MTY Food Group Inc. ("MTY", "MTY Group" or the "Company") (TSX: MTY), one of the largest franchisors and operators of multiple restaurant concepts worldwide, reported today financial results for its third quarter of fiscal 2024 ended August 31, 2024 and declared a quarterly dividend of 28.0¢ per share, payable on November 15, 2024 to shareholders registered in the Company's records at the end of the business day on November 5, 2024.
"Our third quarter of 2024 saw several highlights, including the year-over-year growth of normalized adjusted EBITDA in our franchising and processing, distribution and retail segments," stated Eric Lefebvre, Chief Executive Officer of MTY. "The effects of the gradual and systematic restructuring we are conducting are starting to bear fruits. In addition, the quarter brought a 23% increase in cash flow provided by operating activities, which continue to be a primary area of focus for our management team."
"I am also pleased to report our system sales have remained relatively stable despite the macroeconomic environment in which we operate and the tough comparison to a fantastic third quarter of 2023. Our snack category, which includes brands such as Wetzel Pretzel's and SweetFrog, continues to shine, outperforming prior year."
"We have opened fewer than anticipated locations in the third quarter, with multiple projects being impacted by significant delays in permitting, construction and pre-opening regulatory inspections, but I remain excited by our strong pipeline and I am confident we will get back to better opening results in the coming quarters," Lefebvre shared. "MTY remains well-positioned to thrive, due to our dedication to innovation, consistent product quality, superior store design, positive online experience for customers, and perceived value."
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