Earnings release
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RECIPE EST . 1883 Recipe Unlimited Reports Q1 2021 Results VAUGHAN , ON , May 6 , 2021 / CNW / - Recipe Unlimited Corporation reported financial results today for the 13 weeks ended March 28 , 2021 . • • • • E - Commerce System Sales increased by 75.0 % compared to 2020 and 79.6 % compared to 2019 Retail and Catering Sales increased by 15.4 % compared to 2020 and 20.8 % compared to 2019 Positive Operating EBITDA of $ 24.0 million and positive Net Earnings of $ 13.0 million for Q1 Successfully amended lending covenants to provide additional covenant flexibility through to the end of Q1 2022 " During Q1 2021 , the mandated closures and severe restrictions imposed on restaurants impacted 89 % of our total operating weeks . This was the most restricted time period since the first few weeks of this crisis in March 2020. However , despite those restrictions , the Company generated $ 24 million in operating EBITDA and reported positive net earnings in Q1 2021. This is a tribute to the resiliency of our brands , our franchisees and all of our support teams who continue to efficiently adapt their operations to meet the needs of a constantly changing environment . From the beginning of this pandemic , Recipe has taken action to support both its frontline teammates and franchise partners . When the crisis began , we offered a " Thank You Pay " premium to our hourly staff . In 2020 , Recipe announced a $ 35 million subsidy program to our franchisees along with additional economic support through the first quarter of 2021. We have invested over $ 2 million in PPE for all of our restaurants and in November 2020 , Recipe announced its new " Social Safely " program . Social Safely provides a transparent view for customers of the protocols , procedures and practices implemented at Recipe restaurants to help keep teammates and guests safe . As a further commitment to Social Safely , Recipe recently announced that we will begin offering antigen rapid tests across restaurants in Ontario for all of our frontline teammates at participating locations . Recipe also announced a $ 500,000 support package for our Ontario Corporate frontline workers to help them manage through the latest extended closures . We have stated from the very beginning of this crisis , that our focus will be on the health and safety of our guests , our franchise partners and our frontline teammates . This also includes the financial and mental health of our frontline teammates . The Social Safely program along with Recipe's support programs echoes that commitment . " Frank Hennessey , CEO Highlights for the 13 weeks ended March 28 , 2021 : System Sales ( ¹ ) for the 13 weeks ended March 28 , 2021 was $ 537.6 million , compared to $ 747.2 million in 2020 and $ 850.7 million in 2019 , representing decreases from 2020 and 2019 of 28.1 % and 36.8 % , respectively . The SWISS CHALET MARIOS THE KEG KELSEYS MONTANA'S TRI- original LANDING ROADHOUSE PICKLE BARREL 1909 FIONNS HARVEY'S milestones NYF newyorkdries ELEPHANT & CASTLE *** ORIGINAL JOE'S STATE MAIN BIER MARKT Ültimate DINING CARD