Q2 2024 International Meal Company Alimentacao SA Earnings Call (English, Portuguese) Transcript
Key Points
- International Meal Co Alimentacao SA (BSP:MEAL3) achieved a 10% growth in recurring EBITDA, reaching BRL66 million in the quarter.
- Digital sales grew significantly by 60% year-on-year, with Pizza Hut's new app accounting for 16% of all delivery sales.
- The company maintained a net debt EBITDA leverage of 2.1 times, indicating controlled financial discipline.
- KFC reached the milestone of 200 stores, with system sales growing 9% in the quarter.
- Operating cash generation increased by 97.5% compared to the same period last year, driven by efficient management of working capital and monetization of tax credits.
- The quarter was challenging in terms of sales, with flat sales compared to the previous year.
- A significant disruption in the supply chain in April led to temporary store closures and limited service capacity.
- The company faced a 10% negative same-store sales in April due to external factors, impacting overall quarterly performance.
- There was a significant loss in delivery sales due to changes in the delivery strategy, particularly at KFC.
- In the USA, the company experienced an 18% drop in total restaurant revenue, partly due to the sale of Pigeon Forge Tennessee and closure of the Las Vegas store.
Good morning, ladies and gentlemen, and welcome to IMC's conference call. We'll discuss the results for the second quarter of 2024. This conference call is being recorded, and the presentation is available on the company's website. (Operator Instructions) Ensuing this we will go on to the question-and-answer session when further instructions will be provided.
Before proceeding, please bear in mind that the forward-looking statements are subject to risks and uncertainties which may cause these expectations not tomorrow will materialize or be different than those expected. These forward-looking statements speak only as of the date they're set forth than the company undertakes no obligation to update them present at this conference.
We have Mr. Alexandre Santoro, CEO; and Mr. Rafael Bossolani, CFO, and IRO of IMC. I will now turn the floor over to Mr. Santoro, who will begin the presentation.
Well, thank you (inaudible) good morning, and thank you all very much for attending IMC
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