Financials - January 2022

Good Times Restaurants Reports First Quarter Same Store Sales

January 13, 2022 04:05 PM Eastern Standard Time

GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that year-over-year same store sales for its first quarter ended December 28, 2021 decreased 2.5% for its Good Times brand and increased 24.0% for its Bad Daddy’s brand. Sales during the thirteen-week first quarter of 2022 increased by 19.5% at Good Times and by 8.9% at Bad Daddy’s restaurants, as compared to the thirteen weeks ended December 31, 2019, among company-owned restaurants that were open for the thirteen weeks in both years. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

Good Times

Burgers & Frozen Custard

Bad Daddy’s

Burger Bar

Fiscal Period

Same

Store Sales1

Average

Weekly Sales2

Same

Store Sales1

Average

Weekly Sales2

October (4 weeks)

3.1%

$

26,864

16.8%

$

48,783

November3 (4 weeks)

-2.6%

26,443

20.4%

48,027

December3 (5 weeks)

-6.8%

24,734

34.0%

47,805

First Quarter 2022

-2.5%

$

25,916

24.0%

$

48,174

1

Same store sales include all company-owned restaurants currently open with at least 18 full fiscal periods of operating history.

2

Average weekly sales include all company-owned restaurants with at least 6 full fiscal periods of operating history.

3

During a portion of November and the entire December fiscal periods of fiscal 2021, restaurant dining rooms in Colorado were closed by regulation, affecting same store sales during the current year favorably at Bad Daddy’s and unfavorably at Good Times.

Ryan Zink, President and CEO, said: “Our entire team has worked tirelessly in the face of ever-changing challenges in what continues to be a dynamic and unpredictable operating environment. Our sales results for the quarter, including sales increases at both brands compared to the first fiscal quarter of 2020 (prior to the onset of the pandemic), is the outcome of restaurant teams and leaders delivering superior, customer-focused service, and not compromising product quality in the face of elevated input prices, supply chain challenges, and intense competition for high performing employees. Each quarter I continue to be impressed with our team’s ability to deliver strong results despite such challenges.”

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 42 Bad Daddy’s Burger Bar restaurants through its wholly-owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, Good Times Restaurants Inc. operates and franchises a regional quick-service drive-thru restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

View source version at Good Times Restaurants

Hopdoddy to Acquire Grub Burger Bar

The two Texas-based better-burger concepts are joining forces to form HiBar Hospitality Group, which will be backed by L Catterton.

By Heather Lalley on Jan. 13, 2022

Hopdoddy Burger Bar is acquiring Grub Burger Bar, another Texas-based better burger concept, to form HiBar Hospitality Group, the companies announced Thursday.

Details of the deal were not disclosed, but the combined company will be backed by private-equity group L Catterton, which has a majority stake in Hopdoddy.

The new group will be led by Hopdoddy CEO Jeff Chandler. Grub founder and CEO Jimmy Loup will retain the second-largest stake in the combined business and join the company’s board of directors.

Austin-based Hopdoddy has 32 restaurants in five states. Grub, which was founded in College Station, Texas, in 2012, has 18 locations in four states.

“We have much in common, from our team-centric cultures and commitment to people, to exciting menus and a tireless focus on the guest experience,” Chandler said in a statement. “We think very much alike and share a long-term vision, which will serve us well as we come together and embark on our next stage of growth.”

The deal is one of several in recent months in which like-minded smaller, regional chains have joined forces to fuel their expansion.

In September, fast-causal Ike’s Love & Sandwiches took over three-unit Nashville hot chicken concept Bangin’ Buns.

In October, Fuzzy’s Taco Shop became the first in a new acquisitive platform company run by owner NRD Capital called Experiential Brands.

In November, BurgerFi completed its $157 million acquisition of Anthony’s Coal Fired Pizza & Wings, the first purchase in a longer-term strategy of building a multibrand platform, it has said.

On a larger scale, JAB Holdings announced last summer that it would combine three of its fast-casual chains, Panera Bread, Einstein Bros. Bagels and Caribou Coffee into a “new powerhouse platform” called Panera Brands. In November, Panera Brands said it intended to go public, with an assist from restaurateur Danny Meyer’s USHG Acquisition Corp., a special purpose acquisition company or SPAC. That IPO has not yet happened.

View source version at Hopdoddy Burger Bar

Shake Shack Provides Fourth Quarter 2021 Business Update

- Total Revenue of $203.3 million in 4Q21 and $739.9 million in FY21 - Shack sales continued to recover with 4Q21 Same-Shack sales growth of +20.8% versus 2020 and +2.2% versus 2019 - Shack-level operating profit margin expected to be approximately 16% of Shack sales in 4Q21 - Opened 36 new Company-operated Shacks in 2021 with unit development targeted to accelerate to 45-50 openings in 2022

January 11, 2022 08:00 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today announced preliminary unaudited results for the fiscal fourth quarter and the fiscal year ended December 29, 2021 ahead of presenting at the 24th Annual ICR Conference today.

