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Financials - June 2024




Blackstone Completes Acquisition of Tropical Smoothie Cafe



ATLANTA & NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE:BX) announced today that private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Tropical Smoothie Cafe, a leading franchisor of fast casual restaurants, from Levine Leichtman Capital Partners. This marks the first transaction in Blackstone’s most recent vintage of its flagship private equity vehicle.

“Tropical Smoothie Cafe is a nationally recognized brand with an impressive growth trajectory underpinned by a base of loyal franchisees and guests,” said Peter Wallace, a Senior Managing Director, and Michael Staub, a Managing Director, in Blackstone’s Private Equity business. “With Blackstone’s capital and resources, we look forward to accelerating the Company’s continued expansion across the country and supporting innovation to further capitalize on the brand’s unique positioning.”

“By partnering with Blackstone, Tropical Smoothie Cafe will be able to Inspire Better® in more communities nationwide alongside our dedicated franchisees,” said Charles Watson, Chief Executive Officer of Tropical Smoothie Café, LLC. “2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation, and the digital guest experience.”

Blackstone’s investment in Tropical Smoothie Cafe is the most recent example of a number of leading franchisors the firm has partnered with to help propel their continued growth, including Hilton Hotels and SERVPRO. As part of this transaction, Nigel Travis, Former CEO of Dunkin’ Brands, will serve as Chairman of the Board for Tropical Smoothie Cafe.

Terms of the transaction were not disclosed. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe in connection with the sale.

About Tropical Smoothie Cafe®

Tropical Smoothie Cafe is a national fast-casual restaurant brand built on a mission to Inspire Better®, a commitment that starts with our better-for-you food and smoothies and extends to inspiring better in the communities we serve. Born on a beach in 1997, today Tropical Smoothie Cafe has more than 1,400 locations in 44 states. For the fourth year in a row, the brand was ranked #1 in the Smoothie/Juice Category by Entrepreneur Franchisee 500. For 11 consecutive years the brand has received the Franchise Times Fast and Serious award, and in 2024 the brand’s FUND Score was 905, one of the top scores for franchise concepts analyzed by FRANdata.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.


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Rubio's Coastal Grill Files for Chapter 11 to Facilitate a Sale Process



  • 86 Locations in California, Arizona and Nevada Continue Normal Operations  

  • Iconic 41-year-old Fast-Casual Chain Receives New Financing

SAN DIEGO, June 5, 2024 /PRNewswire/ -- Rubio's Restaurants, Inc. (the "Company"), a fast casual restaurant chain specializing in coastal Mexican food, best known for its award-winning Original Fish Taco®, announced today that it has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company is taking this action to facilitate the sale of the business. The Company has 86 locations in California, Arizona and Nevada that will continue normal operations.

Like the restaurant industry overall, Rubio's has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, combined with significant increases to the minimum wage in California, put pressure on a number of its locations.

"Rubio's Coastal Grill is one of the legendary fast casual chains with a strong and loyal customer following in its communities," said Nicholas Rubin, Chief Restructuring Officer of Rubio's Coastal Grill. "Despite the Company's best efforts to right-size the company, the continued challenging economic conditions have negatively impacted its ability to meet the demands of its debt burden. The Company believes the best path forward for Rubio's is through a court-supervised sale process that will position the brand for long-term success to grow and flourish."

Rubin said that the Company has a commitment from its existing lender to provide debtor-in-possession (DIP) financing and has more than adequate liquidity to meet all its operating needs during the sale process.

The Company will be entering into a stalking horse purchase agreement to sell its business as a going concern to an entity formed and controlled by its existing lender. Pursuant to Section 363 of the Bankruptcy Code, Rubio's also will be filing a motion for the implementation of bidding procedures to allow other companies the opportunity to submit bids through a Court-supervised process to purchase the assets being sold. The Company anticipates the sale transaction will be completed within 75 days. Hilco Corporate Finance is being retained to conduct a sale process under the bid procedures, pursuant to which Hilco Corporate Finance will seek higher or better offers from prospective bidders interested in purchasing the business.

