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Restaurant receipts hold steady

Restaurant receipts hold steady

Posted on: 7/24/2018 | Author: ATB Financial's Economics + Research Team

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Alberta’s festival season is in full swing and for many people that means patio pints and dining out. The latest statistics on our province's restaurants and bars show that, for now, receipts are holding steady.

In May, restaurants and bars rang in $772 million worth of total receipts. May’s figure is adjusted for seasonality and includes four major types of businesses in the food and beverage sector: fast food, full service, bars and pubs, and special food providers such as caterers.

May’s total was virtually unchanged from April (+0.6 per cent) and from May of last year (+1.0 per cent). Over the last complete 12 months, total receipts are up by only 2.6 per cent compared to the previous 12 month period.

These figures show a steadiness in the industry, but it’s likely that restaurant revenues have not kept pace with expenses. The price of fresh produce and wages for restaurant and bar workers have been on the rise, and that means that in some areas of our province, restaurants may be struggling.

Still, the summer of 2018 will likely prove fruitful for Alberta's restaurant industry. This season's festivals and the FIFA World Cup will surely boost the amount of beer, wine, tacos and pizza sold during the warmer months.

Restaurant receipts, graph

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