Retail Food Group’s net profit surged in the fiscal first half on the back of positive sales momentum in the cafe, coffee, bakery segment.
The group’s net income surged 73.8 per cent year over year to $7.3 million as revenue increased 19.2 per cent to $73.7 million.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) soared 45.7 per cent to $16.8 million.
The group noted its core brands Gloria Jean’s, Donut King, Brumby’s, and Beefy’s successfully weathered the challenging economic conditions, with network sales climbing 0.9 per cent.
During the period, RFG opened 25 new outlets across its core brands and closed 17 low-performing stores.
The company also acquired Cibo Espresso towards the end of the period, contributing an additional 22 outlets.
Earlier this month, RFG announced the end of the Michel’s Patisserie chain, revealing it will work with franchisees to convert their stores to either Gloria Jean’s or Donut King.
Today it announced it would launch US sandwich brand Firehouse Subs in Australia, aiming at 165 stores long term.
