Retail Food Group same store sales surge 12.1%

The group reported growth amongst all of its brands.

Retail Food Group (RFG) has announced an underlying revenue surge of $98m and underlying EBITDA of $26m for the full year ending 30 June 2023, an increase of 8% and 21%  from a year before.

Same-store sales grew by 12.1% to $449m, with growth reported across all brands. Donut King's same-store sales grew by 27% underpinned Café Bakery same-store segment growth to 17.6%, aided by a 6% increase in same-store sales in Brumby’s, which has enjoyed multiple years of growth. The group’s QSR Divsion saw same-store sales growth of 0.7% versus the prior year despite cycling high prior-year comparatives influenced by consumer preferences for takeaway and delivery during the COVID-19 pandemic.

Meanwhile, the group’s virtual brand, Rack them Bones BBQ Ribs proliferated in Q4 FY2023 and has now been adopted by approximately 1/3rd of the group’s QSR network, contributing to annualised network sales of $4m in July 2023. RFG announced that further rollout of the concept will support Franchise Partner growth in FY2024.

RFG said average sales per outlet improved due to the closure of underperforming sites and careful price management initiatives. Customer Count increased by 10.5%, driven by double-digit growth in Donut King and Gloria Jeans, and a 2.4% increase in Average Transaction Value through price management to offset inflationary pressures.