Wagamama, the Duke Street Capital-backed chain, saw like-for-like sales across its 112-strong UK estate increase 9.9% in the 12 weeks to 1 February 2015, with turnover up 18.3% to £47.3m, M&C has learnt.
Adjusted EBITDA for the quarter climbed 14.5% to £7.9m, while net debt fell to £127.1m from £128.8m.
For the 40 weeks to 1 February, like-for-like sales climbed 10.5% with adjusted EBITDA increasing from £18.4m to £22.7m. Turnover for the period climbed 19.8% to £147.4m.
The David Campbell-led company said that its UK business was trading well with continued strong like-for-like performance. It also reported that margin enhancement initiatives were on track, it had a good pipeline of openings and strong free cashflow.
The group said that both covers and average spend per head were ahead of expectations and that it was experiencing strong performance in and outside London
It operated 116 company-owned sites at the end of the period, plus 30 franchised sites.
It said that turnover in its restaurant business in the US stood at £1.2m in Q3 2015 up from £1.1m in Q3 2014. Underlying US turnover was flat at $1.9m for each of Q3 2015 and Q3 2014.
Turnover from its international franchised restaurants business was flat at £0.4m in Q3 2015.
The company said that margin before administrative expenses had improved from 44.2% in Interim Period 2014 to 45.1% in Interim Period 2015 due to customer price increases, purchasing benefits and improved staffing leverage.
It said that the growth in its estate and the like for like sales growth were the primary causes of cost of sales increasing 16.1% to £25.9m in Q3 2015 from £22.3m in Q3 2014.
Turnover in the group’s restaurant business in the UK increased 20.1% to £142.1m in the 40 weeks to 1 February. It said this was primarily due to a cumulative like for like sales increase of 10.5% combined with eight new openings.
Turnover in its restaurant business in the US for the 40 weeks increased 11.4% to £3.9m, primarily due to the opening of the fourth restaurant in October 2013.
Turnover across its international franchised restaurants business increased 8.3% to £1.3m in the 40 week-period.
