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Financials - February 2024




THE WENDY'S COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS


15 Feb, 2024, 07:00 ET

DUBLIN, Ohio, Feb. 15, 2024 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the fourth quarter and full year ended December 31, 2023.

"The Wendy's® system delivered strong sales, profit, and cash flow growth in 2023, all supported by progress on our strategic growth pillars," President and Chief Executive Officer Kirk Tanner said. "2023 marked the brand's 13th consecutive year of global same-restaurant sales growth, highlighting the system's consistent execution and strong franchisee alignment as the team continued to grow the beloved Wendy's brand. The team also significantly accelerated digital sales, opened nearly 250 new restaurants across the globe, and expanded U.S. Company-operated restaurant margin to pre-COVID levels despite extreme inflationary headwinds in recent years.

"I am excited to begin this next chapter for Wendy's with new plans and investments to accelerate our global growth, deliver significant restaurant margin expansion, and drive long-term shareholder value. I am looking forward to working with the team to deliver on the significant opportunities ahead."

Fourth Quarter and Full Year 2023 Summary See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.

Operational Highlights

Fourth Quarter


Full Year










2022


2023


2022


2023









Systemwide Sales Growth(1)








U.S.

7.2 %


2.3 %


5.3 %


5.1 %

International(2)

16.8 %


9.7 %


19.2 %


14.1 %

Global

8.4 %


3.2 %


6.8 %


6.1 %









Same-Restaurant Sales Growth(1)








U.S.

5.9 %


0.9 %


3.9 %


3.7 %

International(2)

9.9 %


4.3 %


12.4 %


8.1 %

Global

6.4 %


1.3 %


4.9 %


4.3 %









Systemwide Sales (In US$ Millions)(3)








U.S.

$2,976


$3,043


$11,694


$12,285

International(2)

$414


$455


$1,606


$1,802

Global

$3,390


$3,498


$13,301


$14,088









Restaurant Openings








U.S. - Total / Net

38 / (3)


31 / 20


139 / 56


97 / 36

International - Total / Net

40 / 18


65 / 54


137 / 90


151 / 109

Global - Total / Net

78 / 15


96 / 74


276 / 146


248 / 145









Global Reimaging Completion Percentage





79 %


86 %









(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include salesby both Company-operated and franchise restaurants.

(2) Excludes Argentina.

(3) Systemwide sales include sales at both Company-operated and franchise restaurants.


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Denny's Corporation Reports Results for Fourth Quarter and Full Year 2023


SPARTANBURG, S.C., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its fourth quarter and full year ended December 27, 2023 and provided a business update on the Company’s operations.

Kelli Valade, Chief Executive Officer, stated, "We were pleased to close out 2023 with solid Denny’s domestic system-wide same-restaurant sales** of 1.3% in the fourth quarter, reflecting sequential improvement throughout the quarter, while also achieving results above the high-end of our previously guided range for the full year. We enter 2024 with growing momentum by focusing on our key strategic levers: a best-in-class breakfast with craveable items, an unbeatable value proposition, and convenience in the form of off-premises options.”

Fourth Quarter 2023 Highlights

  • Total operating revenue was $115.4 million compared to $120.8 million in the prior year quarter.

  • Denny's domestic system-wide same-restaurant sales** were 1.3% compared to the equivalent fiscal period in 2022, including 1.5% at domestic franchised restaurants and (1.2)% at company restaurants.

  • Opened nine franchised restaurants, including one international Denny's location and two Keke's locations.

  • Completed five Denny's franchised restaurant remodels.

  • Operating income was $7.7 million compared to $17.6 million in the prior year quarter.

  • Franchise Operating Margin* was $31.5 million, or 51.4% of franchise and license revenue, and Company Restaurant Operating Margin* was $5.4 million, or 10.0% of company restaurant sales.

  • Net income was $2.9 million, or $0.05 per diluted share.

  • Adjusted Net Income* and Adjusted Net Income Per Share* were $7.8 million and $0.14, respectively.

  • Adjusted EBITDA* was $18.6 million.

  • Cash provided by (used in) operating, investing, and financing activities was $21.4 million, ($4.5) million, and ($12.9) million, respectively.

  • Adjusted Free Cash Flow* was $7.4 million.

  • Repurchased $16.2 million of common stock.