The Company will be filing customary motions in the Chapter 11 cases, seeking court approval to continue operations during the sale process. These motions, subject to court approval, will ensure continued payment of employee wages and benefits, continued customer programs and other relief.

Daily operations at 86 Rubio's restaurants in California, Arizona and Nevada will continue with business as usual. Guests can enjoy the same fresh, delicious, coastal-inspired food they have come to expect from Rubio's Coastal Grill for years to come. All gift cards and rewards will be honored.

Co-founder Ralph Rubio, the iconic face and guiding force behind the company's popular menu items, will continue with the company and will provide his usual inspiration and energy going forward.

On June 1, Rubio's closed 48 underperforming locations in California --13 in the San Diego area, 24 in the Los Angeles area and 11 in northern California.

"Making the decision to close a store is never an easy one," the Company said in a statement. "While painful, the store closures are a necessary step in our strategic long-term plan to position Rubio's for success for years to come. The closings were brought about by the rising cost of doing business in California." 

Court filings and other documents related to the restructuring are available on a separate website administered by the Company's claims agent, Stretto, Inc. at  https://cases.stretto.com/Rubios. Stakeholders with questions can call 855.316.2464 (toll-free) or 714.716.1950 (international).

Proposed advisors to the Company are Raines Feldman Littrell LLP led by Hamid Rafatjoo as legal counsel, Force Ten Partners with Nicholas Rubin as the proposed Chief Restructuring Officer and Brian Weiss leading the restructuring advisory services, Hilco Corporate Finance as investment bank, led by Teri Stratton, and Strick And Company as strategic communications advisor to the Company 

About Rubio's Restaurants, Inc.

Rubio's first opened in 1983 in the San Diego neighborhood of Mission Bay. Continuing a tradition of adventurous flavors and healthful options, Rubio's uses responsibly sourced seafood and continues to expand its menu with innovative recipes ranging from seafood tacos and burritos to California Bowls and crisp, fresh salads. In addition, Rubio's offers all-natural chicken, raised without antibiotics, and all-natural USDA Choice steak, "no fried" pinto beans, handmade guacamole, a variety of proprietary salsas, and craft beer and hard seltzer beverage options. The award-winning restaurant regularly receives accolades for its famous Original Fish Taco®. Rubio's is headquartered in Carlsbad, Calif., and operates 86 restaurants in California, Arizona and Nevada. For more information, visit https://www.rubios.com.


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CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS


May 30, 2024, 08:00 ET


LEBANON, Tenn., May 30, 2024 /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 2024 ended April 26, 2024.

Third Quarter Fiscal 2024 Highlights

  • The Company reported third quarter total revenue of $817.1 million. Compared to the prior year third quarter, total revenue decreased 1.9%.

  • Comparable store restaurant sales decreased 1.5%, while comparable store retail sales decreased 3.8%.

  • GAAP earnings (loss) per diluted share were ($0.41), and adjusted1 earnings per diluted share were $0.88.

  • GAAP net income (loss) for the third quarter was ($9.2) million, or (1.1%) of total revenue, and adjusted EBITDA1 was $47.9 million, or 5.9% of total revenue.

Commenting on the third quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "As we indicated in our recent business update call, our third quarter results came in below expectations due to softer traffic than we originally anticipated, which underscores the importance of executing our strategic transformation. Our teams are fully committed to bringing these plans to life while continuing to deliver an exceptional guest experience and managing our business every shift, every day." 

Third Quarter Fiscal 2024 Results

Revenue The Company reported total revenue of $817.1 million for the third quarter of fiscal 2024, representing a decrease of 1.9% compared to the third quarter of fiscal 2023.

Cracker Barrel comparable store restaurant sales decreased 1.5%, including total menu pricing increases of 4.0%. Comparable store retail sales decreased 3.8% from the prior year quarter. 

