Original Story Published by: Staff Writer for Business Tech
Photo Source: ©Business Tech
Taste Holdings, the operator of Starbucks and Domino’s Pizza in South Africa, reported its interim financial results ended August 2018, showing a decline in revenue as it continues to restructure its business.
Revenue declined 3% to R470 million, from R483 million before, with an operating loss of R87 million.
The group reported a headline loss per share of 8.0 cents per share versus 15.9 cents per share previously.
Taste said that the first half of the 2019 financial year marked the beginning of a new dawn for the group. “Successive periods of unsatisfactory results forced us to ask and answer tough questions about our business,” it said.
“While this was not an easy environment to operate in, given the internal revisions and external economic headwinds, (we are) proud of the acceptance to change that our team has demonstrated.
“In the short six months that we have been on this new journey, we have managed to make some significant changes to the group that will provide a strong foundation for long-term sustainability and growth.”
In the previous financial year, Taste moved to split the business into two distinct verticals, namely food and luxury goods.
The Food Division includes Domino’s and Starbucks Coffee, as well as locally-owned brands including Maxi’s and The Fish and Chip Co.
Taste said its first critical decision was to pause the expansion of the Domino’s and Starbucks network.
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