Oliver’s Real Food exceeds sales forecast
The recently-listed business booked same-store sales growth of 5.7 per cent for the December quarter, .6 per cent higher than prospectus forecasts, while group gross margin came in at 75.6 per cent.
Three new stores were opened during the quarter to December 31 in Euroa, Victoria; and Port Macquarie and Bulahdelah in NSW. Oliver’s ended the quarter with $2.3 million in cash, up $500,000 on the September quarter on the back of the sale of its Maryborough freehold property for $1.85 million earlier this month.
“I am delighted with the Group’s sales and operational performance in the December quarter. With the recent opening of strong locations the brand is really gaining momentum and with the opening of more high performing locations adding further to the overall efficiency, we are looking forward to a strong second half performance from an expanding network,” CEO Jason Gunn said.
The company also launched a mobile food truck offer called “Movable Feast” during the quarter, which has been located at a newly leased site in Sutton Forest, NSW