Net Income, EBITDA, and Earnings per Diluted Share GAAP net income (loss) for the third quarter was ($9.2) million, or (1.1%) of total revenue, as compared to prior year third quarter GAAP net income of $14.0 million, or 1.7% of total revenue. Adjusted1 net income for the third quarter was $19.6 million, or 2.4% of total revenue, as compared to prior year quarter adjusted1 net income of $24.6 million, or 3.0% of total revenue.

Adjusted EBITDA1 was $47.9 million, or 5.9% of total revenue, as compared to the prior year quarter adjusted EBITDA1 of $59.6 million, or 7.2% of total revenue.

GAAP earnings (loss) per diluted share for the third quarter were ($0.41), as compared to the prior year third quarter GAAP earnings per diluted share of $0.63. Adjusted1 earnings per diluted share were $0.88, a 20.7% decrease compared to the prior year quarter adjusted1 earnings per diluted share of $1.11.

Quarterly Dividend Declaration

The Company previously announced that its Board of Directors declared a quarterly dividend of $0.25 per share on the Company's common stock. The quarterly dividend is payable on August 6, 2024 to shareholders of record as of July 19, 2024.

Fiscal 2024 Outlook

The Company provided the following update to its fiscal 2024 outlook:

  • Total revenue of $3.47 billion to $3.51 billion

  • Two new Cracker Barrel stores and 8 to 10 new Maple Street Biscuit Company units

  • Commodity inflation that is approximately flat compared to the prior year

  • Hourly wage inflation of approximately 5% compared to the prior year

  • Adjusted EBITDA1 of $200 million to $220 million, which includes the impact from the 53rd week in the fiscal 2024 year2

  • Capital expenditures of $120 million to $125 million

The Company reminds investors that its outlook reflects a number of assumptions, many of which are outside the Company's control. In particular, uncertainties created by macroeconomic conditions, such as ongoing inflation, low consumer confidence and high interest rates may adversely affect consumer behavior and cause actual results to differ materially from those expected.


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Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 21, 2024


May 29, 2024, 16:05 ET


Delivered positive comparable restaurant revenue in the first five weeks of the second quarter

Launched new loyalty program on May 22ndRepaid approximately $21.2 million of debt

ENGLEWOOD, Colo., May 29, 2024 /PRNewswire/ -- 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 21, 2024.

Highlights for the First Quarter of Fiscal 2024, Compared to the First Quarter of Fiscal 2023:

  • Total revenues are $388.5 million, a decrease of $29.3 million.

  • Comparable restaurant revenue(1) decreased 6.5%.

  • Net loss is $9.5 million, compared to a net loss of $3.3 million last year.

  • Adjusted EBITDA(2) is $12.2 million compared to $35.9 million last year.

  • Completed a sale-leaseback transaction for ten restaurants, generating net proceeds of approximately $23.4 million and a gain, net of expenses of $7.4 million.

  • Repaid $21.2 million of debt in the first quarter of fiscal 2024 and an aggregate $45.1 million from the sale leaseback transactions.

(1) Comparable restaurant revenue represents revenue from Company-owned restaurants that have operated 18 months as of the beginning of the period presented. For the first quarter of fiscal 2024 there were 406 comparable restaurants, out of the total 413 Company-owned restaurants.

(2) See "Reconciliation of Non-GAAP Results to GAAP Results" below for more details.

G.J. Hart, Red Robin's President and Chief Executive Officer said, "Almost 18 months ago, we launched our North Star Five-Point plan grounded in a commitment to a great guest experience through investments in service and food quality.  We expect the investment to deliver gains in sales and profits, and drive long-term shareholder value. Due to the hard work and dedication of our team members, we are beginning to reap the rewards of the investments by delivering positive comparable restaurant revenue in the first five weeks of the second quarter."

Hart continued, "Our menu and our brand are centered around providing everyday value to each and every guest through our over 30 bottomless sides, our Tavern Burger lineup, our pizza offerings and throughout our menu. We believe this brand positioning has been beneficial to our top-line trends as we continue to create moments of connection over craveable food that only Red Robin can provide."

