Revenue and Sales Performance - Revenue for Q2 2024 was $183.3 million, a 12.5% increase from $163.0 million in Q2 2023[3] - Total revenue for the three months ended June 30, 2024, was $183.283 million, compared to $162.993 million for the same period in 2023, representing a year-over-year increase of 12.9%[15] - Same-store sales growth rate was 6.6%[4] - Same-store sales for the total of 105 locations reached $162.977 million, up from $152.816 million in the previous year, indicating an increase of 6.9%[10] - Average daily sales per same-store location increased to $17.1 thousand from $16.0 thousand, reflecting a growth of 6.9%[10] - Total customer traffic exceeded 7.2 million, representing a 14.3% growth compared to 6.3 million in the same period last year[3] Restaurant Operations - The number of Haidilao restaurants increased from 119 to 122, with a net addition of 3 restaurants during the quarter[3] - The average table turnover rate increased to 3.8 times per day, up from 3.3 times per day in the same quarter last year[4] - The average table turnover rate for same-store locations improved to 3.8 times per day, compared to 3.3 times per day in the previous year, showing a 15.2% increase[10] Financial Performance - Operating income was $8.5 million, down 14.1% from $9.9 million in Q2 2023, with an operating margin of 4.6%[5] - The pre-tax profit for the three months ended June 30, 2024, was $2.120 million, compared to a loss of $0.297 million in the same period last year[15] - The net loss for the period was $0.104 million, a significant improvement from a loss of $2.167 million in the previous year[15] - Total comprehensive income for the period was $7.039 million, compared to $8.310 million in the same period last year, reflecting a decrease of 15.3%[15] Costs and Expenses - Employee costs rose to $62.7 million, a 14.8% increase from $54.6 million in the previous year, accounting for 34.2% of revenue[5] - Takeout revenue decreased by 11.5% to $2.3 million, down from $2.6 million in Q2 2023[5] - Other business revenue grew by 37.1% to $4.8 million, driven by the popularity of hot pot condiments and Haidilao brand products[5] - The average customer spending was $24.4, down from $25.0 in the previous year[8] Assets and Liabilities - As of June 30, 2024, non-current assets totaled $344,293 thousand, a decrease from $357,921 thousand as of December 31, 2023, representing a decline of approximately 3.5%[16] - Current assets increased to $279,824 thousand from $218,962 thousand, marking a significant increase of about 27.8%[16] - The total liabilities decreased from $176,191 thousand as of December 31, 2023, to $167,059 thousand as of June 30, 2024, reflecting a reduction of about 5.3%[17] - Cash and cash equivalents at the end of June 30, 2024, were $140,659 thousand, an increase from $118,936 thousand at the end of the previous year, representing an increase of approximately 18.3%[18] - The company's total equity increased to $336,837 thousand as of June 30, 2024, from $272,121 thousand as of December 31, 2023, showing a growth of about 23.8%[17] - The company reported a net cash increase of $50,606 thousand for the six months ended June 30, 2024, compared to $25,395 thousand for the same period in 2023, indicating a growth of approximately 99.5%[18] - The inventory decreased to $26,632 thousand as of June 30, 2024, from $29,762 thousand as of December 31, 2023, representing a decline of about 10.7%[16] - The company’s deferred tax assets decreased from $1,995 thousand to $1,625 thousand, a decline of approximately 18.6%[16] - The company’s total liabilities to equity ratio improved from 0.65 as of December 31, 2023, to 0.49 as of June 30, 2024, indicating a stronger financial position[17] Leadership Changes - The company appointed Ms. Yang Lijuan as the new CEO effective July 1, 2024, indicating a strategic leadership change[11] Market Position - The company operates 122 self-operated restaurants across 13 countries, making it the largest Chinese dining brand in the international market[12]
特海国际(09658) - 2024 Q2 - 季度业绩