YO! Sushi's sales up 6% to £88.4m in FY2016
It has announced its financial results for the year ended 27 November 2016.
Following the acquisition by Mayfair Equity Partners in November 2015, the group undertook a strategic review of the business to position it to for future growth. The move delivered underlying like for like sales growth of 5.5%+ for the last four quarters, consistently beating the Coffer Peach Business Tracker.
Financial and operational highlights include the total sales of £88.4m up 6% from £83.7m in the previous year, reflecting the investment in the brand refresh, the product offering and the team. The like-for-like sales have grown consistently for the eight months since the period end of 6.5+%.
YO! CEO Robin Rowland said, “FY 2016 was transformational for YO! Following a full strategic review with our new owners, Mayfair, we’ve reset the business to best position it for long term future growth. This has been reflected in 5.5%+ like-for-like sales growth for the last 12 consecutive months. We now have the people and product to take the business forward, and 2017 will be about taking advantage of the significant opportunities that now exist for the brand.”
With Mayfair on board, YO! management undertook a full strategic review to refresh the brand and reenergise YO!’s people, which resulted in several new senior management appointments including a UK Operations Director and People Director.
Since the year end, these have been joined by a new Marketing Director and Chief Financial Officer, as well as a US Managing Director to head up the early stage US business.
The detailed brand review and refresh, including a new menu design and logo, has reportedly transformed the way the restaurants are marketed, designed, and operated.
The Group also invested in IT systems including a new EPOS and accounting system, and deepened its relationships with international franchise partners, including SSP, to open new sites outside the UK that offer high brand awareness.
Four new sites opened in Bournemouth, Harrogate, Newcastle and Chelmsford, whilst three franchised restaurants opened in Dubai at the Burjaman Mall, the Dubai Festival City and Dubai Airport, and two company owned sites opened in the USA in Boston, MA and Woodbury Common, NY
The net promoter scores, brand awareness, employee engagement and staff retention figures are all top quartile in casual dining sector, according to the report.
