 5,6%. El ingreso por operaciones alcanzó 14,9 millones de dólares USA, un aumento del 52%, con un margen operativo mejorado al 7,5%. La compañía reportó una ganancia de 37,7 millones de dólares USA, en comparación con una pérdida de 1,4 millones de dólares USA en el mismo período del año pasado.
Super Hi International (NASDAQ: HDL)는 2024년 3분기 재무 결과를 보고했으며 매출은 1억 9860만 달러로, 전년 대비 14.6% 증가했습니다. 회사의 레스토랑 수는 121개에 달하며, 2023년 12월 이후 순증가 6개입니다. 주요 지표는 개선을 보여줍니다. 테이블 회전율은 하루 3.8회이고, 고객 방문은 4.2% 증가하여 740만 회에 달했습니다. 동일 매장 매출 성장률은 5.6%입니다. 운영 소득은 1490만 달러로 52% 증가했으며, 운영 마진은 7.5%로 개선되었습니다. 회사는 3770만 달러의 이익을 보고했으며, 이는 지난해 같은 기간에 비해 140만 달러의 손실에서 크게 개선된 수치입니다.
Super Hi International (NASDAQ: HDL) a présenté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de 198,6 millions de dollars US, en hausse de 14,6 % par rapport à l'année précédente. Le nombre de restaurants de l'entreprise a atteint 121, avec une augmentation nette de 6 depuis décembre 2023. Les indicateurs clés ont montré des améliorations, avec un taux de rotation des tables de 3,8 fois par jour et des visites de clients augmentant de 4,2 % pour atteindre 7,4 millions. La croissance des ventes des mêmes magasins était de 5,6 %. Le revenu d'exploitation a atteint 14,9 millions de dollars US, en hausse de 52 %, avec une marge opérationnelle améliorée à 7,5 %. L'entreprise a enregistré un bénéfice de 37,7 millions de dollars US, contre une perte de 1,4 million de dollars US au cours de la même période l'année dernière.
Super Hi International (NASDAQ: HDL) hat die finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit einem Umsatz von 198,6 Millionen US-Dollar, was einem Anstieg von 14,6 % im Vergleich zum Vorjahr entspricht. Die Anzahl der Restaurants des Unternehmens erreichte 121, was einem Nettowachstum von 6 seit Dezember 2023 entspricht. Wichtige Kennzahlen haben sich verbessert, mit einer Tischumsatzrate von 3,8 Mal pro Tag und einem Anstieg der Gästeanzahl um 4,2 % auf 7,4 Millionen. Das Wachstum der vergleichbaren Verkaufszahlen betrug 5,6 %. Das Betriebsergebnis erreichte 14,9 Millionen US-Dollar, ein Plus von 52 %, wobei die operative Marge auf 7,5 % anstieg. Das Unternehmen berichtete von einem Gewinn von 37,7 Millionen US-Dollar, verglichen mit einem Verlust von 1,4 Millionen US-Dollar im selben Zeitraum des Vorjahres.
- Revenue increased 14.6% YoY to US$198.6 million
- Income from operations grew 52% to US$14.9 million
- Operating margin improved from 5.7% to 7.5%
- Turned US$1.4M loss to US$37.7M profit
- Same-store sales growth of 5.6%
- Guest visits increased 4.2% to 7.4 million
- Raw materials costs as percentage of revenue decreased to 33.0% from 34.4%
- Staff costs increased as percentage of revenue from 32.9% to 33.1%
- One restaurant temporarily closed in Southeast Asia
- No new restaurant openings in Q3 2024
Insights
Super Hi's Q3 2024 results demonstrate robust financial performance with revenue growth of
The regional performance data reveals strategic growth opportunities and challenges. Southeast Asia remains the core market with 73 restaurants and 5.2 million guest visits, showing steady performance with a
SINGAPORE, Nov. 25, 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 third quarter of FY2024 ended September 30, 2024.
Third Quarter 2024 Highlights
- Revenue was US
$198.6 million , representing an increase of14.6% from US$173.3 million in the same period of 2023. - In the third quarter of 2024, the Company maintained its existing restaurant footprint with no new openings. The Company temporarily closed 1 restaurant in Southeast Asia in anticipation to relaunch the restaurant as a secondary branded restaurant in the near future. The total number of Haidilao restaurants as of September 30, 2024 was 121, reflecting a net increase of 6 since December 31, 2023.
- Total table turnover rate1 was 3.8 times per day, compared to 3.7 times per day in the same period of 2023.
- Had over 7.4 million total guest visits, representing an increase of
4.2% from 7.1 million in the same period of 2023. - Same-store sales growth2 was
5.6% . - Income from operation margin3 was
7.5% , compared to5.7% in the same period of 2023.
