Guzman y Gomez reveals $759 million revenue, 30-store plan
Guzyman y Gomez founder Steven Marks has revealed a revenue of $759 million in the 2023 financial year, a lift of 32 per cent on the previous year.
Underlying earnings rocketed 56 per cent to $32 million in what Marks described as “a phenomenal year”.
GYG reported the median weekly average unit volumes for a drive-thru restaurant was $106,000. A strip restaurant had AUV of $80,000, up 16 per cent on the previous corresponding period.
Franchisees achieved a median return on investment of 47 per cent.
Fast growing store network
Marks said: “FY24 will bring us the opportunity to innovate across all parts of our menu, drive more sales through our digital channels and sustainably grow comps across our network.”
The GYG app and website accounted for 17 per cent of Australian network sales in June 2023. The figure is a 12 per cent rise on the contribution in June 2022.
The Mexican fast food chain now boasts 200 restaurants globally with the recent launch of the Cairns outlet.
The chain was listed by GapMaps as one of the fastest-growing QSR brands by store numbers this year
Another 30 outlets, including drive-throughs, are in the plans for the Australian market. There 23 GYG restaurants in the US, Singapore and Japan.
In the new US market GYG reported $6 million in network sales. In Singapore and Japan, network sales rose 35 per cent to $50 million.
Steven Marks signals ASX listing
Marks earlier this year announced he would step back from his CEO role and the business continues its search for his replacement.
At the time he referenced his dream of an IPO. “Whenever that happens, I want to ensure I have a world class and experienced team in place to lead GYG well into the future.”
This week he has hinted at a possible listing on the Australian Stock Exchange in late financial year 2024 or 2025.
Marks told the Sydney Morning Herald that GYG was prepping for a stock listing, the timing dependent on the board and investors.
This story was originally published on Franchise Executives.
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