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 of 14.6% 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 to 5.7% 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$198.6 million, reflecting a 14.6% year-over-year growth. Our income from operation margin³ was 7.5%, increasing by 1.8 percentage points from the same period of the last year. This growth stems not only from the increasing influence of our brand but also from the dedication of our entire team in elevating customer experience, broadening our customer reach, and perfecting our operational execution across all consumer scenarios. At the same time, we will remain focused on enhancing our core competencies across supply chain optimization, innovative product development, strategic brand building, and digital transformation to drive superior restaurant performance.”

Third Quarter 2024 Financial Results
Revenue was US$198.6 million, representing an increase of 14.6% from US$173.3 million in the same period of 2023.

• Revenue from Haidilao restaurant operations was US$190.9 million, representing an increase of 14.5% 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 of 8.3% 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 of 21.4% 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$65.5 million, representing an increase of 9.9% from US$59.6 million in the same period of 2023. As a percentage of revenue, raw materials and consumables used decreased to 33.0% in the third quarter of 2024 from 34.4% in the same period of 2023.

Staff costs were US$65.8 million, representing an increase of 15.2% from US$57.1 million in the same period of 2023. As a percentage of revenue, staff costs accounted for 33.1%, compared to 32.9% in the same period of 2023. The increase was primarily due to (i) an increase in the number of employees in line with restaurant network expansion compared to the same period of 2023, and an increase in guest visits and table turnover rate; (ii) the Company’s operational strategy of ensuring sufficient number of employees to provide superior customer experience; and (iii) an increase in statutory minimum wages in several countries.

Income from operations⁴ was US$14.9 million, representing an increase of 52.0% from US$9.8 million in the same period of 2023. Income from operation margin³ was 7.5%, compared to 5.7% in the same period of 2023. This increase in income from operations was mainly attributable to (i) an increase in revenue and table turnover rate as described above; and (ii) an improvement in operational efficiency, especially through optimization of the global supply chain and enhanced cost control.

Profit for the period was US$37.7 million, compared to a loss of US$1.4 million in the same period of 2023. This change was mainly due to (i) an increase in revenue driven by ongoing business expansion and continuous efforts in increasing guest visits and table turnover rate; (ii) an improvement in operational efficiency; and (iii) in addition to the aforementioned factors that affect the Company’s income from operations, an increase in net foreign exchange gains of US$34.6 million compared to the same period of 2023.

Basic and diluted net profit per share were both US$0.06, compared to an approximating nil in the same period of 2023.

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_{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.

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.

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

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