Jul 2016 Financial News

First T&T Starbucks in third quarter

Jul 07, 2016

The first T&T Starbucks is expected to open by the end of the third quarter of this year, with an other two by the end of the financial year.

Plans for the establishment of outlets of the American coffee company and coffeehouse chain were announced by chairman of Prestige Holdings Limited Christian Mouttet when the restaurant management chain published its financial results for the first half of 2016.

Starbucks, which was founded in Seattle, Washington in 1971, currently operates 23,768 locations worldwide.

“Significant work is underway for the establishment of this brand in the Trinidad and Tobago market,” Mouttet said.

The latest financial results for Prestige Holdings, which were posted to the T&T Stock Exchange yesterday, show that for the first half of 2016, group revenue increased by two per cent to $478 million. However, profit attributable to shareholders decreased by four per cent to $23 million, from $23.9 million in 2015.

Earnings per share were 37 cents, five per cent what was earned for the same period in 2015.

Mouttet said the results were generated from an average number of 113 restaurants.

“Performance in the second quarter was mixed with our KFC and Pizza Hut brands showing greater resilience to the economic headwinds, foreign exchange challenges and a persistently difficult labour environment; and our TGI Fridays and Subway brands less so,” he said.

“Despite these macro-economic factors, we recognize that there are opportunities for improving the performance of these brands and we are focused on doing so.”

Mouttet said the new Pizza Hut restaurant at South Park in San Fernando, which opened at the end of the quarter, has been well received.

“As mentioned in the first quarter, our goal remains to deliver improved results in this financial year,” he said.

Source:
Trinidad Guardian
Wednesday July 6, 2016

http://www.guardian.co.tt/business/2016-07-06/first-tt-starbucks-third-quarter