Retail Food Group to trial Gloria Jeans concepts

Retail Food Group (RFG) will launch several new Gloria Jeans concepts next year in a bid to bolster the performance of the brand amid a slump in sales during the first eighteen weeks of FY18. Speaking to investors at RFG’s Annual General Meeting on Thursday, Nell said Gloria Jeans would shift its customer proposition to focus on fast casual dining, including things such as all-day breakfast and fresh grab and go options. Overall revenue for RFG was up 27 per cent to $350 million during FY17 while underlying EBITDA was up 12.1 per cent to $123.4 million. Underlying NPAT was up 14 per cent to $75.5 million. “Consumer tastes and trends evolve, elevating coffee as a specialty product with a devout following focused on bean provenance, roasting processes and the skills necessary to achieve the perfect cup of coffee,” Nell said. “Complementing this activity is the brand’s entry into fast casual dining, with an all-day breakfast menu and cafe offering including ‘made in store – fresh is best’ grab and go options and new ‘hero’ products,” he continued. An unspecified number of pilot stores will launch domestically in the third quarter of FY18 before a broader roll-out thereafter. RFG’s coffee division posted FY17 EBITDA growth of 9 per cent to $40.8 million.

Source: www.insidefmcg.com