Although the black swan incident has been in the past for a long time, the heavy shadow of the epidemic on catering companies still exists. On April 14, Quanjude announced the first quarter of 2021 performance forecast. It is estimated that the net profit attributable to shareholders of the listed company will be between -48 million yuan and -46 million yuan.

In this regard, Quanjude said in an interview with the media that due to the impact of the epidemic in the first quarter of 2021, the company's stores in Beijing and food sales have recovered slowly, resulting in a loss in the company's operations in the first quarter. The amount of losses has narrowed month by month, and operating performance has shown a trend of picking up month by month.

A phenomenon that cannot be ignored is that in recent years, the performance trend of Quanjude has been unsatisfactory. At the moment of consumption upgrade, competition in the catering industry has become increasingly fierce. As a time-honored brand, Quanjude has begun to try various changes and reforms in the catering industry. China became a flat boat.

ONE

Loss exceeded 40 million in the first quarter

The loss in the quarterly report is just a microcosm of the decline in Quanjude's performance in recent years.

Financial data shows that from 2017 to 2019, Quanjude achieved operating revenues of approximately 1.861 billion yuan, 1.77 billion yuan, and 1.566 billion yuan, respectively, and the corresponding attributable net profits were about 136 million yuan, 734.22 million yuan, and 44.627 million yuan respectively. From 2017 to 2019, the net profit attributable to Quanjude in each reporting period decreased by 2.57%, 46.29%, and 38.9% year-on-year, respectively.

Especially affected by the epidemic in 2020, Quanjude's performance has been hit harder. According to the 2020 performance bulletin disclosed by Quanjude, the company's operating income realized in 2020 was about 783 million yuan, a year-on-year decrease of 49.99%; the corresponding realized net profit loss for the current period was about 262 million yuan, which turned from profit to loss year-on-year. This is also the first time Quanjude has seen a loss in its annual report since its listing.

In contrast, according to the quarterly report disclosed by Quanjude this time, it is expected to lose 46 million to 48 million yuan. In Quanjude's view, the impact of the epidemic on performance is already on the way to recovery. "Affected by the epidemic in the first quarter of 2021, the company's stores and food sales in Beijing have recovered slowly, resulting in a loss in the company's operations in the first quarter." Quanjude said.

"In 2020, due to the continued impact of the new crown pneumonia epidemic, the company's catering and food sales business revenues will experience a significant decline. In particular, the number of receptions in some catering stores that are mainly tourist sources has dropped significantly year-on-year, and the dine-in income has not recovered as expected. Affect the company's operating results during the reporting period." Quanjude revealed in the 2020 performance report.

Although the catering and tourism industries that have been more severely affected by the epidemic have not fully recovered, Quanjude is full of expectations for the future.

Media reporters learned in the performance announcement issued by Quanjude that Quanjude stated that with the changes in the epidemic prevention and control policy, the recent increase in passenger flow has been more obvious, the turnover has gradually increased, the loss has been narrowed month by month, and the operating performance has shown a monthly recovery. situation.

TWO

The old-fashioned catering in the process of change

Since 2017, Quanjude's performance has begun to decline, mainly because it has not caught up with the speed of the entire consumption upgrade, nor has it enjoyed the dividends brought by the entire consumption upgrade. This is related to Quanjude's system and mechanism. The rigidity of the system and mechanism makes the innovation and upgrade of the entire management fail to keep up with the upgrade of consumption.

Faced with the impact of the new crown epidemic and intensified competition in the catering industry, this time-honored company has also begun to seek change. Including increasing online and offline food delivery, expanding community consumption, establishing staple food kitchens and theme restaurants, etc.

Recently, Quanjude Qianmen's "Taste · Taste" light and shadow theme restaurant officially opened for reservations. It is understood that the restaurant is an immersive light and shadow restaurant created by Quanjude in Qianmen, and it is also the first holographic projection experience restaurant in the country. Zhou Yanlong, general manager of Quanjude Group, told the reporter of China Times that the advantage of time-honored brands is that they have stories. The establishment of Guangying Restaurant in Quanjude Qianmen Origin Store hopes that Guangying Restaurant will become a platform for endorsing time-honored brands. In the future, Quanjude also plans to create more theme styles. restaurant.

When the epidemic was just lifted, Quanjude carried out a drastic reform. In the middle of last year, on his 156th birthday, Quanjude threw two big news to the society. First, all stores adjusted the dishes and prices uniformly, and the overall price of dishes was reduced by 10% to 15%; the price of roast duck members was reduced from the original 258 yuan. Adjusted to 238 yuan. The second is that all store halls will no longer charge service fees. In the past, all store consumption will be charged to cancel the service fee of 10% to 15%.

It can be seen from various measures that Quanjude, a time-honored brand, has begun to put down his figure and begin to move closer to being younger and more fashionable.

After all, an indisputable fact lies in front of us. In the face of the impact of the epidemic, many catering companies are facing various difficulties, encountering the problems of rising costs, declining passenger flow, and increasing losses, and even some famous catering companies have retaliated. A phenomenon in which price increases are resisted by the public.

According to relevant reports, in 2019, the total number of catering stores under Quanjude decreased by 3 compared with 121 in 2018. The catering business Quanjude received 6,589,200 guests throughout the year, a decrease of more than 1.1 million from 2018 and a decrease from 2017 More than 1.45 million passengers.

The industry believes that Quanjude's two major measures to reform store operations are actually helpless, by canceling service fees and lowering product prices to attract more customers. If you take the initiative to change, you can attract more customers to return, which is also a commendable measure.

Summarize

As a traditional Chinese time-honored catering company, innovation and upgrading must be at the top level. Only after the business idea and business philosophy are upgraded, can it bring about upgrades in products, dishes, quality, scenes, consumer services, consumer interaction, etc. If the top-level design is not innovative, the mechanism is not innovative, otherwise it will be difficult to connect with the new generation of consumer groups.