Recipe Unlimited Corp. sales and earnings fall in third quarter
A photograph of The Keg Steakhouse and Bar is shown at Sherway Gardens mall in Toronto on Tuesday, January 23, 2018. THE CANADIAN PRESS/Nathan Denette
VAUGHAN, Ont. -- Recipe Unlimited Corp. saw its sales slip in its most recent quarter amid challenging industry conditions.
The Vaughan, Ont.-based company says total system sales fell $10.7 million to $869.1 million for the third-quarter ended Sept. 29, compared with $879.8 million in the same quarter the previous year.
The company formerly known as Cara Operations says same-restaurant sales, a key retail metric, fell 3.1 per cent in the quarter.
Recipe says net earnings decreased to $6.7 million for the quarter, compared with $23.8 million in the third quarter the previous year.
Adjusted net earnings came in at $19.5 million or 31 cents per diluted share, equal to forecasts according to financial markets data firm Refinitiv. That compared with $25.3 million or 39 cents per diluted share for the same quarter in 2018.
Recipe owns 19 brands, including Swiss Chalet, Harvey's, the Keg and New York Fries.
This report by The Canadian Press was first published Nov. 12, 2019.