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Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2023 Results


Home market franchisee profitability increases 30% year-over-year, on average Global system-wide sales grow nearly 10% for the fourth quarter and over 12% for 2023Comparable sales up nearly 6% in Q4, led by over 8% growth at Tim Hortons Canada and over 6% at Burger King US

Digital sales grow over 20% year-over-year to $14 billion in 2023, representing over a third of system-wide sales

Nearly $1.5 billion of capital returned to shareholders in 2023 while investing for growth and reducing net leverage

TORONTO, Feb. 13, 2024 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2023. Josh Kobza, Chief Executive Officer of RBI commented, "We are delivering better experiences for our guests, better profitability for our franchisees and are making the right long-term investments behind the growth of our brands. We have started 2024 with a foundation of strong operational performance and I'm thankful to all our teams, franchisees and their team members who work so hard to make us successful."

2023 Highlights:

  • System-wide Sales Growth of 12.2%

  • Net Restaurant Growth of 3.9%

  • Income from Operations of $2,051 million versus $1,898 million in the prior year

  • Net Income of $1,718 million versus $1,482 million in the prior year

  • Diluted EPS of $3.76 versus $3.25 in the prior year

  • Adjusted Operating Income of $2,200 million increased 7.5% organically versus the prior year

  • Adjusted Diluted EPS of $3.24 versus $3.14 in prior year

  • Net Cash Provided by Operating Activities of $1,323 million and Free Cash Flow of $1,203 million


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Ark Restaurants Announces Financial Results for the First Quarter of 2024


February 12, 2024 04:20 PM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 30, 2023.

Financial Results

Total revenues for the 13 weeks ended December 30, 2023 were $47,487,000 versus $47,445,000 for the 13 weeks ended December 31, 2022.

The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13 weeks ended December 30, 2023 was $2,572,000 versus $3,018,000 for the 13 weeks ended December 31, 2022. Net income for the 13 weeks ended December 30, 2023 was $1,370,000 (which includes PPP Loan Forgiveness of $285,000), or $0.38 per basic and diluted share, compared to net income of $1,725,000 (which includes PPP Loan Forgiveness of $272,000), or $0.48 and $0.47 per basic and diluted share, respectively, for the 13 weeks ended December 31, 2022.

On February 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on March 13, 2024 to shareholders of record of the Company's common stock at the close of business on February 29, 2024.

As of December 30, 2023, the Company had a cash balance of $12,122,000 and total outstanding debt of $6,742,000.

About Ark Restaurants Corp.

Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.


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Farmer Brothers reports second quarter fiscal 2024 financial results and publishes quarterly shareholder letter


February 08, 2024 16:05 ET

Fiscal Q2 2024 net sales of $89.5 million Gross margin increase of 550 basis points year-over-year to 40.4%

NORTHLAKE, Texas, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Farmer Brothers (NASDAQ: FARM) today reported its second quarter fiscal 2024 financial results for the period ended Dec. 31, 2023. The company filed its Form 10-Q and published its quarterly shareholder letter, which contains additional details regarding the results. Both of those documents can be found on the Investor Relations section of the company’s website.

“As we continue to transition our company to focus solely on what we have always done best – direct store delivery (DSD), we are pleased to see early momentum in several of our operational and financial metrics,” said President and Chief Executive Officer John Moore. “We delivered meaningful improvements in gross margin and adjusted EBITDA during the quarter, with our gross margin rising above 40% for the first time in more than a year. Although we do not expect our progress to be linear, we believe we will continue to see long-term improvement and are well on our way to being free cash flow1 positive by early fiscal 2025.”

1 Free cash flow is a non-GAAP measure defined as net cash (used in) provided by operating activities less capital expenditures.

Financial results Second quarter fiscal 2024 net sales increased $600,000 to $89.5 million compared to $88.9 million in the second quarter of fiscal 2023. Overall, net sales were positively impacted by higher pricing compared to prior periods, but were offset by a decrease in coffee and allied products volume.

Gross margin increased 550 basis points on a year-over-year basis to 40.4% compared to 34.9% for the second quarter of fiscal 2023. Gross profit during the quarter increased $5.1 million to $36.1 million, or 16% on a year-over-year basis, compared to $31 million for the second quarter of fiscal 2023. The increase in gross margin was primarily due to improved pricing and a decrease in underlying commodity cost compared to the prior year.

