GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the quarter ended April 18, 2021.
- As of the end of our fiscal fifth period, all Company-owned restaurants have re-opened indoor dining rooms with varying levels of capacity;
- Restaurant revenue of $318.7 million and Restaurant Level Operating Profit (a non-GAAP metric) of 15.7%, an increase of 690 basis points over the same period in 2020;
- First quarter 2021 comparable(1) restaurant revenue increased 10.0% over the same period in 2020, and decreased 12.8% compared to the same period in 2019;
- At the end of the first quarter 2021, 55% of Company-owned restaurants had positive comparable(1) restaurant revenue compared to 2019;
- First quarter 2021 off-premises sales increased 75.5% compared to the period ended April 19, 2020, and comprised 41.7%, 26.3%, and 11.6% of total food and beverage sales for the first fiscal quarter of 2021, 2020, and 2019; and,
- For the last four weeks of the fiscal first quarter of 2021, 85 comparable(1) Company-owned restaurants with no capacity or social distancing restrictions realized comparable restaurant revenue of 5.2% over the same period in 2019, while maintaining off-premises mix of 29.9%, more than double pre-pandemic levels. These restaurants also realized comparable(1) restaurant margin of 21.1%, an increase of 1.5% over the same period in 2019. While these restaurants are able to operate with no restrictions, several are still operating below 100% capacity due to limited operating hours due to staffing challenges and COVID exclusions.
Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are very excited to share the progress we have made towards recovery. Our initiatives to enhance the Red Robin Guest experience and enterprise business model since the onset of the pandemic, coupled with decreasing COVID cases and pent-up demand, have resulted in a meaningful improvement in our liquidity and enterprise margins. We are encouraged that by the end of our first fiscal quarter, more than half of our Company-owned restaurants had positive comparable restaurant revenue compared to 2019, despite pronounced capacity restrictions in our largest markets. For the first time since the beginning of the pandemic, all of our Company-owned restaurants are open for indoor dining at varying levels of capacity. As we welcome back our Guests, we are sustaining off-premises sales that are more than double pre-pandemic levels, even in comparable Company-owned restaurants we are able to operate at full indoor capacity.”
Murphy continued, “We believe the foundation that we have put in place will drive Guest activation, deliver a great brand experience, continue to generate incremental off-premises sales, and leverage our strengthened business model, together creating long-term value for our shareholders.”
– Total Revenue Increased 32% Year-Over-Year in the First Quarter, Same Store Sales Up 11% in Corporate Owned Restaurants and Systemwide Sales Up 19% –
– Digital Channel Sales Increase 98% Year-Over-Year in the First Quarter –
– Company to Hold Conference Call Tomorrow, May 20th, at 8:30 a.m. ET –
PALM BEACH, Fla., May 19, 2021 (GLOBE NEWSWIRE) — BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, Fast Casuals’ #1 Brand of the year for 2021 in the Top 100 Movers and Shakers list and USA Today’s 10Best Readers’ Choice for 2021, is reporting financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Key Metrics1 Summary
