ORLANDO, Fla., March 24, 2022 /PRNewswire/ — Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the third quarter ended February 27, 2022.
Third Quarter 2022 Financial Highlights
- Total sales increased 41.3% from last year to $2.45 billion driven by a blended same-restaurant sales increase of 38.1% and the addition of 33 net new restaurants
- Same-restaurant sales by segment:
- Diluted net earnings per share from continuing operations was $1.93 as compared to diluted net earnings per share from continuing operations of $0.98 last year
- Net earnings from continuing operations were $247 million
- EBITDA of $395 million1
- The Company repurchased $382 million of its outstanding common stock
1 See the “Non-GAAP Information” below for more details.
“This was a quarter of stark contrasts and I’m pleased with our performance in this highly volatile environment,” said Chairman and CEO Gene Lee. “It began with record sales in December. However, the Omicron variant significantly impacted guest demand, restaurant staffing and operating expenses in January. I am proud of the job our restaurant teams did managing through a difficult operating environment. They remained focused on executing at the highest level and delivered strong sales in February as the environment improved.”
“Darden is well positioned to compete effectively,” Lee continued. “We have a strong balance sheet and the right strategy in place, driven by our four competitive advantages of significant scale, extensive data and insights, rigorous strategic planning and our results-oriented culture. And, our brands are relentlessly focused on executing our back-to-basics operating philosophy anchored in food, service and atmosphere.”
- Total revenues of $601.2 million and system-wide sales of $750.7 million
- 31 system-wide restaurants opened in 12 states
- Q4 2021 same-restaurant sales growth of 36.7% vs. Q4 2020 and 20.6% vs. Q4 2019
- Q4 2021 same-restaurant traffic growth of 31.9% vs. Q4 2020 and 6.1% vs. Q4 2019
BRADENTON, Fla., March 23, 2022 (GLOBE NEWSWIRE) — First Watch Restaurant Group, Inc. (NASDAQ: FWRG), (“First Watch” or the “Company”) the Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended December 26, 2021 (“Q4 2021”) and fiscal year ended December 26, 2021 (“2021”) compared to thirteen weeks ended December 27, 2020 (“Q4 2020”) and fiscal year ended December 27, 2020 (“2020”) and provided an outlook for the fiscal year ending December 25, 2022 (“2022”).
“I am proud to share our results for 2021. This was a momentous year for First Watch as we built upon our long-standing track record of delivering positive results and ended the year with continued momentum. We successfully completed our initial public offering in October, and we also reached a significant milestone in surpassing three-quarters of a billion dollars in system-wide sales,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “We continued our strong unit growth, opening 31 system-wide restaurants across 12 states – with our new restaurants opening at higher annualized average unit volumes than our existing company-owned restaurant average unit volumes. Q4 2021 represented one of our strongest quarters of same-restaurant traffic growth yet, increasing 31.9% versus Q4 2020 and 6.1% versus Q4 2019. I am humbled by what our teams throughout this organization have accomplished together – a true testament to the one-of-a-kind culture we’ve created through decades of shared passion and partnership. As I have said before, we are just getting started.”
For the full year, popular fast-casual restaurant’s average unit volumes hit $2 million
“We’re pleased to see the strong sales surge in the fourth quarter driven by new menu innovation,” said Newk’s CEO Frank Paci. “In October, we launched our New at Newk’s menu featuring nine new menu items including our Salmon Caesar Salad, Newk’s Cheesesteak and Portobella Veggie Pizza. These premium items helped us grow our average check while continuing to offer great value. So far, we’ve seen continued strong sales momentum into Q1 of 2022.”
In addition to launching new premium menu items, Newk’s also re-emphasized its pairings menu by adding a new “Pick a Pair” option allowing guests to pair a full sandwich, salad or pizza with a cup of soup, half classic salad or a half mac & cheese. As a result, pairings increased from 30% of Newk’s menu mix to nearly 38%.
For the full year, Newk’s saw its average unit volume increase from $1.5 million in 2020 to over $2 million in 2021. The sales increase was driven by a strong recovery from the pandemic with significant growth in off-premise business, increased digital sales, the expansion of delivery and the launch of the New at Newk’s premium menu. Newk’s has maintained its off-premise sales gains as dine-in sales have begun to recover.
Newk’s is continuing to make significant enhancements to its business in 2022. In January, Newk’s launched its new app and loyalty program through Punchh’s advanced platform and has already added 110,000 members. The brand also introduced a “Skip the Line” program, allowing guests to order directly from their table in-restaurant using their phone and have the food delivered to their table. It’s just another way Newk’s is improving the overall guest experience and increasing efficiency. Finally, Newk’s opened its newest prototype in Fort Smith, Arkansas in February. The approximately 3,200-square-foot model offers a full drive-thru that takes advantage of its increase in off-premise business.