Hart concluded, "The launch of our new Red Robin loyalty program last week represents the successful execution of another growth lever we can utilize going forward to return this beloved brand to prominence in the casual dining industry. We are excited by the progress we've seen so far, and I am confident we are only scratching the surface of our potential."


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CAVA Group Reports First Quarter 2024 Results


Year Over Year CAVA Revenue Growth of 30.3% Including CAVA Same Restaurant Sales Growth of 2.3%

14 Net New CAVA Restaurant Openings During Quarter

First Quarter 2024 CAVA Restaurant-Level Profit Margin of 25.2%

WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal first quarter ended April 21, 2024.

"CAVA’s results in the first quarter demonstrate the strength of our category-defining brand, our clear leadership position in Mediterranean and our compelling differentiated value proposition,” said Brett Schulman, Co-Founder and CEO. “Driven by our highly portable Mediterranean concept and powerful unit economic engine, we generated our fourth consecutive quarter of net income and our first quarter ever of positive free cash flow. During the quarter, Same Restaurant Sales grew 2.3%, an exceptional 30.7% on a 2-year basis. We opened 14 net new restaurants and as we continue to invest in scalable infrastructure to support our growth, we are in a strong position to capture the significant whitespace opportunity ahead of us."

Fiscal First Quarter 2024 Highlights:

  • CAVA Revenue grew 30.3% to $256.3 million as compared to $196.8 million in the prior year quarter.

  • Net New CAVA Restaurant Openings of 14, bringing total CAVA Restaurants to 323, a 22.8% increase in total CAVA Restaurants year over year.

  • CAVA Same Restaurant Sales Growth of 2.3%.

  • CAVA AUV of $2.6 million as compared to $2.5 million in the prior year quarter.

  • CAVA Restaurant-Level Profit of $64.6 million or growth of 29.3% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 25.2%.

  • CAVA Digital Revenue Mix was 37.0%.

  • CAVA Group Net Income of $14.0 million compared to net loss of $2.1 million in the prior year quarter.

  • CAVA Group Adjusted EBITDA(1) of $33.3 million compared to $16.7 million in the prior year quarter.

  • Net cash provided by operating activities of $38.4 million with Free Cash Flow(1) of $4.7 million.

CAVA Fiscal First Quarter 2024 Review:

CAVA Revenue was $256.3 million, an increase of 30.3% compared with the first quarter of fiscal 2023. The increase was primarily driven by 86 Net New CAVA Restaurant Openings during or subsequent to the first quarter of fiscal 2023, which are exceeding our performance expectations, and CAVA Same Restaurant Sales Growth of 2.3%. CAVA Same Restaurant Sales Growth consists of a 3.5% increase from menu price and product mix, partially offset by a 1.2% decrease from guest traffic. To achieve an optimal comparison of fiscal weeks in the CAVA Same Restaurant Sales calculation giving consideration to holiday periods, each week of fiscal 2023 was shifted by one week. As a result of this shift, approximately $3.9 million of revenue is not included in CAVA Same Restaurant Sales Growth. Had this shift not been made, CAVA Same Restaurant Sales Growth would have been 4.3%.

CAVA Restaurant-Level Profit Margin was 25.2% compared with 25.4% in the first quarter of fiscal 2023. The slight decrease was due to incremental wage investments, partially offset by lower food, beverage, and packaging costs as a percentage of revenue, which was driven by higher sales and lower input costs.


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BRIX Holdings Finalizes Clean Juice Acquisition, Expanding Portfolio to Eight Brands with More than 325 Locations



Clean Juice acquisition reinforces franchisor's plans to provide better-for-you options across the nation with new locations to open by the end of the year 

DALLAS, May 21, 2024 /PRNewswire/ -- BRIX Holdings, LLC ("BRIX"), the multi-brand franchising portfolio group specializing in restaurant brands with superior products including Friendly's, Red Mango and Orange Leaf, announced today the formal acquisition of all assets of Clean Juice, the original USDA-certified organic juice bar franchise.

