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For its third quarter that ended in late August 2023, MTY Food Group Inc., one of the largest franchisors and operators of multiple restaurant concepts worldwide, reported that system sales increased 33 percent year-over-year to $1.5-billion(Cdn). The U.S. contributed most of the growth with a 55 percent improvement year-over-year, largely attributable to the acquisitions of BBQ Holdings Inc. in September 2022 as well as Wetzel’s Pretzels and Sauce Pizza & Wine in December 2022. Same-store sales improved three percent year-over-year in the third quarter of 2023. Canada and the U.S. reported same-store sales growth of three percent and two percent, respectively, while the international region was stable compared to the third quarter of 2022. “Clearly, we are elated with our latest acquisitions, which helped raise system sales 33 percent to $1.5 billion in the quarter, but we are also pleased by our same-store sales improvement of three percent over the prior year,” said MTY Food’s CEO Eric Lefebvre. “As a result, we continue to deliver profitable growth with exceptional predictability despite a mixed economic environment marked by higher interest rates, inflationary pressure and heightened price sensitivity on the part of consumers.” During the third quarter, MTY’s network opened 87 locations, compared to 63 opening in third quarter 2022, and closed 92 locations compared to 117 the previous third quarter. At the end of the quarter of 2023, MTY’s network had 7,119 locations in operation, of which 6,895 were franchised or under operator agreements and 224 were corporate-owned. The geographical split among MTY’s locations consisted of 58 percent based in the U.S., 35 percent in Canada and seven percent International. Operating for over 40-years, MTY Group franchises and operates quick-service, fast casual and casual dining restaurants under more than 90 different banners in Canada, the US and Internationally.
MTY Food Group Inc., 8210 TransCanada Rd., St Laurent, Quebec H4S 1M5 (514/336-8885 www.mtygroup.com)