Ms. Yang Lijuan, CEO & Executive Director of Super Hi, commented, “In the third quarter of 2024, we recorded a quarterly revenue of US
Third Quarter 2024 Financial Results
Revenue was US
- Revenue from Haidilao restaurant operations was US
$190.9 million , representing an increase of14.5% from US$166.7 million in the same period of 2023. The increase was mainly driven by (i) ongoing business expansion and increased brand influence; (ii) continuous efforts to increase guest visits and table turnover rate; and (iii) an increase in average spending per guest. - Revenue from delivery business was US
$2.6 million , representing an increase of8.3% from US$2.4 million in the same period of 2023, primarily due to enhanced partnerships with local delivery platforms. - Revenue from other business was US
$5.1 million , representing an increase of21.4% from US$4.2 million in the same period of 2023, driven by the growing popularity for hot pot condiment products and Haidilao-branded and sub-branded food products among local customers and retailers.
Raw materials and consumables used were US
Staff costs were US
Income from operations4 was US
Profit for the period was US
Basic and diluted net profit per share were both US
________________________
1 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period.
2 Refers to the year-over-year growth of the aggregate gross revenue from Haidilao restaurant operations at the Company’s same stores for the period indicated.
3 Calculated by dividing income from operation4 by total revenue.
4 Calculated by excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense from (loss) profit for the period.
Operational Highlights
Haidilao Restaurant Performance
The following table summarizes key performance indicators of Haidilao’s restaurants for the quarters indicated.
| As of/For the Three Months Ended September 30, | |||
| 2024 | 2023 | ||
| Number of restaurants | |||
| Southeast Asia | 73 | 69 | |
| East Asia | 18 | 17 | |
| North America | 20 | 18 | |
| Others(1) | 10 | 10 | |
| Total | 121 | 114 | |
| Total guest visits (million) | |||
| Southeast Asia | 5.2 | 4.9 | |
| East Asia | 0.8 | 0.8 | |
| North America | 0.9 | 0.8 | |
| Others(1) | 0.5 | 0.6 | |
| Overall | 7.4 | 7.1 | |
| Table turnover rate(2) (times per day) | |||
| Southeast Asia | 3.6 | 3.5 | |
| East Asia | 4.3 | 3.9 | |
| North America | 3.9 | 3.9 | |
| Others(1) | 3.8 | 3.9 | |
| Overall | 3.8 | 3.7 | |
| Average spending per guest(3) (US$) | |||
| Southeast Asia | 20.4 | 18.7 | |
| East Asia | 29.2 | 26.0 | |
| North America | 43.5 | 41.2 | |
| Others(1) | 43.0 | 38.8 | |
| Overall | 25.8 | 23.7 | |
| Average daily revenue per restaurant(4) (US$ in thousands) | |||
| Southeast Asia | 15.7 | 14.7 | |
| East Asia | 17.7 | 13.0 | |
| North America | 21.5 | 20.4 | |
| Others(1) | 24.3 | 23.2 | |
| Overall | 17.7 | 16.1 | |
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 September 30, | |||
| 2024 | 2023 | ||
| Number of Same Stores(1) | |||
| Southeast Asia | 65 | ||
| East Asia | 13 | ||
| North America | 18 | ||
| Others(5) | 10 | ||
| Total | 106 | ||
| Same Store Sales(2) (US$ in thousands) | |||
| Southeast Asia | 96,839 | 93,131 | |
| East Asia | 20,374 | 16,907 | |
| North America | 36,096 | 34,635 | |
| Others(5) | 22,449 | 21,773 | |
| Total | 175,758 | 166,446 | |
| Average same store sales per day(3) (US$ in thousands) | |||
| Southeast Asia | 16.2 | 15.6 | |
| East Asia | 17.1 | 14.1 | |
| North America | 21.8 | 20.9 | |
| Others(5) | 24.4 | 23.7 | |
| Total | 18.0 | 17.1 | |
| Average same store table turnover rate(4) (times/day) | |||
| Southeast Asia | 3.6 | 3.6 | |
| East Asia | 4.3 | 4.0 | |
| North America | 4.0 | 3.9 | |
| Others(5) | 3.8 | 3.9 | |
| Total | 3.7 | 3.7 | |
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 third quarter of 2023 and 2024, respectively.
(2) Refers to the aggregate gross revenue from Haidilao restaurant operation at the Company’s 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 the Company’s 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 the Company’s same stores during the periods.
(5) Others include Australia, the United Kingdom, and the United Arab Emirates.