Clean Juice franchise and field support will now be provided from the BRIX headquarters in Addison, Texas. A core group of Clean Juice employees will join BRIX in roles spanning field operations, supply chain and technology.

"The entire BRIX organization is thrilled that our acquisition of Clean Juice is complete," said Sherif Mityas, CEO of BRIX. "This is another step in our growth strategy as we continue to build a world-class franchisor portfolio organization. We have a strong core shared services and franchise support system now in place, backed by our majority investment group (JAMCO) to aggressively pursue additional brand acquisitions moving forward."

BRIX plans to open approximately 10 Clean Juice stores by the end of this year, with an additional 15-20 slated for 2025. BRIX's initial efforts will focus on improving store design and operations, and a re-engineering of the menu and supply chain to efficiently deliver certified organic farm-to-table juices and meals to guests across the country. Plans also include expanding Clean Juice's certified organic bottled juices into more outlets, including grocery and convenience channels.

"We already have a growth plan developed and will begin executing new initiatives in the coming weeks," said Roberto DeAngelis, Chief Experience Officer at BRIX. "We have a dedicated and enthusiastic group of franchisees eager to revitalize this brand, along with a substantial development pipeline that will fuel our future growth."

Clean Juice was founded in 2016 by husband and wife, Landon and Kat Eckles, as the first USDA-certified organic juice and food bar franchise. The entire Clean Juice menu is certified organic across a wide variety of cold-pressed fresh and bottled juices, smoothies, wraps, sandwiches, açaí bowls, toasts, salads and other healthy food options.

For information about franchising with Clean Juice please visit https://cleanjuicefranchising.com/.For more information about BRIX Holdings, visit https://BRIXholdings.com/.

About BRIX Holdings, LLC:

BRIX Holdings, LLC is a Dallas-based multi-brand restaurant portfolio company specializing in chains with superior products and attractive growth prospects. BRIX Holdings focuses on brands that are both attractive to the rapidly expanding single-unit owner/operator franchise market segment and have the potential to grow into national and international award-winning chains. The current BRIX Holdings portfolio includes Friendly's®, Orange Leaf®, Red Mango®, Smoothie Factory + Kitchen®, Humble Donut Co.®, Pizza Jukebox™, Souper Salad® and Clean Juice®. For more information about BRIX Holdings, LLC, please visit www.brixholdings.com

About JAMCO

JAMCO Interests LLC is based in Dallas, Texas. JAMCO is the majority stakeholder of BRIX Holdings, a Dallas-based multi-brand franchising company specializing in chains with superior products and attractive growth prospects, an experienced investor group with a national and international franchisor background specializing in the restaurant industry. JAMCO is also a member of TriArtisan TGIF Partners LLC, majority owner of TGIF Holdings LLC which owns and operates TGI Friday's®, the iconic American casual dining bar restaurant chain with over 600 restaurants in 60 countries worldwide. 


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Red Lobster Files Voluntary Chapter 11 Petitions To Strengthen Financial Position and Maximize Value for Stakeholders



Restructuring to Optimize Real Estate Footprint and Facilitate Going Concern Sale

Orlando, FL  (RestaurantNews.com)  Red Lobster Management LLC, along with its direct and indirect operating subsidiaries (“Red Lobster” or “the Company”), owner and operator of the Red Lobster® restaurant chain, today announced that the Company has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida. The Company intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern.  As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders.

Red Lobster’s restaurants will remain open and operating as usual during the Chapter 11 process, continuing to be the world’s largest and most-loved seafood restaurant company. The Company has been working with vendors to ensure that operations are unaffected and has received a $100 million debtor-in-possession (“DIP”) financing commitment from its existing lenders.

