Q2 2024 MTY Food Group Inc Earnings Call Transcript
Key Points
- MTY Food Group Inc (MTYFF) reported positive system sales growth for its US locations in Q2 2024.
- The franchising segment's normalized adjusted EBITDA increased by 1% to $52.6 million.
- Digital sales for Q2 2024 increased by 8% compared to the same period last year.
- The snack category, including brands like Cold Stone and Wetzel's Pretzels, performed extremely well in the US.
- MTY Food Group Inc (MTYFF) repurchased and canceled 266,700 shares, indicating strong shareholder returns.
- Overall revenues decreased slightly from $305.2 million in Q2 2023 to $303.7 million in Q2 2024.
- System sales for the quarter decreased by 1%, with a significant decline in Canada.
- Same-store sales saw a decrease of 2.1% over the last year.
- Corporate store margins dipped to 13% from 14% in the prior year due to increased minimum wages and supply chain costs.
- Income attributable to owners decreased by 10% year over year, primarily due to lower normalized adjusted EBITDA and higher foreign exchange losses.
Good day, and welcome to the MTY Group Fiscal 2024 Second Quarter Results Conference Call. (Operator Instructions)
Please note that this event is being recorded. I would now like to turn the conference over to Eric Lefebvre. Please go ahead.
Good morning, everyone. Thank you for joining us for MTY's second-quarter conference call for fiscal 2024. The press release and MD&A with complete financial statements and related notes were issued earlier this morning and are available on our website as well as on SEDAR. During the call, we will be referring to forward-looking statements and certain numbers that are non-IFRS measures. You can refer to our MD&A for more details.
Please note that all figures presented on today's call are in Canadian dollars unless otherwise stated. I'd like to open with a few highlights when we look into MTY System Sales for the quarter. emerging from a difficult January and February period, MTY's second quarter produced positive system sales
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