Minor Food’s Q3 Restaurant Revenue Rose 54%, Reaching 2,484 Stores

This is an English adaptation of a FoodBud historical article originally published on November 27, 2022.

Minor International’s 2022 business mix remained heavily weighted toward hotels, but its restaurant arm, Minor Food, delivered a strong recovery in the first nine months and in Q3.

For the first three quarters of 2022, 75% of Minor Group revenue came from hotels and 23% from restaurants. Restaurant revenue for the period reached THB 20.09 billion, approximately RMB 4.0 billion, up 24% year on year.

Regional performance was uneven. Thailand, Australia/New Zealand, and Europe all grew versus 2021, while China declined. Minor’s main restaurant business in China is Jiangbianchengwai.

Q3 Restaurant Performance

Minor Food reported Q3 restaurant revenue of THB 7.4 billion, approximately RMB 1.47 billion, up 54% year on year.

Total system sales in Q3 increased 41.3% year on year, while same-store sales rose 16.6%.

As of September 30, 2022, Minor Group’s restaurant network totaled 2,484 stores:

• 1,246 company-operated stores
• 1,238 franchised stores

Thailand, the group’s core market, posted Q3 total system sales growth of 50.5% year on year.

Brand Footprint

By store count, Minor Food’s largest restaurant brands were:

• The Pizza Company: 572 stores
• Dairy Queen: 499 stores
• The Coffee Club: 405 stores

Jiangbianchengwai, the group’s key China-focused restaurant brand, had 147 stores.

In Q3 2022, Minor’s China total system sales were flat versus the same period in 2021, but same-store sales declined 10.5%. In Q2 2022, China total system sales had fallen 52.1% year on year, while same-store sales declined 42.7%.

Notes on Brand Formats

Dairy Queen and Swensen’s are both agency brands under Minor Group, and both are positioned around ice cream. FoodBud observed that Dairy Queen in Thailand mainly uses a small-store model, while Swensen’s tends to operate larger shopping-mall stores. Swensen’s is not positioned as a low-price brand; one of its main ice cream products was priced above RMB 30.

The Coffee Club in Thailand also has many standalone stores. Beyond coffee, its menu includes meals and alcoholic drinks, giving it a broader cafe-dining format. FoodBud compared its product structure to Gaga in China.

FoodBud also noted that The Coffee Club is not inexpensive: at two Phuket locations, one evening order included a mojito with a cocktail promotion, while a lunch order of pasta and a drink exceeded THB 400, around RMB 80.

Note: revenue, store-count, and same-store-sales figures are historical data from 2022.