|(in thousands, except for percentage data)||Three Months Ended
March 31, 2021
|Systemwide Restaurant Sales||$39,820|
|Systemwide Restaurant Sales YOY Growth||19%|
|Systemwide Restaurant Same Store Sales YOY Growth||4%|
|Corporate Restaurant Sales||$8,143|
|Corporate Restaurant Sales YOY Growth||41%|
|Corporate Restaurant Same Store Sales YOY Growth||11%|
|Digital Channel Systemwide Sales||$13,014|
|Digital Channel Sales YOY Growth||98%|
|Digital Channel Orders||519|
|Digital Channel Orders % of Systemwide Sales||33%|
1 Refer to “Key Metrics Definitions” and “About Non-GAAP Financial Measures” sections below.
“The first quarter of 2021 reflected our return to positive sales growth, achieved through unit growth and same store sales growth in both corporate owned restaurants and franchised locations,” said Julio Ramirez, CEO of BurgerFi. “Our success demonstrates the continued momentum from the COVID-19 pandemic recovery, supported by growth in our number of locations, strong results from our digital channel, the execution of our marketing strategy and successful limited time offerings. As a continuation of the investments in our digital channel, we also recently announced that we have hired Karl Goodhew as chief technology officer, a new position at our company that reflects the increasingly important role that technology is playing in our business. Additionally, we continue to redefine our brand and value proposition, and I’m pleased to say we have hired Henry Gonzalez as chief marketing officer. With his extensive leadership experience in field and corporate marketing, he is uniquely qualified to collaborate with all stakeholders to help us unlock our brand’s potential and drive growth.
“For 2021, we will continue to execute on our restaurant development plan in both new and existing markets with plans to open approximately 30 restaurants this year. We opened four new restaurants in the first quarter, one in April and currently have 21 restaurants in various stages of development and plan to expand our Ghost Kitchens through our partnerships with Reef and Epic Kitchens through opening 15-20 additional locations by the end of 2021. We are looking forward to bringing the ‘better burger’ experience to more consumers nationwide and internationally as we continue to build our brand. With our ongoing brand recognition efforts, we remain committed to innovating our menu items with unique offerings, like our Swag Burger and Dunkaroo Shake, to drive further excitement with consumers. We are optimistic about our expansion efforts on the eastern seaboard and internationally, and we anticipate that our growing presence will deliver strong results.”
Commenting on the results, Ophir Sternberg, Executive Chairman of BurgerFi, stated: “BurgerFi started the year strong receiving multiple awards, including being named a top fast casual restaurant by USA Today’s 10Best Readers’ Choice Awards. An increasing number of people continue to be introduced to our best-in-class menu and we look forward to the continued expansion of the brand in 2021 through new restaurant openings. I am also excited that we have topped off our c-suite with our recent appointments of our chief financial, chief technology and chief marketing officers. With the great talent we have in place, we are well positioned for 2021 and beyond.”
Updates Revenue and Earnings Guidance for 2021
MINNEAPOLIS, May 19, 2021 (GLOBE NEWSWIRE) — BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants, today reported financial results for the first fiscal quarter ended April 4, 2021.
First Quarter 2021 Highlights:
- Adjusted EBITDA, a non-GAAP measure, was $3.1mm which includes $0.4mm of COVID-related expenses vs a loss of $.4mm Q1 last year.
- Net income of $799,000.
- Company-owned Famous Dave’s 2021 first quarter same store net sales increased 17.7% compared to 2020.
- Franchise-operated Famous Dave’s SSS increased 16.0% in the first quarter 2021 compared to 2020.
- Granite City first quarter same store net sales increased 3.0% compared to first quarter 2020.
- Restaurant level margins of 9.1% vs -1.9% last year.
- Famous Dave’s franchisee to open its first line-service model restaurant in Coon Rapids, Minnesota with an expected opening date of September 2021.
- Famous Dave’s franchisee to open its first drive-thru prototype restaurant in Salt Lake City, Utah with an expected opening date of July 2021.
Based on the results to date through the first quarter 2021, and including the uncertainty related to COVID-19, the Company has updated its 2021 guidance as follows:
- Net Revenue from $150 – $155 mm to $155 – $160 mm
- Net Income from $1.7 – $2.1 mm to $2.8 – $3.2 mm
- Cash EBITDA from $8.5 – $9.0 mm to $10.0 – $10.5 mm
Sales highlights for the four months of 2021 compared to the same period 2020 are as follows:
- Comparable sales for Famous Dave’s decreased 3.2% in January, decreased 2.9% in February, increased 60.6% in March, and increased 54.3% in April.
- Comparable sales for Granite City decreased 29.0% in January, decreased 26.3% in February, increased 117.4% in March, and increased 371.2% in April.
Sales highlights for the four months of 2021 compared to the same period 2019 are as follows:
- Comparable sales for Famous Dave’s increased 1.9% in January, decreased 1.2% in February, increased 9.5% in March, and increased 9.5% in April.
