VAUGHAN, Ont. – Recipe Unlimited saw sales of its system plummet by more than 30% in the last quarter, as the pandemic continued to lead to closures and capacity reductions in dining rooms across the country.
The Vaughan, Ont., Foodservice group says fourth-quarter sales of its system were $ 611.3 million, down 31.8% from sales of $ 895.8 million reported at the same period the previous year.
The owner of brands such as Harvey’s, St-Hubert and The Keg has been hit hard by health restrictions aimed at curbing the spread of COVID-19, argued its president and CEO, Frank Hennessey.
Its off-site sales nonetheless amounted to $ 150.4 million for the quarter ended December 27, up 66.6% from sales of $ 90.3 million recorded in the last quarter of 2019.
Video: At the Ministry of Forests, a corrupt system and millions of dollars lost (Radio-Canada.ca)
Click here to enlarge
Recipe Unlimited reports fourth quarter revenue of $ 210.9 million, up from $ 327 million a year earlier.
Its adjusted net income was $ 16.1 million, or 28 cents per share. That profit had been $ 44.8 million or 77 cents per share in the fourth quarter of 2019.
Company in this story: (TSX: RECP)
The Canadian Press