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Financials - June 2022










Dave & Buster’s Reports Record First Quarter 2022 Financial Results

June 07, 2022 07:30 ET



DALLAS, June 07, 2022 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced financial results for its first quarter ended May 1, 2022.

Key First Quarter 2022 Highlights

  1. Revenue increased 24.1% from the first quarter of 2019 to a record $451.1 million compared with $265.3 million in the first quarter of 2021 and $363.6 million in the first quarter of 2019

  2. Total comparable sales increased 10.9% compared with the same period in 2019

  3. Net income totaled a record $67.0 million, or $1.35 per diluted share, compared with net income of $19.6 million, or $0.40 per diluted share in the first quarter of 2021 and net income of $42.4 million, or $1.13 per diluted share in the first quarter of 2019

  4. Adjusted EBITDA increased 45.9% from the first quarter of 2019 to a record $143.2 million or 31.8% of revenue, compared with Adjusted EBITDA of $76.7 million in the first quarter of 2021 (28.9% of revenue) and Adjusted EBITDA of $98.2 million, or 27.0% of revenue in the first quarter of 2019

  5. Ended the quarter with $139.1 million in cash, approximately $492.5 million of liquidity available under the Company’s $500 million revolving credit facility, net of $7.5 million in letters of credit, and a net debt leverage ratio of 0.7x

“We are pleased to report another quarter of outstanding financial results,” said Kevin Sheehan, Dave & Buster’s Board Chair and Interim Chief Executive Officer. “We set records for revenue, net income and Adjusted EBITDA in the first quarter indicating a return to a normalized operating environment. I am so proud of our teams as they have enthusiastically welcomed back guests to our stores. We are excited about the trajectory of our business and particularly the next few months as we begin our “Summer of Games” roll-out that we hope will drive even more visitation to our stores. As demonstrated by our first quarter results, our teams continue to execute on our initiatives to drive organic growth, improve profitability, and produce significant cash flow from the business. We have significant upside potential and with our continued focus on innovation, growth and value creation, we are determined to deliver on that potential. To that end, we are excited to add Main Event to the Dave & Buster’s team. Their strong management team and strategic fit with our Company provide for even more growth opportunities, for both brands, which will benefit all stakeholders. We expect to close the transaction in a few weeks and we will have more to say about Main Event shortly thereafter. We are optimistic about the future and look forward to sharing our ongoing progress in the coming quarters.”

View source version at Dave & Buster's


CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2022 RESULTS



Jun 07, 2022, 08:00 ET



Board declares $1.30 quarterly dividend per share and authorizes new share repurchase program of up to $200 million

LEBANON, Tenn., June 7, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the third quarter of fiscal 2022 ended April 29, 2022.

Third Quarter Fiscal 2022 Highlights

  1. The Company reported third quarter total revenue of $790.2 million. Compared to the prior year third quarter, total revenue increased 10.8%.

  2. Comparable store restaurant sales increased 10.9%, while comparable store retail sales increased 9.7%.

  3. GAAP operating income for the third quarter was $30.5 million, or 3.9% of total revenue, and adjusted1 operating income was $33.6 million, or 4.3% of total revenue.

  4. GAAP net income was $27.5 million, or 3.5% of total revenue. EBITDA1 was $59.6 million, or 7.5% of total revenue.

  5. GAAP earnings per diluted share were $1.19, and adjusted1 earnings per diluted share were $1.29.

  6. The Company paid $30.3 million in dividends and repurchased $39.2 million in shares for a total of $69.5 million returned to shareholders in the third quarter, as part of a total $158.3 million returned to shareholders year-to-date.

  7. The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share and authorized a new share repurchase program of up to $200 million of the Company's outstanding common stock.

Commenting on the third quarter results Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "A challenging macro environment, including deteriorating consumer sentiment and high inflationary pressures, impacted both our top and bottom lines in the third quarter.  Despite these challenges, our teams worked hard to deliver on our mission of Pleasing People and continue our strong retail and off-premise performance.  Going forward, we are pursuing a variety of strategic initiatives to grow the business, including focusing on store-level execution to provide a superior guest experience, expanding Maple Street Biscuit Company, and positioning Cracker Barrel to be even more attractive to both our core guests as well as a broader audience. Despite the challenges of the present environment, we are optimistic that these initiatives will position us well for future growth, and I'm confident that our teams will deliver them for the benefit of our guests and our shareholders."

View full version at Cracker Barrel


Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 17, 2022


The Company Reaffirms Full Year 2022 Adjusted EBITDA Guidance


May 26, 2022 04:05 PM Eastern Daylight Time


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 fiscal first quarter ended April 17, 2022.