To learn more about Newk’s, visit newks.com.
About Newk’s Eatery
Based in Jackson, Mississippi, Newk’s Eatery is a fast-casual chain that operates and franchises more than 100 units in 16 states. Founded in 2004 and named after Co-Founder Chris “Newk” Newcomb, Newk’s hand-preps more than 30 fresh ingredients daily for salads, sandwiches, soups and pizzas, all made in-house without fryers or microwaves. Its Signature Cakes are baked in Newk’s own bakery. Fresh grab-and-go options are also available, and Newk’s new mobile app, now available on Google Play and the App Store, offers mobile ordering for curbside, in-store pickup or delivery. In 2020, Newk’s ranked in Nation’s Restaurant News’ “Top 200 Countdown” and Restaurant Business‘ Top 250 Chains. Newk’s has also been selected as a Top Food Franchise by Entrepreneur. In 2021, Newk’s was recognized in Nation’s Restaurant’s News as a “Top Scorer in Takeout Food Quality” and ranked among the highest “True Loyalty” scores – the percentages of respondents who said they visit because of a real desire to experience the brand, as opposed to convenience. For more information, visit Newks.com, join the e-Club or follow Newk’s on Instagram, LinkedIn, Facebook and Twitter. For franchise information, visit newksfranchise.com.
Conference call and webcast today at 5:00 p.m. EDT
LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands,” “we,” “our” or the “Company”) today reported fiscal fourth quarter 2021 financial results for the 13-week period ending December 26, 2021.
Andy Wiederhorn, President and CEO of FAT Brands, commented, “We want to thank our franchise partners and employees for their hard work and dedication in the challenging operating environment of the past year.”
“We are proud to report that 2021 was a transformational year for FAT Brands as we successfully executed on our two primary growth pillars, acquisitions and organic growth. We closed on three accretive acquisitions in the fourth quarter for a total of four acquisitions in 2021 involving eight new restaurant brands. On October 1, 2021 we acquired Twin Peaks sports lodge for $300 million from Garnett Station Partners. On December 15, 2021 we acquired Fazoli’s, the largest premium QSR Italian chain in the U.S., from Sentinel Capital Partners for $130 million and Native Grill & Wings from Cybeck Capital Partners for $20 million. We are pleased to report the integration of these acquisitions is going smoothly and we estimate the transactions will result in approximately $45 million to $50 million in incremental normalized post-COVID EBITDA in 2022.”
“In addition to our acquisition strategy, we continue to develop our powerful engine for organic growth with approximately 850 locations in our pipeline, with development agreements in a number of new territories, providing for projected 33% unit growth and 50% EBITDA growth over the next several years. We also have received strong demand from existing franchise partners to develop other brands within the FAT portfolio.”
“The fourth quarter marked another strong quarter for FAT Brands as revenues increased by 1,042% and adjusted EBITDA rose 500% over the prior year quarter. We are also excited to report 5.6% same-store sales growth and a system-wide sales increase of 353% for the fourth quarter of 2021 compared to 2019. Further, we are extremely pleased with the performance of the brands we acquired in 2021 which, if we were to include them, would have brought our same-store sales growth to 8.5% for the fourth quarter of 2021 compared to 2019.”
“For 2022 we are well positioned to continue our growth trajectory with the estimated addition of 120 new locations. Further, we expect system-wide sales will rise to over $2.3 billion resulting in an estimated normalized post-COVID EBITDA run rate of approximately $90 million to $95 million for 2022.”
BRENTWOOD, Tenn., March 21, 2022 /PRNewswire/ — CORE© (Children of Restaurant Employees), a national non-profit organization that provides financial help to food and beverage employees with children, is shining the spotlight on their partners who helped further their mission in 2021. The nonprofit will be hosting a virtual recognition event to honor key donors and supporters. Last year, CORE was able to grant more than $700,000 to families in the industry who were facing a crisis.
“We rely on the generosity of our donors and partners to help us continue our programs that provide critical assistance to restaurant employees and their families in their time of need,” stated Sheila Bennett, Executive Director of CORE. “We are delighted to be able to honor them and share the impact of their support. The past two years have been especially challenging for the food and beverage industry and we were ready to answer the call for those who needed that extra lift when they face a qualifying circumstance during these difficult times thanks to our donors.”
During the year, donors are able to show their support through signature fundraising initiatives hosted by CORE, including their Summer of Hope, Inspiring Hope, and Serving Up Hope campaigns. Individuals may step up to the plate by donating cash or volunteering. The organization also offers corporate and restaurant partnership opportunities. There are a variety of ways that supporters can help raise critical funds and awareness for CORE.
