The Sportscene group, which owns the La Cage restaurants in particular, recorded a sharp drop in its activities of 64.6% in the last quarter, as a result of the closure of the dining rooms.
The president and CEO of the company, Jean Bédard, still wanted to be reassuring.
“Although the closure of the majority of our dining rooms as of October 1, 2020 has resulted in a significant reduction in revenues from restaurant activities, liquidity preservation measures, support for various government assistance programs and growth in retail activities allows us to maintain the financial health of Sportscene, ”he said in a statement.
Retail sales increased 28.5%, reaching a value of $ 6.3 million in the last quarter, which ended on November 29.
Including activities in restaurants, the value of the products of the Sportscene Group is only 13.6 million, it was reported Thursday.
The net loss was $ 0.5 million, or $ 0.05 per share. By way of comparison, net income stood at $ 1.7 million, or $ 0.20 per share, at the end of the same period last year.
These poor results are in addition to those previously unveiled over the past year. This summer, when the first wave had hit restaurateurs hard, the Boucherville-based company announced that it had suffered losses of $ 7.1 million during the second quarter, which covered the first months of the pandemic.
In addition to the La Cage sports brasseries, Le Groupe Sportscene owns the L’Avenue chain, the Asian cuisine restaurant PF Chang’s and the famous Moishes brand.
At present, while all of Quebec is in the red zone, 36 of the group’s 42 restaurants are still in operation, thanks to delivery, take-out and cooking boxes.
By Natasha Kumar
Source : thetimeshub.in