Oliver's post December 2024 quarter update

Read the full ASX release here.

Oliver’s Real Food Limited reported a decrease of $27k to $6.824m in revenue in its December quarter operations report.

Full report below:

Total Company revenue was $6.824m, a decrease of $27k compared with the same period in 2023. Generally trading conditions remain challenging and sales subdued. The major issues impacting our sales, some previously disclosed in our September 4C announcement, include:

Our new Pheasant’s Nest stores continue to trade below expectations, particularly for the Pheasant Nest Northbound store, and our sales results continue to reflect the impact of this shortfall. We suspect that all the other operators at this site are also struggling with the low traffic volume, an issue beyond the control of Olivers.
Wyong South sales continue to be impacted by the increased competition at that site. Some improvement was seen in the December quarter, but sales remain 10% below the 2023 level.
The Euroa Service Centre store has been impacted by the recent opening of a KFC store next to the Service Centre. Sales are down 10% and we are monitoring the ongoing impact and will discuss the impacts with the Landlord.
Closure of Coffs Harbour store in October 2024

Offsetting these sales challenges, we have seen sales at our Maryborough QLD store continue to show dramatic improvement, up 23.55% for the quarter. We have tested a range of marketing initiatives at this store in recent months and along with a new Manager and dedicated team we are encouraged by the positive sales results.

Material business activities for the December 2024 Quarter

Company store sales were $6.786m, an increase of $19k compared to 2023.
Like-for-like store comparison is unchanged compared to 2023.
Like-for-like store performance by State compared with 2023:
-NSW unchanged.
-VIC down 1.20%.
-QLD up 23.55%.
Gross Margin percentage was 63.31% compared to 63.04% in 2023.
Cash flow from operating activities was positive at $927k.

Payments to related parties (Listing Rule 4.7C.3)

Interest paid to related party entities on loans was NIL for the quarter. Directors' Fees paid were $122k.

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Oliver's Real Food

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