Ping Pong, the dim sum chain, has grown like-for-like sales and profitability since September after a “mixed performance” in the five months before then, chief executive Art Sagiryan has told M&C Report.
He also said the company, which opens its next site with an evolved design in Wembley’s Designer Outlet in mid December, is “in the process of securing one further site in London”.
Like-for-likes in September, October and November grew 1%, 6.8% and 7.7% respectively. Gross operating profit over the corresponding periods increased 1.5%, 6% and 7%.
Operating EBITDA increased 8% in October and 7% in November.
Sagiryan said: “The beginning of the financial year (1 April) had mixed performances across the estate, however from September 2013 - to date - Ping Pong has risen in like for like sales and profitability.”
Last week Ping Pong reported a narrowing of losses in the year to 31 March after it closed three restaurants in the period, which also removed all bank debt.
Loss before tax was £296,000 compared to £1.9m in the previous year. Turnover fell 7.6% to £14.4m for the company, which recently secured its 10th site in Stratford for an opening next year.
