Russia's Rosinter in the red
21 May, 2012
Rosinter Restaurants, the leading Russian casual dining restaurant group that is now led by former Mitchells & Butlers chief Kevin Todd, has reported a loss on 2011 trading, says Bloomberg.
As Peach Report reported, Rosinter appointed Todd as president and chief executive in charge of its 387 sites in Russia and other nearby states earlier this year after a management shake-up.
Rosinter’s results—which cover a period well before Todd’s arrival; the year to end-December 2011—show a $9m loss, compared to a profit of a similar level last year, though sales rose 6.4% over 2011. Higher food prices and salaries had pushed down gross profit margins to 20.3%, from 23.8% a year earlier, the company said. Rosinter also reported substantial write-offs relating to closures.
Todd held a number of jobs at M&B, including managing director of its restaurants division and business development director.
For the full story, see Rosinter Restaurants swings to 2011 loss on inflation, salaries.