Retail Zoo sales “fully recovered” from COVID-19 impact, CEO says
The company remains “very optimistic” towards its future growth plans.
Retail Zoo, the owner of the Boost Juice, Betty’s Burgers and Cibo Espresso brands, remains confident in its future growth plans after temporary store closures impacted its profits in 2020.
“Retail Zoo sales has (sic) fully recovered from the Covid impacts of lockdowns and restrictions. During the national lockdown and subsequent restrictions, Retail Zoo assisted many of their franchise partners and temporarily closed several stores. The company is now poised to continue its growth trajectory, as it has for the past decade,” CEO Nishad Alani said in a statement sent to QSR Media.
During the last 10 months, the company opened 18 Boost Juice Bars, six Betty’s Burgers outlets and 1 Cibo Espresso café. All temporarily closed stores have also reopened.
“The company remains very optimistic towards its future growth plans,” Alani added.
The Australian Financial Review (AFR) first reported that accounts filed by Retail Zoo’s holding company, Roar Bidco, saw net profit fall to $2.8 million in the 12 months ending June from $9.1 million in 2019, including $9 million in brand impairments and $3.1 million in costs for a proposed initial public offering.
Earnings before interest tax depreciation and amortisation (EBITDA) also fell to $34 million compared to $37 million in 2019.
A source also told AFR that the company is close to reaching an agreement with lenders to extend its debt facilities by two years.