- Comparable sales for Granite City decreased 33.1% in January, decreased 28.4% in February, decreased 16.9% in March, and decreased 19.6% in April.
Jeff Crivello, CEO, commented, “While we still operate under certain state capacity and distancing restrictions throughout the country, we were pleased to see those restriction begin to ease in mid-late January as business began to return to a more normal environment. This has been especially helpful to Granite City as a brand that relies on dine-in customers and we have seen their sales quickly move closer to 2019 levels. Famous Dave’s continues to accelerate its overall sales as it has through the pandemic with its strong to-go business.
We are excited to move into a new growth phase as construction has begun on two new prototypes, a cafeteria style line-serve, and a counter-serve drive thru. We currently have 15 new ghost kitchens, and 5 brick and mortar Famous Dave’s in the pipeline to open this year. Our M&A opportunities are robust.
May, 18 2021
Ark Restaurants Corp. (NASDAQ:ARKR) yesterday reported financial results for the second quarter ended April 3, 2021.
Total revenues for the 13 weeks ended April 3, 2021 were $25,767,000 versus $34,002,000 for the 13 weeks ended March 28, 2020. The 13 weeks ended April 3, 2021 includes revenues of $1,962,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020 (see below). The 13 weeks ended March 28, 2020 includes revenues of $1,361,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 and Gallagher’s Steakhouse and Gallagher’s Burger Bar in Atlantic City, NJ, which was closed on January 2, 2021 (see below).
Total revenues for the 26 weeks ended April 3, 2021 were $46,066,000 versus $77,516,000 for the 26 weeks ended March 28, 2020. The 26 weeks ended April 3, 2021 includes revenues of $2,441,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020. The 26 weeks ended March 28, 2020 includes revenues of $2,934,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 and Gallagher’s Steakhouse and Gallagher’s Burger Bar in Atlantic City, NJ, which was closed on January 2, 2021.
A comparison of company-wide same store sales is not meaningful as they are not comparable to prior periods as a result of the continually changing government mandated closures, capacity restrictions and social distancing guidelines required since March 2020 at all of our restaurants in connection with the COVID-19 pandemic.
The Company’s EBITDA, which includes a gain on the forgiveness of Paycheck Protection Program Loans and related accrued interest in the aggregate amount of $4,124,000 (the “PPP Loan Forgiveness”), for the 13 weeks ended April 3, 2021 was $3,648,000 versus $(924,000) for the 13-week period ended March 28, 2020. The Company’s EBITDA, adjusted for the PPP Loan Forgiveness and other items as set out below, for the 13 weeks ended April 3, 2021 was $(495,000) versus $(531,000) for the 13-week period ended March 28, 2020. Net income, which includes the PPP Loan Forgiveness, for the 13-weeks ended April 3, 2021 was $4,161,000 or $1.19 per basic ($1.15 per diluted share), compared to a net loss of $(1,778,000) or $(0.51) per basic and diluted share, for the 13-week period ended March 28, 2020.
The Company’s EBITDA, which includes the PPP Loan Forgiveness, for the 26 weeks ended April 3, 2021 was $1,284,000 versus $2,708,000 for the 26-week period ended March 28, 2020. The Company’s EBITDA, adjusted for the PPP Loan Forgiveness and other items as set out below, for the 26 weeks ended April 3, 2021 was $(2,864,000) versus $2,955,000 for the 26-week period ended March 28, 2020. Net income, which includes the PPP Loan Forgiveness, for the 26-weeks ended April 3, 2021 was $3,398,000 or $0.97 per basic ($0.95 per diluted share), compared to a net loss of $(265,000) or $(0.08) per basic and diluted share, for the 13-week period ended March 28, 2020.
May, 18 2021
J. Alexander’s Holdings, Inc. (NYSE: JAX), owner and operator of J. Alexander’s, Redlands Grill, Stoney River Steakhouse and Grill and other restaurants, today provided a business update and reported results for the first quarter ended April 4, 2021.