Operating expenses decreased $2.6 million from $34.3 million in the second quarter of fiscal 2023 to $31.7 million in the second quarter of fiscal 2024. We saw a $1.1 million increase in general and administrative (G&A) expense and a $2.5 million increase in selling expense, which was offset by a $6.2 million increase in net gains from the sale of branch properties and other assets during the quarter. The selling expense increase was primarily due to additional costs related to healthcare benefits, rent and a year-over-year increase in incentive compensation expense, partially offset by a decrease in advertising-related expense. The increase in G&A expense was also driven by an increase in incentive compensation expense and severance-related costs, partially offset by a decrease in IT and consulting related costs compared to the prior year.

Net income from continuing operations was $2.7 million in the second quarter of fiscal 2024, an increase of $11.4 million compared to a net loss of $8.7 million during the prior year period.

The company’s capital expenditures for the quarter were $3.3 million compared to $4.7 million in the prior year period. In fiscal 2024, Farmer Brothers anticipates between $12 and $15 million in capital expenditures. It expects to finance these expenditures through cash flow from operations and borrowings under its credit facility.

Adjusted EBITDA2 for the second quarter of fiscal 2024 was $2.3 million, an increase of $4.5 million compared to a loss of $2.2 million in the second quarter of fiscal 2023.

As of Dec. 31, 2023, Farmer Brothers had $6.9 million of unrestricted cash and cash equivalents. The company had outstanding borrowings of $23.3 million, utilized $4.6 million of the letters of credit sub-limit and had $24.5 million of availability under its credit facility. The company believes it is adequately capitalized to finance its operations in fiscal 2024 and remains confident it is well on its way to being free cash flow positive by early fiscal 2025.


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Yum! Brands Reports Fourth-Quarter and Full-Year Results


Industry Record Full-Year 4,754 Gross Unit Openings Translating to 6% Unit Growth

Full-Year System Sales Grew 10% with 22% Digital Sales Growth

Yum! Brands Reports Fourth-Quarter and Full-Year Results

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the fourth quarter and year ended December 31, 2023. Fourth-quarter worldwide system sales, excluding foreign currency translation, grew 5%, with 6% unit growth and 1% same-store sales growth. Full-year worldwide system sales, excluding foreign currency translation, grew 10%, with 6% unit growth and 6% same-store sales growth. Full-year GAAP Operating Profit growth was 6%. Full-year Core Operating Profit growth was 12%. Fourth-quarter GAAP EPS was $1.62 and EPS excluding Special Items was $1.26. Full-year GAAP EPS was $5.59 and EPS excluding Special Items was $5.17, an increase of 14%.

DAVID GIBBS & CHRIS TURNER COMMENTS

David Gibbs, CEO, said “2023 was another remarkable year for Yum! Brands as we crossed the $60 billion system sales threshold and exceeded all aspects of our long-term growth algorithm. We achieved 10% system sales growth with broad-based strength across the globe and another record year for development, opening over 4,700 new stores. We also made massive strides in scaling our proprietary digital and AI-driven ecosystem in partnership with our franchisees. Looking to 2024, this will be a year of major milestones as we cross 30,000 restaurants at KFC, 20,000 at Pizza Hut and well over 60,000 globally for Yum!."

Chris Turner, CFO, said “Last year proved to be another great example of Yum!’s unique blend of growth and resilience. We delivered 6% unit growth, 10% system sales growth, and 12% Core Operating profit growth. Simply put, there is no other retail business that is growing across 110 different countries and opening the equivalent of a new store roughly every two hours. We are excited about our plans to further scale our incredible technology capabilities and loyalty programs while maintaining focus on cost control. I'm confident 2024 will represent another strong year of global growth and expect to deliver our long-term growth algorithm for the year.”