Results for the first quarter, as compared to the prior year as applicable, included the following:

  1. Restaurant revenue of $380.6 million increased 19.4% compared to 2021;

  2. Eighth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;

  3. Comparable restaurant revenue increased 19.7% compared to 2021;

  4. Approximately 200 restaurants were serving Donatos® pizza prior to 2022, with comparable restaurant revenue growth of Donatos® locations outperforming non-Donatos® locations by more than 5% compared to 2019;

  5. Net loss of $3.1 million improved $5.6 million compared to 2021;

  6. Restaurant level operating profit margin decreased by 170 basis points driven primarily by commodity and labor cost inflation, partially offset by sales leverage;

  7. Adjusted EBITDA(1) (a non-GAAP metric) of $28.0 million improved $0.6 million compared to 2021;

  8. Launched a new redrobin.com website in March offering an improved online ordering experience that we expect will drive increased frequency of guest visits and higher order conversion; and,

  9. Completed a new $225 million, five-year credit agreement that provides us with long-term flexibility to strategically invest in our business and create value for our shareholders.

First Quarter 2022 Financial Summary Compared to 2021

The following table presents financial highlights for the fiscal first quarter of 2022, compared to results from the same period in 2021:




Sixteen Weeks Ended



April 17, 2022


April 18, 2021

Total revenues (millions)(3)


$

395.6



$

326.3


Restaurant revenues (millions)



380.6




318.7


Net loss (millions)



(3.1

)



(8.7

)

Restaurant Level Operating Profit (millions)(2)


$

53.1



$

50.0


Restaurant Level Operating Profit Margin(2)



14.0

%



15.7

%

Adjusted EBITDA (millions)(1)


$

28.0



$

27.4







Loss per diluted share ($ per share)


$

(0.20

)


$

(0.56

)

Adjusted loss per diluted share ($ per share)(2)


$

(0.12

)


$

(0.30

)

______________________________________

(1)

See schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net loss.(2)

See schedule I for a reconciliation of Adjusted loss per diluted share, a non-GAAP measure, to Loss per diluted share, and schedule II for a reconciliation of Restaurant level operating profit and Restaurant level operating profit margin, non-GAAP measures, to Loss from operations.(3)

Includes $5.9 million due to change in estimate, gift card breakage revenue, which relates to the Company's re-evaluation of its estimated redemption pattern.

View full version at Red Robin



Jack in the Box Inc. Reports Second Quarter 2022 Earnings


Jack in the Box systemwide sales growth of +0.1%, Del Taco systemwide sales growth of +2.9%(1)

Jack in the Box same-store sales of -0.8%, +19.8% on a two-year basis

Del Taco same-store sales of +2.5%, +22.3% on a two-year basis(1)

Finalizing sale leasebacks and refranchising to accelerate return of cash to shareholders

Provides updates to previous guidance, as well as new one-time annual guidance items for FY 2022


May 26, 2022 08:31 AM Eastern Daylight Time


SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box segment in the second quarter, ended April 17, 2022, as well as the Del Taco segment on both a pro-forma fiscal quarter, and partial quarter basis following the acquisition which was completed on March 8, 2022.

“While challenged by continued inflationary pressure facing our industry, we are pleased to have delivered strong same-store sales on a two-year basis. This performance has allowed our franchisees, operators and corporate team members to provide our guests with innovative and craveable food they have come to expect from JACK,” said Darin Harris, Jack in the Box Chief Executive Officer. “I am also very excited to welcome Del Taco to the Jack in the Box family, and to show how the combination of these two challenger brands will enable faster and more efficient growth in the years to come.”

Jack in the Box Performance

Systemwide sales for the second quarter increased 0.1% driven by growth in average restaurant volumes, offset by a slight decline in the number of restaurants.

System same-store sales decreased 0.8% in the second quarter, comprised of Company-operated same-store sales growth of 1.7%, with increases in average check partially offset by decreases in traffic, and a decline in franchise same-store sales of 1.1%, with decreases in traffic partially offset by increases in average check. The burger and sides categories performed well, assisting sales performance in the quarter against challenging prior year overlaps fueled by stimulus, and headwinds created by the final weeks of the Omicron surge. During the quarter, system same-store sales declined versus systemwide sales due to a one-week shift affecting the calculation of same-store sales related to the 53rd week in 2021. This one-week shift resulted in a negative impact on same-store sales, due to lapping more of the stimulus benefit in its calculation as compared to the fiscal quarter comparison.

As of the second quarter, and since the launch of the development program in mid-2021, the Company currently has 54 signed agreements for a total of 218 restaurants. Under these agreements, 12 restaurants have opened, leaving 206 remaining for future development. Jack in the Box had a second quarter net restaurant decline of one restaurant, as the Company opened five locations and closed six. The six restaurant closures included two Company-operated restaurants, two franchise locations with early terminations and two franchise locations with agreement expirations, bringing the total Jack in the Box restaurant count to 2,207 at the end of the second quarter.