Mark A. Parkey, Chief Executive Officer of the Company, stated, “I’m excited to announce that even with restaurant capacity restrictions in many markets our sales in March 2021 reached nearly 100% of sales for March 2019 and were over 155% of sales in March 2020 when the onset of the COVID-19 pandemic occurred. Further, for April 2021, sales were over 105% of the comparable period for 2019. We’re optimistic that we will continue to build on the tremendous momentum we’ve experienced in the first few months of 2021 throughout the remainder of the year and are anxiously awaiting the day when each of our locations will once again be operating at full capacity.”
First Quarter 2021 Highlights Compared To The First Quarter Of 2020
- Cash flow from operations for the first quarter of 2021 was $4,809,000 as compared to cash flow from operations in the first quarter of 2020 of $1,830,000.
- Average weekly same store sales per restaurant (1) for the first quarter of 2021 were up 3.1% to $106,600 for the J. Alexander’s/Grill restaurants and up 4.0% to $75,300 for the Stoney River Steakhouse and Grill restaurants compared to the first quarter of 2020.
- Net sales for the first quarter of 2021 were $57,375,000, up from $56,972,000 reported in the first quarter of 2020. Several factors impacted the comparability of net sales between these two quarters as follows:
- Because our fiscal calendar ends on the Sunday closest to December 31st, fiscal 2020 contained 53 weeks, which included two New Year’s Eve holidays with one being in the first quarter and the other falling in the fourth quarter of 2020. As such, fiscal 2020’s first quarter contains the benefit of a New Year’s Eve holiday, traditionally one of the Company’s strongest sales weeks of the year, while the first quarter of fiscal 2021 does not include the benefit of that holiday. Management estimates that net sales in the first quarter of 2021 would have been approximately $650,000 higher if it had included the benefit of the New Year’s Eve week.
- During February 2021, beginning on Valentine’s Day and lasting throughout the week that followed, the country experienced severe winter weather which resulted in the Company’s restaurants being closed for 54 days across several markets. Management estimates that the impact of these winter storms cost us approximately $500,000 in lost net sales for the first quarter of 2021.
- In mid-March 2020 at the onset of novel coronavirus (“COVID-19”) pandemic, the Company was forced to close its restaurants for dine-in service due to governmental restrictions and shifted its business platform entirely to a carry-out model. The last two weeks of the first quarter of fiscal 2020 were severely impacted, with sales levels of approximately 15% of the prior year sales. The first quarter of 2021 continued to be impacted by government-imposed capacity restrictions at varying levels throughout the quarter as well, ending the quarter at approximately 75% capacity company-wide.
- Income from continuing operations before income taxes totaled $3,162,000 for the first quarter of 2021. This compares to a loss from continuing operations before income taxes of $18,979,000 in the first quarter of 2020, which included a goodwill impairment charge of $15,737,000, a fixed asset impairment charge associated with the closure of one restaurant of $689,000, approximately $2,050,000 in charges related to continuing benefits and emergency sick leave pay for furloughed team members, and the impact of transaction expenses of $689,000. The first quarter of 2021 was not impacted by impairment charges and included only approximately $80,000 of expense related to emergency and other sick leave benefits and $46,000 of transaction expenses related to the ongoing evaluation of strategic alternatives. The first quarter of 2021 did include $445,000 of pre-opening expenses related to the opening of one restaurant as compared to pre-opening expenses of only $19,000 in the first quarter of 2020.
- Results for the first quarter of 2021 included income tax expense of $367,000 compared to an income tax benefit of $1,387,000 in the first quarter of 2020.
- Net income for the first quarter of 2021 totaled $3,390,000 compared to a net loss of $17,644,000 in the first quarter of 2020.
- Basic and diluted earnings per share were $0.23 for the first quarter of 2021 compared to basic and diluted loss per share of $1.20 for the first quarter of 2020.
- Adjusted EBITDA (2) was $7,192,000 in the first quarter of 2021 compared to $1,964,000 in the first quarter of 2020.
- Restaurant Operating Profit Margin (3) was 15.7% in the first quarter of 2021 compared to 5.3% for the first quarter of 2020.
