Lenard's profit not too foul
Written on the 17 April 2009
BRISBANE poultry retailer Lenard’s has recorded a 16 per cent rise in average annualised profit for the first half of this financial year, with average store sales just under $1 million.
CEO Bruce Myers says the results are an excellent achievement for Lenard’s franchise owners considering the economic climate, and are on track to achieving 2009 growth targets.
“We believe our franchise support program is second to none and we are committed to working with franchise owners to ensure their businesses grow over the next year and beyond,” says Myers.
Australia’s largest meat retailer started expansion plans in 2008 with a first phase of gaining master franchise licenses in South Australia, Victoria and the Northern Territory.
The franchise also received support when Blue Sky Private Equity bought a 30 per cent stake in Lenard’s Group Holdings
Further growth plans include a ‘butcher-in-store’ concept which first featured in Kingaroy in November, with an added boost from a deal to expand the brand through IGA Supermarkets nationwide.
Founder Lenard Poulter says these are exciting times for Lenard’s, with future growth opportunities for stakeholders.
“As the fastest growing independent retailer in Australia with over 1300 stores, the alliance with IGA provides Lenard’s an opportunity to rapidly expand on our already booming market presence across the country,” says Poulter.
“These concepts will complement our key growth strategy of recruiting new franchise owners and identifying opportunities for new stand-alone stores.”