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Performance Food Group Company Reports Second-Quarter and First-Half Fiscal 2024 Results


Strong Independent Restaurant Case Growth & Solid Cash Flow Generation; Reiterates Fiscal 2024 Outlook

Second-Quarter Fiscal 2024 Highlights

  • Total case volume grew 2.1%

  • Net sales increased 2.9% to $14.3 billion

  • Gross profit improved 6.6% to $1.6 billion

  • Net income increased 10.1% to $78.3 million

  • Adjusted EBITDA increased 11.9% to $345.4 million1

  • Diluted Earnings Per Share (“EPS”) increased 8.7% to $0.50

  • Adjusted Diluted EPS increased 8.4% to $0.901

First-Half Fiscal 2024 Highlights

  • Total case volume grew 2.4%

  • Net sales increased 2.2% to $29.2 billion

  • Gross profit improved 6.1% to $3.3 billion

  • Net income increased 19.3% to $199.0 million

  • Adjusted EBITDA increased 9.9% to $729.2 million1

  • Diluted EPS increased 18.7% to $1.27

  • Adjusted Diluted EPS increased 7.3% to $2.051

  • Operating Cash Flow of $554.0 million

  • Free cash flow of $406.9 million1

February 07, 2024 07:00 AM Eastern Standard Time

RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its second quarter and first half fiscal 2024 business results.

“Our strong business momentum continued through the fiscal second quarter, producing solid top and bottom-line results for our company,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Our company benefitted from outstanding organic independent case growth, leading to another quarter of strong market share gains. Solid execution across our business segments, along with positive mix shift and broad channel growth, led to margin expansion and strong cash flow generation. I am very pleased with the organization’s successful execution of our business strategy with the goal of maximizing value for our shareholders.”


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Chipotle Announces Fourth Quarter and Full Year 2023 Results


FY23 EPS INCREASES OVER 38% AND COMPARABLE SALES INCREASE 7.9% AS MARGINS EXPAND

NEWPORT BEACH, Calif., Feb. 6, 2024 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2023.

Fourth quarter highlights, year over year:

  • Total revenue increased 15.4% to $2.5 billion

  • Comparable restaurant sales increased 8.4%

  • Operating margin was 14.4%, an increase from 13.6%

  • Restaurant level operating margin was 25.4%1, an increase of 140 basis points

  • Diluted earnings per share was $10.21, a 27.3% increase from $8.02. Adjusted diluted earnings per share, which excluded a $0.15 after-tax impact from expenses related to accelerated depreciation, partially offset by a reduction in contingencies related to certain legal proceedings, was $10.361, a 25.0% increase from $8.29.1

  • Opened 121 new restaurants with 110 locations including a Chipotlane

Full year 2023 highlights, year over year:

  • Total revenue increased 14.3% to $9.9 billion

  • Comparable restaurant sales increased 7.9%

  • Operating margin was 15.8%, an increase from 13.4%

  • Restaurant level operating margin was 26.2%1, an increase of 230 basis points

  • Diluted earnings per share was $44.34, a 38.4% increase from $32.04. Adjusted diluted earnings per share, which excluded a $0.52 after-tax impact from expenses related to restaurant and corporate level impairment and closure costs, accelerated depreciation and corporate restructuring, partially offset by a reduction in contingencies related to certain legal proceedings, was $44.861, a 36.9% increase from $32.78.1

  • Opened 271 new restaurants with 238 locations including a Chipotlane

"2023 was an outstanding year where we delivered strong transaction growth driven by throughput and menu innovation, opened a record number of new restaurants, surpassed $3 million in AUVs and formed our first international partnership," said Brian Niccol, Chairman and CEO, Chipotle. "I am more confident than ever that we have the right people and the right strategy to achieve our long-term growth goals of reaching 7,000 restaurants in North America, $4 million in AUVs, expanding our industry leading margins and returns and furthering our purpose of Cultivating a Better World globally."


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Yum China Reports Fourth Quarter Results, Increases Dividend by 23% and Steps Up 2024 Share Repurchases to $1.25 billion


06 Feb, 2024, 16:30 ET

Fourth Quarter System Sales Up 21%, Operating Profit Up 170% and Core Operating Profit Grew 324% (1)Full Year System Sales Up 21%, Operating Profit Up 76% to $1.1 Billion and Core Operating Profit Grew 79%Record 2023 Results - Total Revenues of $11 Billion, Adjusted Operating Profit of $1.1 Billion and 1,697 Net New Stores Opened14,644 Stores in Over 2,000 Cities

SHANGHAI, Feb. 6, 2024 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the fourth quarter and year ended December 31, 2023.

