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Motilal Oswal Report
Westlife Development Ltd. delivered in-line same store sales growth, but lower-than expected sales growth, with just one new store addition in Q4 FY21 and only five in FY21.
Furthermore, the dine-in channel (45% of sales in Q4 FY21) was still below normal levels.
However, strong performance from the convenience channel is a positive.
Gross margin expansion through volume recovery, channel optimization, and supply chain initiatives is encouraging.
The recovery in McCafe would further support the gross margin.
Ebitda margins were below expectations, with a one-time employee bonus and salary reversals putting pressure.
Nevertheless, the company's efforts on fixed cost reduction should aid margins going forward.
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