September 6, 2017 / 6:48 AM / 10 months ago

Restaurant chain Vapiano sees sales and earnings growth in 2017

Sept 6 (Reuters) - German-owned restaurant chain Vapiano expects its sales and core earnings to grow in 2017, as it continues to open new stores and invest in its rapidly growing digital business, the company said on Wednesday in the first quarterly statement since its IPO in June.

Vapiano said it anticipated its sales to rise by 24 to 33 percent and adjusted EBITDA by 31 to 38 percent in 2017, with the full-year like-for-like growth seen at a 3 to 5 percent.

The company, which currently operates 190 restaurants worldwide, confirmed its goal to increase this number to 330 by the end of 2020.

Vapiano also said it planned to open between 25 and 30 new restaurants in 2017, focusing on core European markets, while it continues developing its takeaway and home delivery businesses.

Vapiano’s first-half sales grew by 41 percent to 153.6 million euros ($183 million), while the like-for-like growth was at 5.8 percent. Adjusted EBITDA came in at 15.9 million euros and was 53 percent higher year on year.

The company, which positions itself in the expanding “fast-casual” dining segment, raised about 184 million euros in its Frankfurt debut in late June, which gave it a market value of about 553 million.

$1 = 0.8394 euros Reporting by Sylwia Lasek in Gdynia; Editing by Maria Sheahan

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