DThe battered restaurant chain Vapiano has once again written deep red numbers. In the first half of 2019, the loss increased to 34.3 million euros, as shown by the published on Wednesday semi-annual report of the Cologne-based company. Compared to the same period of the previous year, that was roughly a doubling. Although group sales increased to € 196.6 million (previous year: € 175.1 million), this was due to new store openings and acquisitions.
By contrast, sales were down 3.2 percent on a like-for-like basis. In addition, the debt mountain grew significantly. The new Vapiano boss Vanessa Hall emphasized that one had to improve the "guest loyalty".
2021 back in profit zone?
The German pizza and pasta baker is under pressure. An expansion that was boosted after the IPO in 2017 went awry and restaurants in countries such as Sweden developed into loss-makers. At the end of 2018, a new company boss wanted to turn things around with a reorganization program, but after just nine months in office, he threw in the towel.
Only a few days ago, Briton Hall took over the executive chair, which previously sat at the head of the supervisory board. She wants to continue the rehabilitation and slow down the expansion, 2021, the company should return to profitability.Vapiano has 235 restaurants in the world, about one third of them in Germany.