Spur (SUR) – Beefing up the Supply Chain

Spur Steak Ranches has been losing market share since FY16, but the market share gains of its brands such as Panarottis and John Dory’s is not sufficient to offset the losses. We think its Rocomamas growth targets are quite conservative and believe the chain can potentially open 80 outlets by 2021.

We are very encouraged by the upcoming investments to beef up its supply chain (mostly in manufacturing) and believe with these investments, SUR may be entering into a new growth phase.