Retail Food Group (RFG) widened its loss in the first half of FY19 to $111.1 million, after posting an $87.8 million loss in the same period a year ago.
The owner of Donut King, Michels Patisserie, Gloria Jeans, Crust, Pizza Capers and Brumbys Bakery reported a 73.4 per cent drop in underlying net profit after tax to $6.6 million in the half, which was decimated by $123.7 million in non-cash impairments and write-downs and provisioning.
The fast food franchisor blamed the drop in profit on a number of factors, including the impact of store closures, investment in its restructuring activity, declines in new store, resale and renewal activity and ongoing negative sentiment towards franchising.
RFG initiated a number of strategic change…
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