Restaurant group Fairwood Holdings saw its revenue increase by 6.3 per cent to HK$2.58 billion (US$330.9 million) for the year to the end of March.
Profit grew by 2.2 per cent to HK$205.3 million, while gross profit margin dropped slightly to 15.5 per cent, from 15.9 per cent the previous year.
Profit for the year attributable to equity shareholders amounted to HK$205.3 million, up 2.2 per cent.
In Hong Kong, same-store sales grew by about 4 per cent. A second ASAP casual Japanese/Western concept restaurant opened in January, followed by the launch in April of another specialty restaurant offering contemporary Taiwanese cuisine. A second is set to open in August.
In China, the group is focussed on the south, particularly in the residential areas of Guangzhou and Shenzhen.
During the year, same-shop sales growth dipped slightly by about 1 per cent because of the sluggish mainland economy and “fierce” competition
Fairwood opened 20 stores during the year, including 18 in Hong Kong. At the end of March it had 134 stores in Hong Kong, including 125 fast-food outlets and nine specialty restaurants. In China, the group has nine stores.
Meanwhile, the group has launched the ‘‘Feel Good Movement’’, an initiative to further raise the standard of its food quality, menu offerings, service and dining environment. It has introduced new dishes in response to customer demand – a non-MSG series, low-calorie items and vegetarian options.
It has also introduced table service during dinner hour, plus a new store design concept that incorporates elements of street art, building materials and architectural features distinct to Hong Kong. The group has engaged young local artists to contribute to the design of various outlets.