- Food and beverage costs as a percentage of net sales in the first quarter of 2021 were 29.8% compared to 32.6% in the first quarter of 2020.
As previously disclosed, the Company has been experiencing positive trends in its sales recovery during 2021. Net sales in January, February and March 2021 reached approximately 75%, 85% and 155%, respectively, of sales experienced in the comparable periods of 2020. For the full first quarter of 2021, net sales were nearly 90% of 2019’s first quarter sales and were just over 100% of 2020’s first quarter sales. Off-premise sales continued to represent a meaningful portion of the Company’s business during the first quarter of 2021 as well, comprising approximately 16% of total net sales for the quarter, which represents approximately $720,000 on average weekly off-premise sales. Sales results for the first quarter of 2021 were aided by a price increase and packaging fee on carry-out orders both implemented in the second half of 2020.
ATLANTA & DALLAS–(BUSINESS WIRE)–Roark Capital, an Atlanta-based private equity firm focused on investing in franchised and multi-location businesses, announced today that its affiliate has acquired Nothing Bundt Cakes.
Founded in 1997, Nothing Bundt Cakes is a market leading franchisor and operator of gourmet bakeries offering specialty bundt cakes in 390 locations that generate ~$470 million of system sales across the U.S. and Canada. Nothing Bundt Cakes’ products are hand-crafted and baked on-site, with high-quality ingredients and proprietary formulations.
“Roark is a best-in-class partner that shares our values of transparency and excellence and has deep expertise with its incredible portfolio of brands,” said Nothing Bundt Cakes CEO Kyle Smith. “We look forward to working with them to enhance support for our bakery owners and continue growing our system while maintaining the joy-giving experience our brand has offered guests for nearly 25 years.”
Clay Harmon, Managing Director at Roark, said, “Nothing Bundt Cakes is a special brand with delicious products that are beloved by guests. We have great admiration for what Kyle and his team have accomplished, and are excited to partner with them.”
Nothing Bundt Cakes is Roark’s 29th restaurant investment and 92nd franchise/multi-location brand.
Roark focuses on franchised and multi-location business models in the retail, restaurant, consumer and business services sectors. Since inception, affiliates of Roark have invested in 92 franchise/multi-location brands which generate approximately $54 billion in annual system revenues from 63,000 locations in 50 states and 89 countries. For more information, please visit www.roarkcapital.com.
About Nothing Bundt Cakes
Dallas-based Nothing Bundt Cakes was founded in Las Vegas in 1997 by Dena Tripp and Debbie Shwetz and has grown to 390 franchised and corporate bakeries in 40+ U.S. states and Canada. Bakeries offer Bundt Cakes in a variety of flavors and sizes such as bite-sized Bundtinis®, miniature Bundtlets and 8- and 10-inch cakes plus decorations and gift options for all occasions. Nothing Bundt Cakes is committed to building a team of bakery owners and employees who embody the joy-filled brand, resulting in industry accolades including Entrepreneur’s Franchise 500 List, Franchise Business Review’s “Top 50 Franchises” and, for five years running, Franchise Times’ “Fast and Serious.” Please visit www.nothingbundtcakes.com to learn more.
May, 14 2021
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI), parent company of the Pollo Tropical and Taco Cabana restaurant brands, today reported results for the 13-week first quarter, which ended on April 4, 2021, and provided a business update related to current operations. The Company uses a 52 or 53 week fiscal year ending on the Sunday nearest to December 31. Results for the year ended January 3, 2021 included 53 weeks.
Fiesta President and Chief Executive Officer Richard Stockinger said, “Overall we were pleased with our first quarter sales and profit after considering the impact of Winter Storm Uri on February sales, which negatively affected the entire state of Texas for multiple weeks. Both of our brands showed continued positive momentum in sales trends during the first quarter of 2021 compared to the fourth quarter of 2020, which continued in April. Pollo Tropical first quarter 2021 comparable restaurant sales improved to positive 4.3% compared to the first quarter of 2020 and were -3.3% vs. the first quarter of 2019. Taco Cabana first quarter 2021 comparable restaurant sales improved to -4.3% compared to the first quarter of 2020. We estimate that Winter Storm Uri negatively impacted Taco Cabana first quarter comparable restaurant sales by approximately 480 basis points.”