"We are pleased with the continued recovery we saw in the fourth quarter of 2021, outpacing historical seasonality, with average weekly sales of $74,000 compared to $72,000 in the third quarter of 2021, and Same-Shack sales versus 2019 growth of 2.2% in the fourth quarter, improving from down 7.3% in the third quarter, due to strength in both urban and suburban markets. We opened our first-ever drive-thru locations in Maple Grove, Minnesota and Lee's Summit, Missouri. Early results for these two Shacks are encouraging, and we look forward to continuing to expand our drive-thru footprint in the years to come," said Randy Garutti, Shake Shack CEO.

"While we are pleased by the fourth quarter, we also saw our operating hours drop in the last week of FY21 and the first two weeks of FY22 as a sharp increase in COVID cases had an impact on our ability to staff and keep all of our restaurants fully open. We expect these trends to continue to impact sales in our Company-owned Shacks and our licensed business. However as we move into the next chapter of the Shake Shack story, we remain committed to investing in what makes us so unique: our people, our digital transformation, format evolution and the guest experience," said Katie Fogertey, Shake Shack CFO.

View full version at Shake Shack

The ONE Group Announces Preliminary Fourth Quarter and Full Year 2021 Sales Results

The Company Reports Record Quarterly and Annual Revenues

Consolidated Comparable Sales for the Quarter Increased Approximately 50% Compared to 2019

January 11, 2022 08:00 AM Eastern Standard Time

DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced preliminary sales for the fourth quarter and full year ended December 31, 2021. The Company also announced its participation at the 24th Annual ICR Conference.

Preliminary sales highlights for the fourth quarter ended December 31, 2021 are as follows:

1. Total GAAP revenues increased approximately 86.4% to approximately $83.9 million from $45.0 million compared to the same period in 2020;

2. Consolidated comparable sales* increased 49.8% compared to the same period in 2019;

3. Comparable sales* for STK increased 60.0% compared to the same period in 2019; and,

4. Comparable sales* for Kona Grill increased 38.2% compared to the same period in 2019

Preliminary sales highlights for the full year ended December 31, 2021 are as follows:

1. Total GAAP revenues are expected to be approximately $277.0 million, an estimated 95.1% increase from $141.9 million for the full year 2020; and,

2. U.S. STK brand restaurant sales rose approximately 154.6% to a record $195.1 million for the full year 2021.

*Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-months. This measure includes total revenue from our owned and managed locations. Two-year comparable sales relate to the comparison of comparable sales for the period of 10/1/2021 through 12/31/2021 to the period of 10/1/2019 through 12/31/2019. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions; the Company has presented two-year comparable sales to illustrate how sales at its restaurant base before the COVID-19 pandemic compare to sales as COVID-19 restrictions have eased and the Company has begun to recover lost sales.

“Achieving another record revenue quarter and all-time highs in annual revenues during this very challenging year is a remarkable accomplishment, and we are very proud with how we finished the year. We generated substantial comparable sales increases compared to both 2020 and 2019 as guests chose to celebrate their holidays experiencing our highly differentiated VIBE dining offerings. The strong comparable sales drove our average weekly volumes during the quarter to $338,000 and $108,000 for STK and Kona Grill respectively. Our continued performance strengthens our leadership position in the high-end and polished casual segments. In addition, we are building a robust pipeline for new development opportunities for both STK and Kona Grill. We are incredibly grateful to our team for making this all possible and look forward to an even better 2022,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

The Company anticipates general and administrative expenses including stock-based compensation for the full year 2021 to be between $25.0 and $26.0 million depending on the ultimate calculation of performance-based compensation.

View full version at The ONE Group

Denny’s Corporation Releases Preliminary Financial Results for Fourth Quarter and Fiscal Year 2021

Reiterates 2021 Outlook

January 10, 2022 08:30 ET

SPARTANBURG, S.C., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, today reported selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 29, 2021, and made several announcements regarding important brand initiatives.

John Miller, Chief Executive Officer, stated, “We were pleased that our fourth quarter domestic system-wide same-store sales** exceeded pre-pandemic levels. While the spread of the Omicron variant has caused some near-term uncertainty, we are moving forward with the launch of our exciting revitalization initiatives to further propel this iconic brand forward. We believe that these efforts, supported by an extraordinary group of dedicated franchisees who share our long-term vision, will position Denny’s for continued success.”

