Global QSR brand Subway “exploring possible sale”
In an official statement quick service restaurant (QSR) brand Subway with presence in 100+ countries through over 37,000 restaurants has announced that it is exploring a possible sale.
While there is no indication about “time” or “assurance” of sale, financial services company J.P. Morgan is advising the company during the sale exploration process.
“The company does not intend to make any further public comment regarding the process until it has been completed,” the statement mentioned.
Interestingly, Subway’s 2022 financial results were remarkable as the brand achieved eight consecutive quarters of positive sales. The brand recorded 9.2% increase in same-store sales, compared to 2021. While clocking double-digit growth in digital sales around the world compared to 2021, and more than tripling since 2019.
“The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernisation of restaurants and improvements to its overall guest experience,” the statement added.
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