Jonathan Tibus, the Company’s CEO, said “This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”

Court filings and information about the claims process can be found at a separate website maintained by Red Lobster’s claims agent, https://dm.epiq11.com/RedLobster, or by calling Toll Free (U.S.& Canada): (888) 754-0507.

King & Spalding LLP, Berger Singerman LLP and Blake, Cassel & Graydon, LLC are serving as legal advisors. Alvarez & Marsal is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor.

About Red Lobster Seafood Co.

Red Lobster is where the world goes for seafood, now and for generations.  With a proud heritage, Red Lobster is focused on serving the highest quality, freshly prepared seafood that is traceable, sustainable, and responsibly sourced. The Company was founded in 1968 and is headquartered in Orlando, FL.  To learn more about Red Lobster, including locations and menu options, please visit RedLobster.com or find us on Facebook, X, Instagram or TikTok.


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Burger King® Company Completes Acquisition of Carrols Restaurant Group


May 16, 2024, 09:20 ET


TORONTO, May 16, 2024 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) announced today that it has completed its previously announced acquisition of all issued and outstanding shares of Carrols Restaurant Group, Inc. ("Carrols") (formerlyNASDAQ: TAST) that are not already held by RBI or its affiliates for $9.55 per share in an all cash transaction, or an aggregate total enterprise value of approximately $1.0 billion.

Burger King logo (CNW Group/Restaurant Brands International Inc.)

Carrols logo (CNW Group/Restaurant Brands International Inc.)


With the close of the acquisition, RBI adds the largest Burger King® ("BK") franchisee in the United States to its portfolio as part of the Company's Reclaim the Flame plan. As previously announced, the Company will invest a further $500M to accelerate the reimaging of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.


In addition, on May 16, 2024, subsidiaries of RBI entered into an amendment to their existing Credit Agreement (the "2024 Amendment") increasing the existing term loan B facility with $5.2 billion outstanding to a $5.9 billion term loan B facility (the "Term Loan B Facility") under the same terms as the existing Term Loan B Facility. The proceeds from the increase in the Term Loan B Facility were used along with cash on hand to complete the acquisition of Carrols, including the payoff of its credit agreement and the redemption and discharge of its outstanding 5.875% senior notes due 2029.

About Carrols Restaurant Group

Carrols is one of the largest restaurant franchisees in North America. It is the largest Burger King® franchisee in the United States, currently operating 1,023 Burger King® restaurants in 23 states as well as 59 Popeyes® restaurants in six states. Carrols has operated Burger King® restaurants since 1976 and Popeyes® restaurants since 2019. For more information, please visit the Company's website at www.carrols.com.

About Burger King®

Founded in 1954, the Burger King® brand is the second largest fast food hamburger chain in the world. The original Home of the Whopper®, the Burger King® system operates more than 19,000 restaurants in more than 120 countries and territories. Nearly all Burger King® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about the Burger King® brand, please visit the Burger King® brand website at www.bk.com or follow us on Facebook, X and Instagram.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities. To learn more about RBI, please visit the company's website at www.rbi.com.


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BurgerFi Reports First Quarter 2024 Results


May 15, 2024 07:00 ET


FORT LAUDERDALE, Fla., May 15, 2024 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of BurgerFi, one of the nation’s leading fast-casual “better burger” dining brands, and Anthony’s Coal Fired Pizza & Wings (“Anthony’s”), the high-quality, casual dining pizza brand, today reported financial results for the first quarter ended April 1, 2024.

