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ICICI Securities Report
Westlife Development Ltd. Q3 performance was subdued as revenues declined 25% (same-store sales growth declined 24%) despite all stores being operational.
However, consistent cost optimisation led the reduction in average monthly fixed cost by ~30% (renegotiating rents, reimagining supply chain, variable staff costs, etc.), thereby bringing back margins close to pre-Covid-19 levels.
Although the trajectory of improvement of convenience formats (delivery, drive-thru, takeaway and on-the-go – together contribute more than 50% of revenues) seems promising, recovery of core dine-in business (still at 70-75% of pre-Covid-19 levels in Q3) depends on improvement in consumer sentiment.
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