SINGAPORE, June 18, 2024 (GLOBE NEWSWIRE) -- Super Hi International Holding Ltd. (NASDAQ:HDL) ("Super Hi" or the "Company"), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants in the international market, today announced its unaudited financial results for the first quarter of FY2024 ended March 31, 2024. First Quarter 2024 Highlights Revenue was US$187.6 million, representing an increase of 16.6% from US$160.9 million in the same period of 2023. Opened 4 net new Haidilao restaurants in the first quarter of 2024. Total number of Haidilao restaurants expanded from 115 as of December 31, 2023 to 119 as of March 31, 2024. Total table turnover rate1 and same-store table turnover rate2 were both 3.9 times per day, compared to 3.3 times per day in the same period of 2023. Had over 7.3 million total guest visits, representing an increase of 21.7% from 6.0 million in the same period of 2023. Same-store sales growth3 was 10.0%, compared to 8.8% in the full year of 2023. Income from operation margin4 was 6.6%, compared to 7.0% in the same period of 2023. _______________________ 1 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period.2 Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count at the Company's same stores during the period.3 Refers to the year-over-year growth of the aggregate gross revenue from Haidilao restaurant operations at the Company's same stores for the period indicated.4 Calculated by income from operation divided by total revenue. Income from operation is calculated by (loss) profit for the period excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense. Mr. Yu Li, CEO & Executive Director of Super Hi, commented, "We delivered a strong performance in the first quarter of 2024, with a 16.6% increase in revenue and a significant rise in guest visits. Our commitment to enhancing customers' dining experience, optimizing our services, and expanding our restaurant network has been instrumental in achieving these results. We are particularly pleased with the improvement in our same-store sales growth and table turnover rate, which reflect our ongoing efforts to drive operational excellence. Looking ahead, we will continue to focus on customer satisfaction and employee effort, while exploring new business models and strategic acquisitions to further enrich our offerings and expand our market presence." Ms. Cong Qu, Financial Director and Board Secretary of Super Hi, added, "We are thrilled to announce our successful listing on Nasdaq, which marks a significant milestone for Super Hi International Holding Ltd. This achievement not only enhances our visibility in the global market but also provides us with additional resources to support our growth initiatives. Our financial performance in the first quarter of 2024 demonstrates our ability to effectively execute our strategic plans. As we move forward, we remain committed to optimizing our supply chain, building our brand, and leveraging digital support to empower our restaurants and drive sustainable growth." First Quarter 2024 Financial ResultsRevenue was US$187.6 million, representing an increase of 16.6% from US$160.9 million in the same period of 2023. Revenue from Haidilao restaurant operations was US$180.3 million, representing an increase of 15.7% from US$155.8 million in the same period of 2023. The increase was mainly driven by (i) continued recovery in international markets; (ii) enhanced operational performance of Haidilao restaurants, which resulted in higher table turnover rates and increased guest visits; and (iii) ongoing business expansion and increased brand influence. Revenue from delivery business was US$2.9 million, representing an increase of 61.1% from US$1.8 million in the same period of 2023. The increase was mainly driven by (i) increased brand influence; and (ii) the Company's efforts to enhance partnerships with local delivery platforms. Revenue from other business was US$4.4 million, representing an increase of 33.3% from US$3.3 million in the same period of 2023. This was a result of the growing popularity of hot pot condiment products and Haidilao-branded and sub-branded food products to local customers and retailers. Raw materials and consumables used were US$62.8 million, representing an increase of 16.5% from US$53.9 million in the same period of 2023. As a percentage of revenue, raw materials and consumables used remained stable at 33.5% in the first quarter of 2024, unchanged from the same period of 2023. Staff costs were US$63.6 million, representing an increase of 19.8% from US$53.1 million in the same period of 2023. As a percentage of revenue, staff costs were 33.9%, compared to 33.0% in the same period of 2023. The increase was primarily due to the increase in the number of employees in line with the expansion of restaurant network and the increase in guest visits and table turnover rate, as well as the increase in piece rate wages for the employees. Income from operations was US$12.4 million, representing an increase of 9.7% from US$11.3 million in the same period of 2023. Income from operation margin was 6.6%, compared to 7.0% in the same period of 2023. This was primarily due to (i) an increase in revenue, partially offset by increase in raw materials and consumables used and staff costs as described above, (ii) a decrease in other income of US$2.2 million resulting from a decrease in government grants received during the three months ended March 31, 2024, and (iii) listing expenses of US$0.6 million. Loss for the period was US$4.5 million, compared to an income of US$5.6 million in the same period of 2023. This was due to an increase in other losses of US$11.2 million mainly contributed by unrealized foreign exchange losses resulting from the weakening of other currencies against U.S. dollars. Basic and diluted net loss per share were both US$0.01, compared to a basic and diluted net income per share of US$0.01 in the same period of 2023. Operational Highlights Haidilao Restaurant PerformanceThe following table summarizes key performance indicators of Haidilao restaurants for the quarters indicated.   As of/For the Three Months Ended March 31,   2024   2023 Number of restaurants       Southeast Asia 72   69 East Asia 18   17 North America 19   18 Others(1) 10   10 Total 119   114         Total guest visits (million)       Southeast Asia 5.1   4.4 East Asia 0.8   0.6 North America 0.9   0.6 Others(1) 0.5   0.4 Overall 7.3   6.0         Table turnover rate(2) (times per day)       Southeast Asia 3.7   3.3 East Asia 4.2   3.1 North America 4.2   3.2 Others(1) 3.8   3.3 Overall 3.9   3.3         Average spending per guest(3) (US$)       Southeast Asia 19.4   20.8 East Asia 28.4   28.8 North America 43.3   51.3 Others(1) 42.2   41.1 Overall 24.9   26.0         Average daily revenue per restaurant(4) (US$ in thousands)       Southeast Asia 15.8   15.2 East Asia 16.1   11.9 North America 21.5   19.3 Others(1) 24.4   22.4 Overall 17.5   15.9         Notes: (1) Others include Australia, the United Kingdom and the United Arab Emirates. (2) Calculated by dividing the total tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period in the same geographic region. (3) Calculated by dividing the revenue generated from Haidilao restaurant operations for the period by total guest visits for the period in the same geographic region. (4) Calculated by dividing the revenue from Haidilao restaurant operations for the period by the total Haidilao restaurant operation days for the period in the same geographic region. Same-Store SalesThe following table sets forth details of the Company's same store sales for the quarters indicated.   As of/For the Three Months Ended March 31,   2024   2023         Number of Same Stores(1)       Southeast Asia 65 East Asia 14 North America 18 Others(5) 7 Total 104         Same Store Sales(2) (US$ in thousands)       Southeast Asia 93,125   89,780 East Asia 21,091   16,567 North America 36,256   31,189 Others(5) 16,246   13,989 Total 166,718   151,525