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ICICI Securities Report
Westlife Development Ltd. reported a good quarter with solid revenue of 12% on three-year compound annual growth rate basis and healthy store throughput trends. This was led by continued good performance in convenience formats (more than two times of pre-Covid) with dine-in now above pre-Covid (by 14%).
High inflationary environment led to some sequential margin softness (restaurant operating margin of 21.6%). While McCafe (and efficiencies) had been a big driver of profitability improvement (until now), the new drivers of-
Gourmet Burgers (strong premiumisation potential),
Fried Chicken (in south market), and
scale-up of convenience channel (one of the best execution on scaling-up omni-channel) are driving big gains.
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