Wagamama outperforms sector with 12% sales growth
Asian noodle chain Wagamama has continued to outperform its competitors for almost five years (239 weeks) as it posted a turnover increase of 15.4% to £81.5m in the 28 weeks to 11 November 2018.
The company posted a 11.3% UK outperformance of the market for the period.
In Q2 2018/19, the chain saw 12% and 7% like-for-like sales growth in the UK and US respectively. It also opened one new restaurant in the UK and completed 10 refurbishments. Its adjusted EBITDA was up 18.7% in Q2 2018/19 to £13.2m from £11.1m in Q2 2017/18 with margin improvement.
Emma Woods, CEO, said: “We want Wagamama to be special, both the bowl and the soul, and so have continued to invest in our amazing teams, our vegan food and our customer service this quarter. As a result, we have sustained our outperformance of the UK market. The business is well prepared for, and excited about the next stage of its development, with The Restaurant Group (TRG) as our new owners.
“As the ownership baton gets handed on, I would like to take this opportunity to say a big thank you to Jane Holbrook, Duke Street and Hutton Collins for their committed leadership and ownership approach to Wagamama.”