Highlights for the First Quarter 2024

  • Total revenue was $42.9 million in the first quarter 2024 compared to $45.7 million in the prior period

  • Consolidated systemwide sales decreased to $66.0 million compared to $73.4 million in the prior period

  • Same-store sales decreased 2% at Anthony’s compared to the prior period

  • Systemwide sales for BurgerFi decreased 17% to $33.4 million compared to the prior period

  • Systemwide same-store sales decreased 13% at BurgerFi compared to the prior period

  • Hourly turnover continued to decline significantly from the sequential quarter, with Anthony’s and BurgerFi performing within industry benchmarks. Management turnover improved from the sequential quarter, with Anthony’s performing within industry benchmarks and BurgerFi continuing to approach industry benchmarks

  • Opened one BurgerFi franchised location and one corporate-owned flagship BurgerFi restaurant in New York City

  • Net loss decreased to $6.5 million, or $(0.24) per diluted share, compared to net loss of $9.2 million or $(0.39) per diluted share in the prior period

  • Adjusted EBITDA1 of $0.3 million compared to $2.6 million in the prior period

Management Commentary

Carl Bachmann, Chief Executive Officer of BurgerFi, stated, “We had a difficult start to the year, but do not view our performance as indicative of these brands’ long-term potential. Like so many of our industry peers, we experienced a softening in revenue and profitability as a result of a challenging consumer environment but also contended with unfavorable weather in key markets. Notably however, we saw a sequential improvement through the quarter, beginning with a slight improvement in February followed by a more substantive recovery in March at both brands, outside of Florida. March same-store sales were flat at Anthony’s, adjusting for the Easter calendar shift, and sales have shown stability during the second quarter to date as we see our initiatives beginning to take hold.

Bachmann continued, “Looking ahead, we remain laser-focused on driving revenue growth while further enhancing operational efficiencies to increase profitability based upon the five key strategic priorities that we have implemented since last July. Achieving sales and margin improvements cannot happen overnight but we are laying a solid foundation upon which to build. We are making highly strategic decisions, following a straightforward formula - to deliver wins for our guests, our team members, and our shareholders and franchisees.”

Christopher Jones, Chief Financial Officer of BurgerFi, added, “We are fully underway with the rollout of new inventory control systems for both brands and a new point-of-sale platform for Anthony's. This new infrastructure is laying the groundwork for expected progress ahead and we believe that our ongoing efforts to streamline operations will pave the way as we navigate through the recovery phase.”


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GEN Restaurant Group, Inc. Announces First Quarter 2024 Financial Results



CERRITOS, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, is announcing financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial and Recent Operational Highlights 

  • Total revenue increased 16% to $50.8 million compared to the first quarter of 2023.

  • Income from operations was $108 thousand and 0.2% of revenue.

  • Restaurant-level adjusted EBITDA(1) was $8.4 million and 16.6% of revenue.

  • Net Income was $3.7 million and 7.3% of revenue.

  • Adjusted EBITDA(1) was $6.4 million and 12.5% of revenue inclusive of pre-opening expense of approximately $1.9 million.

  • Cash and cash equivalents at March 31, 2024 was $28.1 million.

  • Opened two new locations during the first quarter of 2024 in Seattle, Washington and Dallas, Texas. Opened a third location in Jacksonville, Florida during April 2024.

  • Launched new Premium Menu at all 40 nationwide locations featuring 10 gourmet protein options at an additional cost of $20 per guest.

  • Completed an acquisition to buy out the Company’s 50% partner in GKBH Restaurant LLC, which included acquiring the rights the partner had to participate in future GEN restaurants in the State of Hawaii, on February 19, 2024. The Company now wholly owns all 40 of its locations.

(1) Adjusted EBITDA and restaurant-level adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and restaurant-level adjusted EBITDA to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below.

Management Commentary

Our first quarter performance reflects continued execution on our strategic growth initiatives to rapidly expand GEN’s geographic coverage,” said David Kim, Co-Chief Executive Officer of GEN. “We opened two new restaurants during the first quarter that have been performing at or above our initial expectations and helped drive our 16% revenue increase. In addition, our third new location this year has also been performing well in the initial weeks since opening.

“In February, we bought out our partner in Hawaii and now own 100% of our 40 locations nationwide. As we move further into 2024, we remain focused on growing our restaurant count and providing a superior customer experience, like the recent launch of our new premium menu. Supported by a strong cash position and cost-efficient business model, we believe we are well positioned to continue increasing market share and maximize shareholder value over the long-term.” 


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