Stockinger added, “In the first quarter we continued optimizing our operating model to adjust to consumer preferences by making it easier for consumers to enjoy our brands across all channels. We made progress over the quarter improving our drive-thru infrastructure and are making ongoing investments in our digital platform such as enhancements to our geofencing capability to improve curbside speed of service and building an enhanced, digital drive thru experience. We expect these initiatives to drive accelerated sales growth as they reach full implementation.”
Stockinger continued, “We continue to maintain strong margins at both brands. First quarter 2021 income from operations was $1.3 million compared to a loss from operations in the first quarter of 2020. Consolidated Adjusted EBITDA, a non-GAAP measure(1), was $12.9 million or 8.9% of total revenues, which includes the estimated negative impact of Winter Storm Uri of approximately $1.9 million, and increased 63% compared to the first quarter of 2020. We estimate that Winter Storm Uri negatively impacted Consolidated Adjusted EBITDA as a percentage of total revenues by approximately 110 basis points. Both brands grew Restaurant-level Adjusted EBITDA, a non-GAAP measure(1), as a percentage of sales to above first quarter 2020 levels. Pollo Tropical grew restaurant-level margin from 18.0% in the first quarter of 2020 to 21.4% in the first quarter of 2021. Taco Cabana grew restaurant-level margin from 8.8% in the first quarter of 2020 to 11.3% in the first quarter of 2021, which includes the estimated negative impact of Winter Storm Uri of approximately 270 basis points.”
Stockinger concluded, “We will continue to concentrate on non-dine-in trade channels to match the evolving changes in customer behavior, and will focus on creating a great guest experience across all channels. Our investments in our digital platform will continue throughout 2021. We are optimistic about the remainder of 2021 and believe that our growth initiatives will continue to build momentum and accelerate sales growth over the balance of the year.”
May, 13 2021
Jack in the Box Inc. (NASDAQ: JACK) yesterday reported financial results for the second quarter ended April 11, 2021 and provided fiscal year 2021 financial guidance.
Jack in the Box total revenues increased 19 percent to $257.2 million, compared to $216.2 million in the comparable period ended April 12, 2020, driven by 20.6 percent growth in system same-store sales. Company same-store sales increased 14.5 percent in the second quarter, reflecting average check growth of 19.9 percent and a 5.4 percent decrease in transactions. Franchise same-store sales increased 21.3 percent.
Increase/(Decrease) in same-store sales:
|12 Weeks Ended||28 Weeks Ended|
Net earnings more than tripled to $35.9 million, or $1.58 per diluted share, for the second quarter of fiscal 2021, compared with $11.5 million, or $0.50 per diluted share, for the second quarter of fiscal 2020, which was negatively impacted due to the initial onset of COVID-19.
Darin Harris, chief executive officer, said, “Consumers continue to embrace Jack in the Box’s iconic all-day menu and continuous menu innovations, driving growth across every day-part. A shift toward our core premium entrees, combined with an increase in items per order reflecting larger parties, fueled a nearly-20 percent increase in average check. Our performance was strong across all regions throughout the quarter, including in Texas where pandemic dine-in restrictions were lifted much earlier than in our other large markets. Stimulus payments also contributed to our strong performance during the last four weeks of the quarter.”
Harris continued, “We are off to a good start through the first four weeks of the third quarter, giving us confidence that our key strategies continue to resonate with guests and position us to maintain momentum while we work closely with our franchisees to grow.”
Operating Earnings Per Share(1), a non-GAAP measure, were $1.48 in the second quarter of fiscal 2021 compared with $0.50 in the prior year quarter. A reconciliation of non-GAAP Operating Earnings Per Share to GAAP results is provided below, with additional information included in the attachment to this release.