Just how bad has the pandemic been for Tri-Cities restaurants?
How about having your sales cut by more than half and having to close an entire restaurant in Coquitlam.
That’s what happened to the restaurant group that runs The Keg, Swiss Chalet, New York Fries, Milestones, Harvey’s and Montana’s in Coquitlam and Port Coquitlam.
Recipe Unlimited Corp. saw system sales fall more than 55 per cent in its most recent quarter as the COVID-19 pandemic prompted dining room closures across Canada.
This has included the recent permanent closure of Montana’s in Coquitlam Centre. Recipe Unlimited used to own East Side Marios in Coquitlam Centre, but closed that location several years ago.
The Vaughan, Ont.-based company says system sales in its second quarter totalled $389.8 million, down 55.3 per cent or $481.5 million from $871.3 million in the same quarter the previous year.
The restaurant conglomerate says the decline came from government-mandated restaurant closures during the quarter, but was partially offset by sales increases in its retail and catering segment, which was up 105.6 per cent to $14.8 million.
The company's net loss for the 13 weeks ending June 28 totalled $40.6 million or 72 cents per diluted share compared to a net profit of $16.6 million or 26 cents per diluted share in the second quarter the previous year.
Recipe says its second-quarter revenues were $140.4 million, down $171.5 million or 55 per cent from $311.9 million in the same quarter of 2019.
Adjusted net earnings for the quarter were $6.2 million or 11 cents per diluted share compared to $23.4 million or 37 cents per diluted share.
- With files from the Canadian Press
