Restaurant chain Yo! Sushi recorded a pre-tax loss of £22.6 million in the 70 weeks leading up to March 31, 2024, as indicated in its delayed accounts submitted to Companies House.
The figures, which were initially due for submission by the end of 2024, reveal a turnover of £138.3 million for the same timeframe, as reported by City AM.
In comparison, Yo! Sushi reported a pre-tax loss of £4.7 million and a turnover of £84.7 million for the 12 months ending on November 27, 2022.
The extension of the brand’s financial year aimed to align it with that of its new owner.
These results come after the acquisition of Yo! Sushi’s parent company, Snowfox Group (now rebranded as Wonderfield Group), by Zensho Holdings, one of Japan’s largest food companies, for approximately £495 million in June 2023.
Apart from Yo! Sushi, Wonderfield Group encompasses other sushi brands like AFC, supplying US supermarkets, the Canadian grab-and-go brand Bento, and the UK-based Raku.
Additionally, the group includes the franchisor of kiosks, Snowfox, as well as Snowfruit, Sushi Circle, the Australian retailer Sushi Izu, the European brand SushiTake, Taiko, and Zenshi.
Yo! Sushi hit by cost pressures
As per a statement endorsed by the board of Yo! Sushi, “Revenue growth was driven by the extended accounting period as well as anticipated business expansion.
“While the directors remain watchful of the volatile external environment, they acknowledge that the operating profit and EBITDA [earnings before interest, taxes, depreciation and amortisation] have decreased, partly due to [a] number of cost pressures.
“They remain confident that the group’s differentiated Japanese food offer leaves it well placed for long-term sustainable growth.”
In separate accounts for Wonderfield Group, the parent company of Yo! Sushi reported a turnover of $637.8m and a pre-tax loss of $87.5m for the 70 weeks to 31 March, 2024. Previously, for the year ending 27 November, 2022, the company declared a turnover of $374.6m and a pre-tax loss of $29.5m, with a reflection on the period: “This was a year of continued operational progress.”
The report highlighted significant expansions saying, “During the period, the group successfully broadened and deepens its relationships with some of the world’s biggest retailers and food service firms.”
Further achievements included, “This saw the group grow its commissaries business in North America and expand its in-store kiosk footprint in the United States, Canada and the UK.”
Additionally, the statement emphasised strategic adjustments contributing to performance: “The group continues to benefit from its right-sized estate and operational changes made across the business during 2022 and 2024 following the acquisition of the group by Zensho.”
However, concerns about macroeconomic factors were also noted: “Nonetheless, management remains watchful of the external environment and any potential impact that inflationary pressures may have on consumer spending or tariffs will have on the cost of food particularly in North America.”
