Chanticleer Addresses The Untapped Potential Of The International Hooters Market
In a now famous, decade old interview with Fortune magazine, self-styled "Worldwide Wing Commander" of Hooters restaurants Robert Brooks said, "Good food, cold beer and pretty girls never go out of style." With more than 430 locations generating close to $1B revenues, 30 years after the first Hooters restaurant opened in Florida, Brooks' statement looks vindicated. Throughout the majority of this growth however, the retail investment community has been unable to gain exposure to the world famous brand. One company now offers this exposure-Chanticleer Holdings (HOTR).
Chanticleer is a publicly-traded holding company that not only has a small, 3% stake in Hooters of America, the privately-owned parent company of the Hooters brand, but is also a franchisee of domestic and international Hooters locations. The company is in the early stages of a rapid expansionary strategy that its CEO, Mike Pruitt, expects to make Chanticleer profitable before the end of the year.
International Revenues Comparison
Chanticleer's profitability lies in international expansion of the Hooters brand. The international market remains relatively untapped, yet has proven key to a number of other U.S. fast casual establishments in the past. Yum! Brands (YUM), owner of the KFC, Taco Bell and Pizza Hut fast-food chains, generated approximately 25% of its total revenues from international operations last year. McDonald's Corporation (MCD) generated just shy of 70% of its revenues internationally during 2012. Burger King Worldwide (BKW) generated 42% of its revenues during the first three quarters of 2013 from international locations. Of 430 hooters locations, 58 are located outside of the U.S. With average sales per location (FY 2012) of $2.26M, Hooters generates just 19% of its revenues from international locations on estimated system wide sales (FY 2012) of 971.8M.
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