 Fourth Quarter Highlights

  • Total system sales grew 21% year over year excluding foreign currency translation ("F/X"). Growth was mainly attributable to 12% net new unit contribution(2), 4% same-store sales growth and lapping temporary closures from the pandemic in the prior year.

  • Opened 542 net new stores in the fourth quarter. Total stores reached 14,644 as of December 31, 2023. KFC reached 10,296 stores and Pizza Hut reached 3,312 stores.

  • Total revenues increased 19% to $2.49 billion, or 21% excluding F/X.

  • Operating profit grew 170% to $110 million. Core operating profit grew 324%.

  • Restaurant margin expanded to 10.7%. Excluding items affecting comparability at the restaurant level – the impact from temporary relief and VAT deduction benefits in both years, restaurant margin expanded 170 basis points.

  • Diluted EPS increased 77% to $0.23. Excluding Special Items as well as unfavorable impacts of $0.01 from F/X and $0.04 from the mark-to-market investment in Meituan, the increase was 164%.

  • Foreign currency translation unfavorably impacted total revenues by $36 million, operating profit by $2 million and diluted EPS by $0.01.

Full Year Highlights

  • Total system sales grew 21% excluding F/X. Growth was mainly attributable to 9% net new unit contribution, 7% same-store sales growth and lapping temporary closures from the pandemic in the prior year.

  • Store count increased 13%, or 1,697 net new stores, exceeding the full-year net new store target.

  • Total revenues were up 15% to $10.98 billion, or 21% excluding F/X.

  • Operating profit grew 76% to $1.1 billion. Core operating profit grew 79%.

  • Restaurant margin expanded to 16.3%. Excluding items affecting comparability at the restaurant level, restaurant margin expanded 270 basis points.

  • Diluted EPS increased 89% to $1.97. Excluding Special Items as well as unfavorable impacts of $0.11 from F/X and $0.04 from the mark-to-market investment in Meituan, the increase was 101%.

  • Foreign currency translation unfavorably impacted total revenues by $589 million, operating profit by $61 million and diluted EPS by $0.11.

  • Shareholder returns through share repurchases and cash dividends increased 25% to $833 million.

  • Digital sales(3) exceeded $9.2 billion, with digital ordering accounted for approximately 89% of total company sales.

  • Total membership of KFC and Pizza Hut exceeded 470 million, up 14% versus the prior year. Member sales accounted for approximately 65% of KFC and Pizza Hut's system sales in the aggregate.


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McDonald's Reports Fourth Quarter and Full Year 2023 Results


  • Global comparable sales have grown 9% for the year and over 30% since 2019

  • Systemwide sales* to loyalty members were over $20 billion for the full year and over $6 billion for the quarter across 50 loyalty markets, with full year growth of more than 45% over prior year

CHICAGO, Feb. 5, 2024 /PRNewswire/ -- McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2023.

"Our global comparable sales growth of 9% for the year is a testament to the tremendous dedication of the entire McDonald's System," said McDonald's President and CEO Chris Kempczinski. "Strong execution of our Accelerating the Arches strategy has driven over 30% comparable sales growth since 2019 as our talented crew members, and the industry's best franchisees and suppliers have demonstrated proven agility with a relentless focus on the customer. By evolving the way we work across the System, we remain confident in the resilience of our business amid macro challenges that will persist in 2024."

Fourth quarter financial performance:

  • Global comparable sales increased 3.4%, reflecting positive comparable sales across all segments:

  • U.S. increased 4.3%

  • International Operated Markets segment increased 4.4%

  • International Developmental Licensed Markets segment increased 0.7%, reflecting the impact of the war in the Middle East

  • Consolidated revenues increased 8% (6% in constant currencies).

  • Systemwide sales increased 6% (5% in constant currencies).

  • Consolidated operating income increased 8% (6% in constant currencies). Results included $72 million of pre-tax charges related to the write-off of impaired software no longer in use and $66 million of pre-tax charges related to the Company's Accelerating the Arches growth strategy, including restructuring costs associated with Accelerating the Organization. Excluding these charges, consolidated operating income increased 14% (11% in constant currencies).**

  • Diluted earnings per share was $2.80, an increase of 8% (5% in constant currencies). Excluding the charges described above of $0.15 per share, diluted earnings per share was $2.95, an increase of 14% (11% in constant currencies).**

Full year financial performance:

  • Global comparable sales increased 9.0%, reflecting strong comparable sales across all segments:

  • U.S. increased 8.7%

  • International Operated Markets segment increased 9.2%

  • International Developmental Licensed Markets segment increased 9.4%

  • Consolidated revenues increased 10% (10% in constant currencies).

