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Berjaya Food to see strong growth from Starbucks, Kenny Rogers Roasters expansion

Kuala Lumpur, 6th November 2022,

Berjaya Food Bhd (Bfood) is poised to record growth following expansion plans and strong same-store sales growth for Berjaya Starbucks Coffee Company Sdn Bhd and Kenny Rogers Roasters (KRR).

Mercury Securities Sdn Bhd said Starbucks plans to open between 35 and 40 new stores in the financial year 2023 (FY23) with more drive-thru outlets to target smaller towns and communities.

“We think that new store openings, which include more drive-thru stores, will bode well for Starbucks to provide a better reach and service to customers, further expand its market share throughout Malaysia and increase profitability moving forward.

“We also think that consumer demand for Starbucks products can be enhanced via the revamped Starbucks Rewards programme where customers’ experiences are enhanced by offering more card designs with attractive benefits for its members,” it said in a note.

As of June 30, Starbucks had a fleet of 356 stores nationwide. Of the total, 70 are drive-thru stores.

It added that Bfood’s holding company, Berjaya Group Bhd (BGroup), effectively holds the worldwide KRR franchise following the acquisition of KRR International Corp, USA, in April 2008.

The company plans to open between three to five new stores next year.

FY23 sales will be more robust, driven by optimised business strategies, attractive promotion initiatives, and the waning impact of the Covid-19 pandemic.

“KRR also experienced a sales rebound after diversifying its menu and reducing heavy reliance on one cost item, recording a revenue of RM71.5 million in FY22 (+29.3 per cent year-on-year),” it said.

The firm recommended a ‘Buy’ on BFood with a target price of RM1.22.

Downside risks for the company include intensifying competition in the food and beverage retail sector and weakening consumer buying power due to rising interest rates, inflation, and subsidy cuts.

Source: New Straits Times

Full Article: https://www.nst.com.my/business/2022/11/847541/berjaya-food-see-strong-growth-starbucks-kenny-rogers-roasters%C2%A0-expansion