When families are awarded CORE grants, the funds may cover rent or mortgage, utilities, childcare, prescriptions, medical supplies, and more. With over half of grantees being single parents – a CORE grant can provide stability for a family.
CORE awards grants throughout the year to families that face a health crisis or natural disaster, in all 50 U.S. States, with the average grant amount being $2,600. To donate to CORE, visit www.COREgives.org.
About Children of Restaurant Employees (CORE)
CORE: Children of Restaurant Employees, a national 501(c)3, is dedicated to serving food and beverage service employees with children when either the working parent or child is navigating through medical diagnosis, illness, injury, a death, or impacted by a natural disaster. Founded by food and beverage service industry veterans, CORE helps hospitality service employees with children bridge the financial gap when either the parent or child deals with a health crisis or natural disaster. Since 2013, the organization has grown into a nationally recognized non-profit that has helped over 1600 families in 50 states, including DC and Puerto Rico. For grant qualification, to apply or to refer a family for grant consideration, please visit COREgives.org.
Muscle Maker, Inc. Posts 154% Restaurant Sales Growth and Improving Financial Results for Fiscal 2021
Net Losses Narrow, Overall Revenue Rises, Operating Expenses and G&A Improves
LEAGUE CITY, TX, March 17, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Muscle Maker, Inc. (Nasdaq: GRIL), the parent company of Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal prep, today announced the posting of its fiscal year 2021 financial results on March 17th for the full year ending December 31, 2021.
Michael Roper, CEO of Muscle Maker, Inc., commented, “The recently posted 2021 financial results show an increase in restaurant sales growth of 154% and an increase in net system-wide operating restaurants by 28%. Not only have we experienced a top line revenue increase, we are also seeing our operating metrics improve year over year as the new entities are integrated into the overall Muscle Maker Inc., portfolio of companies. We are seeing improvements in our operating expenses across all major categories, as a percentage of restaurant sales:
- food/paper costs improved by 2.1%
- labor costs improved by 31.4%
- rent improved by 5.3%
- other operating expenses improved by 5.9%
In addition, our overall G&A improved by 5.6% compared to prior year even after integrating our acquisitions of Pokemoto and Superfit Foods in 2021.”
Roper continued, “We are very excited to finally be able to fully execute against our growth strategy while improving our liquidity position. Over the last year, we had multiple growth-oriented announcements, including: acquisition of SuperFit Foods, acquisition of Pokemoto, launching our Pokemoto franchising strategy which has already resulted in 31 franchise agreements signed and signing a 40-unit Muscle Maker Grill development deal in Saudi Arabia. During this period, we have also increased our liquidity position. As of December 31, 2021, we had a cash balance of $15,766,703. We believe that our existing cash on hand and future cash flows from our operations and franchise growth strategy will be sufficient to fund our operations, anticipated capital expenditures and repayment obligations over the next twelve months. As a result, the recent audit allowed the removal of the Going Concern for 2022.”
“Our strategy focuses on growing the Pokemoto brand through franchising and strategically placed company-owned and operated locations seeding key markets for future franchise expansion. We currently have roughly $15 million in working capital to deploy against this strategy and have begun executing against this plan. We have already signed 31 franchise agreements and opened six new locations over the last few months with three additional locations under construction. We are sharpening our pencils to reduce costs in the Muscle Maker Grill restaurant division while exploring opportunities to co-brand these locations with the Pokemoto brand or convert fully to Pokemoto eateries. SuperFit Foods remains an important part of our portfolio of companies, and we will focus on expanding our presence in the Jacksonville Florida market by increasing the total number of pick-up locations while looking at ways to expand the concept overall. We expect that the full growth engine will come from franchising and expanding Pokemoto.”
About Muscle Maker, Inc.
Muscle Maker, Inc. is the parent company of “healthier for you” brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bases, universities, ghost kitchens, delivery and direct to consumer ready-made meal prep options. Brands include Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke, SuperFit Foods meal prep and multiple ghost kitchen brands such as Meal Plan AF, Wrap it up Wraps, Bowls Deep, Burger Joe’s, MMG Smoothies, Mr. Tea’s House of Boba, Gourmet Sandwich Co and Salad Vibes. Our menus highlight healthier versions of traditional and non-traditional dishes and feature grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon, shrimp, tofu and plant-based options. For more information on Muscle Maker, Inc., visit www.musclemakergrill.com, for more information on Pokemoto visit www.pokemoto.com or for more information on SuperFit Foods visit www.superfitfoods.com.