Guzman y Gomez keeps expansion on the menu despite increased US losses rattling investors

GYG shares: Despite its struggles in the US, Guzman y Gomez recorded more than $1bn in sales across its network for the first time and more than doubled its net profit to $14.5m in the 12 months to July – its first year on the Australian Stock Exchange (ASX). Photograph: Jaimi Joy/Reuters

Mexican-themed chain Guzman y Gomez plans to open at least 15 restaurants in the US despite doubling its losses on its “relentless” bid to expand into the competitive American market.

Despite its struggles in the US, GYG recorded more than $1bn in sales across its network for the first time and more than doubled its net profit to $14.5m in the 12 months to July – its first year on the Australian Stock Exchange (ASX).