Following a surge in sales, Nando’s, the fast casual chain, is set to enhance its presence in the UK with the opening of 14 new restaurant venues in the 2023-2024 financial year.
Excluding South Africa, the peri-peri chicken chain has achieved profitability for the first time since the onset of the Covid-19 pandemic.
Nando’s Group chief executive Rob Papps stated, “The macro-economic outlook for 2024 remains uncertain but we are continuing to invest for the future with further menu innovation, enhancements to our digital capabilities and new restaurant openings planned in all our markets, including 14 in the UK.”
Revenue saw a nearly 20% increase, rising from £1.06 billion in the previous year to £1.27 billion ($1.61 billion) in the current year.
The rise was credited to a robust rebound in consumer demand and the addition of more restaurant openings.
For the year ending on February 26, 2023, Nando’s Group Holdings disclosed an operating profit of £17 million, marking a significant improvement from the £1.2 million operating loss reported in the preceding year.
The group has successfully navigated the challenges posed by cost pressures, although it anticipates these pressures to persist as a substantial impediment throughout the remainder of 2023-2024.
Papps added, “The 2023 financial year saw Nando’s deliver a steady recovery to pre-pandemic sales and a return to operating profit driven by strong consumer demand for our flame-grilled peri-peri chicken supported by our brand and customer proposition.
“Despite the improved sales performance, cost pressures including higher energy, labour and food prices remained a challenge.”
During August 2023, Nando’s PERi-PERi introduced its fresh summer menu in the United States, showcasing an updated iteration of its PERi-charged bites.
The updated menu was introduced to all Nando’s establishments in Washington DC, Virginia Beach, Chicago, and Houston. Additionally, the chain has intentions to debut its new menu in Dallas, Texas.
The Nando’s PERi-PERi menu features offerings such as the spicy chicken kale caesar, PERi ranch crunch, a rainbow vegetarian bowl, and a PERi chicken rainbow bowl.