  • Systemwide sales increased 10% (10% in constant currencies).

  • Consolidated operating income increased 24% (24% in constant currencies). Results included $290 million of pre-tax charges related to the Company's Accelerating the Arches growth strategy, including restructuring costs associated with Accelerating the Organization and $72 million of pre-tax charges related to the write-off of impaired software no longer in use. Excluding these current year charges, as well as prior year pre-tax charges and gains of $1.3 billion and $271 million, respectively, consolidated operating income increased 16% (16% in constant currencies).**

  • Diluted earnings per share was $11.56, an increase of 39% (38% in constant currencies). Excluding the current year charges described above of $0.38 per share, diluted earnings per share was $11.94, an increase of 18% (18% in constant currencies) when also excluding prior year charges and gains and a tax settlement.**


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Nathan's Famous, Inc. Reports Third Quarter Results


Redeemed $20 Million of its 6.625% Senior Secured Notes due 2025, And Declares Quarterly Cash Dividend Of $0.50 Per Share.

February 01, 2024 08:30 ET

JERICHO, N.Y., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its third fiscal quarter ended December 24, 2023.

For the fiscal quarter ended December 24, 2023:

  • Revenues were $28,890,000 as compared to $26,154,000 during the thirteen weeks ended December 25, 2022;

  • Income from operations was $5,137,000 as compared to $6,332,000 during the thirteen weeks ended December 25, 2022;

  • Adjusted EBITDA1, a non-GAAP financial measure, was $5,751,000 as compared to $6,899,000 during the thirteen weeks ended December 25, 2022;

  • In connection with the redemption of $20,000,000 in aggregate principal amount of our 6.625% Senior Secured Notes due 2025 on December 19, 2023, the Company recorded a loss on debt extinguishment of $169,000, or $118,000, net of tax, or $0.03 per diluted share. As a result of the redemption, the Company expects to reduce its future cash interest expense by $1,325,000 per annum;

  • Income before provision for income taxes was $3,735,000 as compared to $4,486,000 during the thirteen weeks ended December 25, 2022;

  • Net income was $2,607,000 as compared to $3,263,000 during the thirteen weeks ended December 25, 2022; and

  • Earnings per diluted share was $0.64 per share as compared to $0.79 per share during the thirteen weeks ended December 25, 2022.

For the thirty-nine weeks ended December 24, 2023:

  • Revenues were $109,619,000 as compared to $103,371,000 during the thirty-nine weeks ended December 25, 2022;

  • Income from operations was $25,704,000 as compared to $28,026,000 during the thirty-nine weeks ended December 25, 2022;

  • Adjusted EBITDA1, a non-GAAP financial measure, was $27,561,000 as compared to $29,287,000 during the thirty-nine weeks ended December 25, 2022;

  • Income before provision for income taxes was $21,731,000 as compared to $22,451,000 during the thirty-nine weeks ended December 25, 2022;

  • Net income was $15,706,000 as compared to $16,358,000 during the thirty-nine weeks ended December 25, 2022; and

  • Earnings per diluted share was $3.84 per share as compared to $3.99 per share during the thirty-nine weeks ended December 25, 2022.


View full version at Nathan's



Good Times Restaurants Reports Results for the 2024 First Fiscal Quarter Ending December 26, 2023

January 31, 2024 04:05 PM Eastern Standard Time

DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the 2024 first fiscal quarter ended December 26, 2023.


