Guzman y Gomez to roll out 30 more stores in Australia after strong sales
Guzman y Gomez is set to roll out 30 more stores across Australia in the next 12 months as it ramps up growth on the back of strong sales.
The Mexican fast-food giant reported network sales of $703 million in Australia, up 31 per cent for the year and despite slowing sales growth from 18 per cent to 15 per cent, the company still expects to achieve double-digit growth again this financial year.
“GYG has had a phenomenal year in 2023,” CEO Steven Marks said.
Guzman y Gomez has 194 restaurants. It opened 22 new local and five overseas restaurants in the past year and has 171 locations in Australia.
Last year 39 million burritos and burrito bowls were sold.
Global network sales were up 32 per cent to $759 million.
Underlying earnings before interest, tax, depreciation and amortisation jumped 56 per cent to $32 million.
Marks expects earnings to hit $50 million this financial year.
“As we look to the year ahead, I can promise you that we are going to be bigger and better than ever,” Marks said.
“We have a long runway of growth ahead of us, and plan to open more than 30 restaurants across Australia next year.”
Guzman y Gomez has a medium term” plan for a network of 1000 restaurants, which will add to those locally and in Japan, Singapore and the US.
“We have one brand and we focus on it,” Marks said.
Guzman y Gomez plans to list on the ASX in the next few years.
Jonathan Jackson, 12th September 2023
