PizzaExpress' overseas business expecting loss amidst Hong Kong unrest
The UK pizza chain is also expected to report negative like-for-like sales in FY 2020.
PizzaExpress’ international arm is expected to take a hit due to Hong Kong’s continuing social unrest, the company told Bloomberg.
The report said that the pizza chain’s overseas business will report a “small loss for the year driven by disruption in Hong Kong.” It has incurred a £300,000 loss in Q3 compared with £200,000 in the same period last year.
Moreover, the chain told Bloomberg that the international business would also likely report negative like-for-like sales in FY 2020, “compared with a flat to slightly negative trend in the U.K. and Ireland.”
Citing a recent report by investment bank Imperial Capital, the report noted that the chain’s UK and Ireland restaurants earn about 18% more revenue per store than those in China and other international sites.
Earlier, PizzaExpress owner Hony Capital had told the company’s bondholders that it will buy back £80m of its £200m unsecured bonds amidst a mounting 54-year-old debt.
Read full report here.