2021 Preliminary Results

Domestic System-Wide Same-Store Sales** Compared to 2019 Fiscal PeriodsFiscal Year 2021 1: (5%)JanFebMarAprMayJunJulAugSepOctNovDec 1System(31%)(25%)(9%)(2%)(3%)1%3%(2%)(1%)1%4%(2%)24/7 Units(20%)(16%)2%11%11%14%15%9%9%10%13%7%Limited Hour Units(38%)(32%)(16%)(11%)(12%)(8%)(7%)(10%)(10%)(9%)(6%)(11%)1. December results are preliminary.

Domestic Units Hours of OperationsJanFebMarAprMayJunJulAugSepOctNovDec 124/735%35%38%38%37%38%39%40%42%45%46%48%18 - 23 Hours10%12%14%14%16%16%17%18%20%26%24%24%< than 18 Hours55%53%48%48%47%46%44%42%38%29%30%28%1. December results are preliminary.

In 2021, Denny’s opened 20 restaurants, including 8 international locations, and closed 30 restaurants, bringing the year-end total restaurant count to 1,640. In addition, nine remodels were completed during the fiscal year, including four at company restaurants.

In the fourth quarter, the Company allocated $24.0 million to share repurchases, resulting in $30.6 million allocated to share repurchases for the full year. As of December 29, 2021, the Company had approximately $217 million remaining under its existing repurchase authorization.

Real Estate Transactions

In December 2021, the Company sold two parcels of real estate for approximately $49 million. Approximately $13 million of these proceeds will be used to purchase real estate under four existing company restaurants through a series of like-kind exchange transactions.

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Dutch Bros Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Development and Same Shop Sales Results

Strong Finish to FY 2021 and Increased FY 2022 Shop Outlook

Hosting Fireside Chat at the 24th Annual ICR Conference on January 11 at 9:30 AM ET

Participating in the Virtual Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit on January 24 – 25

January 10, 2022 07:00 AM Eastern Standard Time

GRANTS PASS, Ore.--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS), one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported preliminary development and same shop sales results for the fourth quarter and full year ended December 31, 2021.

The Company also announced it is hosting a fireside chat at the 24th Annual ICR Conference, which is being held virtually, January 10 – 12, 2022, and participating in the Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit, which is being held virtually, January 24 – 25, 2022.

Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “I am pleased to report our strong finish in the fourth quarter that capped off an excellent 2021. Across our system, we opened 98 shops last year, surpassing our previous development guidance of 92, and entered three new states: Texas, Oklahoma, and Kansas. Our 2020 and 2021 shop classes are performing at or above our volume expectations and within our margin expectations. In its inaugural year, Dutch Rewards grew to 3.2 million registered members as of December 31, adding 500,000 members during the fourth quarter.”

Ricci added, “Across all of our markets, we experienced strong same shop sales momentum in the fourth quarter, growing 10.1% and totaling 8.4% for the year. We therefore expect fourth quarter revenue to exceed the upper end of the previously provided guidance, with mature shop level margins in line with expectations. We have great confidence in our new unit development pipeline and are increasing our systemwide new shop development expectations to 125 shops in 2022, up from our prior guidance of 112 shops.”

Ricci continued, “Consistent with our experience in the third quarter, thankfully the fourth quarter did not present significant outages in operating hours due to staffing shortages, reinforcing our belief in the strength of our culture and operating model. As we approach our 30th anniversary, 2022 is already shaping up to be exciting for Dutch Bros, and we look forward to introducing more customers to the Dutch Bros brand and having the opportunity to serve them.”

View full version at Dutch Bros

Kura Sushi USA Announces Fiscal First Quarter 2022 Financial Results

January 06, 2022 16:05 ET

IRVINE, Calif., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today reported fiscal first quarter 2022 financial results for the period ended November 30, 2021.

Fiscal First Quarter 2022 Highlights

1. Total sales were $29.8 million compared to $9.4 million in the first quarter of 2021;

2. Comparable restaurant sales increased 154% for the first quarter of 2022 as compared to the first quarter of 2021 and increased 19.9% as compared to the first quarter of 2020;

3. Operating loss was $1.3 million, compared to an operating loss of $6.3 million in the first quarter of 2021;

4. Net loss was $1.3 million, or ($0.13) per diluted share, compared to net loss of $6.4 million, or ($0.76) per diluted share, in the first quarter of 2021;

5. Adjusted net loss* was $1.3 million, or ($0.13) per diluted share, compared to an adjusted net loss* of $6.0 million or ($0.71) per diluted share, in the first quarter of 2021;

6. Restaurant-level operating profit* was $5.8 million;

7. Adjusted EBITDA* was $0.8 million; and

8. One new restaurant opened during the first quarter of 2022.

* Adjusted net loss, Restaurant-level operating profit and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release. See also “Non-GAAP Financial Measures” below.

Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “We are pleased with the solid start to our fiscal 2022 as we posted a 19.9% increase in comparable restaurant sales versus fiscal 2020 and generated a restaurant-level operating profit margin of 19.5%, further narrowing the profitability gap to our pre-pandemic performance. We believe the actions we have taken to date have positioned our company well to navigate the current operating environment as we look forward to an even busier year with plans to open eight to ten new restaurants to further capitalize on the pent-up demand for the unique Kura experience in fiscal 2022 and beyond.”

View full version at Kura Sushi

Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2021

December 20, 2021 04:05 PM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 2, 2021.

The Company’s fiscal year ends on the Saturday nearest September 30. Accordingly, the fiscal years ended October 2, 2021 and October 3, 2020 included 52 and 53 weeks, respectively, and the quarters ended October 2, 2021 and October 3, 2020 included 13 and 14 weeks, respectively.

Financial Results

Total revenues for the 13-weeks ended October 2, 2021 were $42,839,000 versus $21,774,000 for the 14-weeks ended October 3, 2020. The 13 weeks ended October 2, 2021 includes revenues of $1,348,000 related to Blue Moon Fish Company in Lauderdale-by-the Sea, FL, which was acquired on December 1, 2020 (see below) and $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021 (see below). The 13 weeks ended October 3, 2020 includes revenues of $312,000 related to Clyde Frazier's Wine and Dine 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 year ended October 2, 2021 were $131,870,000 versus $106,490,000 for the year ended October 3, 2020. The year ended October 2, 2021 includes revenues of $5,929,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020 and $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar which were closed during fiscal 2021. The year ended October 3, 2020 includes revenues of $5,278,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 (see below), Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar.

The Company's EBITDA, as adjusted, excluding a gain on the forgiveness of Paycheck Protection Program Loans ("PPP Loans"), as set out below, for the 13 weeks ended October 2, 2021 was $5,210,000 versus $(1,785,000) for the 14-week period ended October 2, 2020. The Company's EBITDA, including the gain on forgiveness of PPP Loans, for the 13 weeks ended October 2, 2021 was $9,565,000 versus $(1,717,000) for the 14-week period ended October 2, 2020. Net income attributable to Ark Restaurant Corp. for the 13-weeks ended October 2, 2021 was $6,828,000 or $1.93 per basic share ($1.89 per diluted share), compared to a net loss of $(1,897,000) or $(0.54) per basic and diluted share, for the 14-week period ended October 2, 2020.

The Company's EBITDA, as adjusted, excluding a gain on the forgiveness of PPP Loans, as set out below, for the year ended October 2, 2021 was $7,955,000 versus $(3,182,000) for the year ended October 2, 2020. The Company's EBITDA, including the gain on forgiveness of PPP Loans, for the year ended October 2, 2021 was $20,237,000 versus $(3,652,000) for the year ended October 2, 2020. Net income attributable to Ark Restaurants Corp. for the year ended October 2, 2021 was $12,895,000 or $3.67 per basic share ($3.58 per diluted share), compared to a net loss of $(4,688,000) or $(1.34) per basic and diluted share, for the year ended October 2, 2020.

View full version at Ark Restaurants

Darden Restaurants Reports Fiscal 2022 Second Quarter Results; Declares Quarterly Dividend; And Updates Fiscal 2022 Outlook

Dec 17, 2021, 07:00 ET

ORLANDO, Fla., Dec. 17, 2021 /PRNewswire/ -- Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the second quarter ended November 28, 2021.

Second Quarter 2022 Financial Highlights

1. Total sales increased 37% from last year to $2.27 billion driven by a blended same-restaurant sales increase of 34.4% and the addition of 34 net new restaurants

2. Same-restaurant sales by segment:

Consolidated Darden

34.4%

Olive Garden

29.3%

LongHorn Steakhouse

31.2%

Fine Dining

61.6%

Other Business

42.9%

1. Diluted net earnings per share from continuing operations was $1.48 as compared to diluted net earnings per share from continuing operations of $0.74 last year

2. Net earnings from continuing operations were $193 million

3. EBITDA of $335 million1

4. The Company repurchased $266 million of its outstanding common stock

______________

1 See the "Non-GAAP Information" below for more details.

"Our restaurant teams did a fantastic job executing at a high level once again this quarter, resulting in strong sales and earnings," said Chairman and CEO Gene Lee. "Our people fuel our success, which is why we have invested more than $200 million in our team members over the past two years. Given the strength of our performance, we are accelerating a commitment we announced earlier this year to increase the minimum hourly earnings for restaurant team members to $12, which includes income earned through gratuities, effective January 1, 2022. With this change, we expect our restaurant team members will earn, on average, approximately $20 per hour."

View full version at Darden Restaurants