Key highlights of the Company’s financial results include:

  • Total Revenues for the quarter decreased 0.8% to $33.1 million compared to the first quarter of fiscal 2023

  • Total Restaurant Sales for Bad Daddy’s restaurants were $24.1 million for the quarter

  • Same Store Sales1 for company-owned Bad Daddy’s restaurants decreased 6.2% for the quarter

  • Total Restaurant Sales for Good Times restaurants were $8.8 million for the quarter

  • Same Store Sales for company-owned Good Times restaurants increased 4.1% for the quarter

  • Net Loss Attributable to Common Shareholders was $0.6 million for the quarter

  • Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $0.3 million

  • The Company ended the quarter with $3.5 million in cash and $1.3 million of long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our Good Times brand has continued to deliver top line results, we believe, in part, due to the results of our multi-year investments into that brand. That strength in sales has translated into 13.5% restaurant-level operating profit3 during our first fiscal quarter. We have completed remodels of three Good Times restaurants that include fresh paint, including murals by local artists, new awnings and umbrellas, new signage, and complete overhauls of the parking lot and driving surfaces. This is in addition to the installation of digital menu boards in both the drive-thru and walk-up windows which has been completed at all of our Good Times locations. In addition to refreshing the physical restaurants, we continue to make investments in our mobile app and GT Rewards loyalty program, which we expect to enhance, with stored value capability, in the next major update to the app.”

Mr. Zink continued, “The work we are doing to turn around Bad Daddy’s sales has already resulted in improved operations and we have seen the gap to the Black Box, an industry-known benchmark service, same store sales index narrow considerably beginning in late November. Further, management of controllable costs in the restaurants improved from November to December, and we expect those improvements to continue throughout the balance of this year. These efforts started with a mindset shift by recapturing the culture of operations excellence which had lost intensity during the past two years. We have more changes planned that we expect to return Bad Daddy’s to peak performance, which includes a re-intensified focus on bar execution which will complement what we believe is already the segment-leading culinary performance. But the larger opportunity is to continue to increase the level of hospitality and salesmanship in the front of house, and we are making investments in training, learning, and development of both our front-of-house team members and our management teams.”

“Macro trends are currently favoring the QSR segment over the casual dining segment and the Company is well positioned to capitalize on such cyclical changes by owning relevant burger-focused brands in both segments,” Zink concluded.


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Brinker International Reports Second Quarter of Fiscal 2024 Results; and Updates Fiscal 2024 Guidance


DALLAS, Jan. 31, 2024 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the second quarter ended December 27, 2023.

Second Quarter Fiscal 2024 Financial Highlights

Brinker International reported net income per diluted share of $0.94, in the second quarter of fiscal 2024, a 51.6% increase compared to the second quarter of fiscal 2023. Net income per diluted share, excluding special items (non-GAAP), was $0.99 in the second quarter of fiscal 2024, a 30.3% increase compared to the second quarter of fiscal 2023.

Our results for the second quarter of fiscal 2024 were primarily driven by effective marketing and pricing strategies. Guest traffic improved sequentially in the second quarter despite the headwind created by our decision to de-emphasize virtual brands. Comparable restaurant sales increased 5.2%, with an increase in comparable restaurant sales of 5.0% for Chili's and 6.7% for Maggiano's. The increase in Company sales resulted in operating income margin increasing to 5.8% and restaurant operating margin (non-GAAP) increasing to 13.1% for the second quarter.

"Our second quarter marked another quarter of year over year growth with continued margin improvement, driven by our strategy to simplify operations, improve our food, service, and atmosphere, and deploy an effective marketing plan," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "We're pleased with our progress, which has allowed us to improve our traffic trends and now outpace the industry."

Second Quarter Financial Results


Second Quarter


2024


2023


Variance

Company sales

$ 1,063.7


$ 1,009.4


$      54.3

Total revenues

$ 1,074.1


$ 1,019.0


$      55.1







Operating income

$      62.4


$      40.7


$      21.7

Operating income as a % of Total revenues

5.8 %


4.0 %


1.8 %

Restaurant operating margin, non-GAAP(1)

$    139.8


$    117.0


$      22.8

Restaurant operating margin as a % of Company sales, non-GAAP(1)

13.1 %


11.6 %


1.5 %

Net income

$      42.1


$      27.9


$      14.2

Adjusted EBITDA, non-GAAP(1)

$    107.0


$      91.0


$      16.0







Net income per diluted share

$      0.94


$      0.62


$      0.32

Net income per diluted share, excluding special items, non-GAAP(1)

$      0.99


$      0.76


$      0.23

Comparable Restaurant Sales(2)


Q2:24 vs 23

Brinker

5.2 %

Chili's

5.0 %

Maggiano's

6.7 %