Yo! Sushi eyes opportunities for supermarket growth after acquisitions
Yo! Sushi increased sales last year ahead of two major acquisitions which could see the company expand into the grocery sector this year.
The Japanese restaurant chain reported a 1.7 per cent uptick in total sales to £89.9m for the year to 27 November. This included a four per cent rise on a like-for-like basis, driven by the strength of delivery and a new menu.
Like-for-like revenue from delivery and to-go food sales jumped 21 per cent. Meanwhile adjusted underlying earnings growth rose to £8.5m from £7m.
Following the end of the period, Yo! acquired Bento Sushi, a North American sushi brand. This significantly increased its size, making the enlarged group one of the largest sushi companies outside Japan.
Read more: Asda grows for the fifth quarter in a row
Yo! later acquired Taiko, a sushi maker which supplies to Waitrose, among others.
Today the company said it was taking a "diversified" approach to the sushi business, and will explore opportunities with supermarkets and convenience stores in the UK.
The last year has seen the group significantly diversify its strategy and business model and more than double its turnover with the acquisitions of Bento and Taiko," said Richard Hodgson, who was brought in as chief executive at the end of last year to oversee Yo!'s growth.
"This positions Yo! as a global multi-channel, multi-format food group well placed to take advantage of the worldwide demand for naturally healthy Asian food in restaurants, at home and on-the-go."
Read more: Market influencer: City brokers head to social media to boost brand growth