Westlife Foodworld delivers a record FY 23; reports highest ever Q4 sales, with 14% same store sales growth

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Westlife Foodworld Limited (“WFL”), formerly known as Westlife Development (BSE: 505533) (“WDL”), owner and operator of McDonald’s restaurants in West and South India, has announced a record full-year performance 2023 with highest ever sales of Rs. 22.7 bn up by 44% YoY, driven by industry-leading Same Store Sales Growth (SSSG) at 36% YoY. The company recorded a Cash PAT of Rs. 2.5 billion up by 97% YoY.

In the quarter under review, the company reported an all-time high Q4 sales of Rs. 5.56 bn, up 22% YoY with a strong double-digit SSSG (same-store sales growth) of 14% YoY. This was driven by a double-digit growth in dine-in customers, enabling the on-premise business to grow by 38% YoY. The company’s own delivery channel, the McDelivery platform, saw a robust rise in user base, as digital sales improved to ~62%, led by SOKs (Self-Ordering Kiosks). 

This strong topline resulted in a 34% YoY increase in the company’s Restaurant Operating Margin, which now stands at ₹1,364 million. Withstanding the challenges of inflationary pressures and macroeconomic headwinds, the company’s Operating EBIDTA jumped to Rs 919 mn, growing by 26% YoY. The company recorded a Cash PAT of Rs. 567 million in the quarter. Westlife’s average sales per store (TTM) stood at Rs. 66.2 mn, up from Rs. 49.8 mn in FY 22. 

Commenting on the results for FY 23, Mr. Amit Jatia, Vice-Chairman, Westlife Foodworld Limited, said, “FY 23 was a landmark year for Westlife Foodworld.  Our strong performance, delivered by our omnichannel strategy, menu innovations, store modernization, and cost optimization strategies, is a testament to our scale and agility. We were not only able to strengthen our value proposition but were also able to capitalize on our momentum to promote long-term sustainable growth for all our stakeholders. I believe we are on a strong growth trajectory and will continue to build on our competitive strengths and further our business advantage”. 

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