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. Haidilao has been ranked as one of the world’s most valuable restaurant brands for six consecutive years since 2019, earning the title of "World’s Strongest Restaurant Brand" for 2024 (Brand Finance). As of September 30, 2024, Super Hi had 121 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 September 30, | ||||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Revenue | 198,616 | 173,252 | ||
| Other income | 2,081 | 384 | ||
| Raw materials and consumables used | (65,460 | ) | (59,625 | ) |
| Staff costs | (65,833 | ) | (57,085 | ) |
| Rentals and related expenses | (5,366 | ) | (5,349 | ) |
| Utilities expenses | (7,494 | ) | (6,716 | ) |
| Depreciation and amortization | (20,378 | ) | (17,767 | ) |
| Travelling and communication expenses | (1,515 | ) | (1,552 | ) |
| Other expenses | (17,118 | ) | (16,793 | ) |
| Other gains and losses - net | 25,851 | (6,575 | ) | |
| Finance costs | (2,164 | ) | (1,816 | ) |
| Profit before tax | 41,220 | 358 | ||
| Income tax expense | (3,564 | ) | (1,760 | ) |
| Profit (Loss) for the period | 37,656 | (1,402 | ) | |
| Other comprehensive income | ||||
| Item that may be reclassified subsequently to profit or loss: | ||||
| Exchange differences arising on translation of foreign operations | (13,586 | ) | 3,019 | |
| Total comprehensive income for the period | 24,070 | 1,617 | ||
| Profit (Loss) for the period attributable to: | ||||
| Owners of the Company | 37,724 | (1,390 | ) | |
| Non-controlling interests | (68 | ) | (12 | ) |
| 37,656 | (1,402 | ) | ||
| Total comprehensive income attributable to: | ||||
| Owners of the Company | 24,138 | 1,629 | ||
| Non-controlling interests | (68 | ) | (12 | ) |
| 24,070 | 1,617 | |||
| Profit (Loss) Earnings per share | ||||
| Basic and diluted (USD) | 0.06 | (0.00 | ) | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at September 30, | As at December 31, | |||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Non-current Assets | ||||
| Property, plant and equipment | 163,777 | 168,724 | ||
| Right-of-use assets | 166,989 | 167,641 | ||
| Intangible assets | 287 | 402 | ||
| Deferred tax assets | 2,998 | 1,995 | ||
| Other receivables | 1,960 | 1,961 | ||
| Prepayment | 303 | 295 | ||
| Rental and other deposits | 19,561 | 16,903 | ||
| 355,875 | 357,921 | |||
| Current Assets | ||||
| Inventories | 32,606 | 29,762 | ||
| Trade and other receivables and prepayments | 28,214 | 29,324 | ||
| Financial assets at fair value through profit or loss | 28,834 | - | ||
| Rental and other deposits | 2,708 | 3,882 | ||
| Pledged bank deposits | 3,035 | 3,086 | ||
| Bank balances and cash | 215,162 | 152,908 | ||
| 310,559 | 218,962 | |||
| Current Liabilities | ||||
| Trade payables | 33,602 | 34,375 | ||
| Other payables | 35,559 | 34,887 | ||
| Amounts due to related parties | 1,367 | 842 | ||
| Tax payable | 3,606 | 9,556 | ||
| Lease liabilities | 41,194 | 38,998 | ||
| Contract liabilities | 9,438 | 8,306 | ||
| Provisions | 2,280 | 1,607 | ||
| 127,046 | 128,571 | |||
| Net Current Assets | 183,513 | 90,391 | ||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at September 30, | As at December 31, | ||||
| 2024 | 2023 | ||||
| USD’000 | USD’000 | ||||
| Non-current Liabilities | |||||
| Deferred tax liabilities | 7,076 | 1,347 | |||
| Lease liabilities | 155,799 | 163,947 | |||
| Contract liabilities | 3,035 | 3,098 | |||
| Provisions | 12,571 | 7,799 | |||
| 178,481 | 176,191 | ||||
| Net Assets | 360,907 | 272,121 | |||
| Capital and Reserves | |||||
| Share capital | 3 | 3 | |||
| Shares held under share award scheme | * | * | |||
| Share premium | 550,593 | 494,480 | |||
| Reserves | (191,590 | ) | (224,397 | ) | |
| Equity attributable to owners of the Company | 359,006 | 270,086 | |||
| Non-controlling interests | 1,901 | 2,035 | |||
| Total Equity | 360,907 | 272,121 | |||
* Less than USD1,000
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the three months ended September 30, | ||||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Net cash from operating activities | 40,699 | 19,911 | ||
| Net cash from (used in) investing activities | 41,311 | (52,921 | ) | |
| Net cash used in financing activities | (11,440 | ) | (10,022 | ) |
| Net increase (decrease) in cash and cash equivalents | 70,570 | (43,032 | ) | |
| Cash and cash equivalents at beginning of the period | 140,659 | 118,936 | ||
| Effect of foreign exchange rate changes | 3,933 | (633 | ) | |
| Cash and cash equivalents at end of the period | 215,162 | 75,271 | ||
FAQ
What was Super Hi's (HDL) revenue growth in Q3 2024?
How many restaurants did Super Hi (HDL) operate as of September 30, 2024?
What was Super Hi's (HDL) profit in Q3 2024?
What was Super Hi's (HDL) same-store sales growth in Q3 2024?