Restaurant-Level Margin(3), a non-GAAP measure, was 15.0%, a decline from a year ago driven by increases in food and packaging costs; wage inflation of 14.2%; and increases in utilities and maintenance and repair costs, partially offset by lower incentive-based compensation and menu price increases. Commodity costs increased in the quarter by approximately 16.4%, primarily due to increases in beef, pork, sauces and oil. When removing our temporary Evolving Markets (Oregon, Kansas City, Oklahoma City and Nashville), Restaurant-Level Margin was 18.3% for the quarter.

Franchise-Level Margin(3), a non-GAAP measure, was 39.4%, driven by reduced operating hours, lower early termination penalties, and deferrals in connection with a franchisee currently in bankruptcy proceedings. Franchise-Level Margin for the second quarter of 2021 was 42.0%, and when removing the $4.1 million unfavorable impact as a result of this St. Louis-area franchisee's pre-pandemic challenges and 2021 chapter 11 bankruptcy event, franchise-level margin for the second quarter 2022 would have been 41.9%.

View full version at Jack in the Box



FAT Brands Inc. to Acquire the Nestlé® Toll House® Café by Chip® Franchise Business

May 25, 2022 07:33 ET



Global Restaurant Franchising Company Shows Large Appetite for Dessert Category with Portfolio Addition

LOS ANGELES, May 25, 2022 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) announced today that it has agreed to acquire the franchised chain of stores known as Nestlé® Toll House® Café by Chip® from Crest Foods, Inc. and rebrand the stores as Great American Cookies. The acquisition is expected to increase FAT Brands’ foothold as a leader in the dessert category within the cookie and ice cream spaces, joining its existing Great American Cookies and Marble Slab Creamery brands.

Crest Foods currently franchises approximately 85 Nestlé® Toll House® Café by Chip® cafés across the U.S. This acquisition will add to FAT Brands’ Atlanta-based manufacturing facility, providing supply chain efficiencies and cost-savings, as well as increasing the scale that will result from increased manufacturing volume.

“In 2022 we are focused heavily on our deep organic growth pipeline, but we saw great value in making this accretive acquisition,” said FAT Brands CEO Andy Wiederhorn. “These stores will fold seamlessly into our Quick-Service Division and provide us the opportunity to increase the capacity of our manufacturing business, a key growth objective. To date, acquisitions have been a strong growth vehicle for FAT Brands, and we anticipate the combination of our production and distribution facility and scale to increase the profitability of the franchisees that are joining us in this acquisition.”

For more information on FAT Brands, visit www.fatbrands.com.

Nestle®, Toll House®, Nescafe®, Milano®, Edy’s® and associated logos and designs, are trademarks of Societe des Produits Nestle S.A., and used by Crest Foods, Inc. with permission.

###

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

View source version at FAT Brands







Sentinel Capital Partners Sells Captain D's



May 23, 2022, 14:53 ET



Experienced QSR Investor Exits Another Successful Investment

NEW YORK, May 23, 2022 /PRNewswire/ -- Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, today announced the sale of portfolio company Captain D's, the leading seafood quick service restaurant (QSR) brand. Financial terms of the deal were not disclosed.

Founded in 1969 and headquartered in Nashville, Tennessee, Captain D's offers its customers great seafood at reasonable prices in a warm and inviting atmosphere. Captain D's serves a wide variety of fish and seafood, including freshly prepared entrees, and the company's signature hand-battered fish fillets prepared to order. The restaurants also offer premium-quality grilled fish, shrimp, chicken, an expanded selection of home-style side dishes, hush puppies, desserts, and freshly brewed, Southern-style sweet tea. The Captain D's system comprises 545 restaurants, including 253 franchised and 292 company–owned locations throughout the Southeast and Midwest.

"Captain D's has a world class management team and culture that puts its guests and team members first," said Sentinel Partner Michael Fabian. "Captain D's is by far the leading brand in the seafood category. We were very fortunate to partner with Phil Greifeld and the rest of the Captain D's team, and we wish them continued success."

"I am enormously proud of what Captain D's has accomplished during our partnership with Sentinel," says Phil Greifeld, Captain D's CEO. "We successfully navigated the pandemic, improved franchisee profitability, brought Captain D's to several new states, and positioned the brand for continued growth. Sentinel was a great partner."

Sentinel is one of the industry's most experienced private equity investors in food franchisors and operators in the U.S. Prior Sentinel investments in the sector include Fazoli's (Italian fast casual), Checkers Drive-in Restaurants (hamburger QSR), Newk's Eatery (fast casual sandwiches), and Huddle House (family dining). The firm also has significant expertise successfully investing in restaurant franchises, including Church's Chicken (Falcon Holdings), Pizza Hut (American West Restaurant Group), and Taco Bell (Border Foods).

About Sentinel Capital Partners Sentinel specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions. For more information about Sentinel, visit www.sentinelpartners.com.

View source version at Captain D's

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