Sizzler restaurants, the family steak houses of the 1990s, are on their way out.
The owner, Collins Foods, now manages the business as a non-core asset.
The company isn’t investing any more in the chain, which is famous for its all-you-can-eat salad bar, cheesy bread, and dessert range all served with a range of grilled steaks and other meats.
Three of the restaurants closed in the first half of this financial years. Overall revenue is down 13.9% and there are just 23 Sizzlers left in Australia, predominantly in regional cities in Queensland, where there are 18.
However, it’s a different story in Asia.
There are 62 franchised Sizzler restaurants around Asia.
And Sizzler Asia is growing and providing increasing royalty revenue to Collins Food. In the first six months of the current financial year, royalty revenue was up 20.9%.
One new restaurant opened in Thailand, another is opening in Tokyo in December and six are planned to open in the second half.
Collins Foods, which operates 175 KFC restaurants in Queensland, Western Australia and the Northern Territory, announced a 33.6% rise in first half profit to $14.3 million. Revenue is up 5.1% to $269.7 million.
The company’s shares were up 12% to $4.37 on the results.
The company declared an interim fully franked dividend of 6 cents a share, up 20%.
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