BBQ Holdings, Inc. Reports Results for Fourth Quarter and Fiscal Year 2021; Announces Acquisition of Barrio Queen, Corporate Name Change and Provides 2022 Guidance
March 14, 2022 08:47 ET
MINNEAPOLIS, March 14, 2022 (GLOBE NEWSWIRE) -- BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global franchisor, owner and operator of restaurants, today reported financial results for the fourth quarter and fiscal year ended January 2, 2022.
Fourth Quarter Highlights:
Fourth Quarter(dollars in thousands, except per share data)202120202019Total revenue$68,395$34,258$23,613Net income (loss)$2,602$(2,836)$(1,788)Earnings (loss) per diluted share$0.25$(0.31)$(0.20)Adjusted net income (loss)$2,820$(1,538)$(1,210)Adjusted earnings (loss) per diluted share$0.27$(0.17)$(0.13)Cash EBITDA$4,550$85$(692)Restaurant-level margins7.6%2.1%(3.0)%Prime costs62.3%63.6%67.9%Free cash flow$3,140$(743)$(3,655)
Fourth Quarter Same Store Sales2021 vs. 20202021 vs. 2019Famous Dave's Company-owned22.8%15.5%Famous Dave's Franchise-operated*26.5%18.8%Granite City**63.8%(2.4)%Village Inn Company-owned**54.5%(9.2)%Village Inn Franchise-operated*51.7%NA%Bakers Square**50.4%(12.7)%Clark Crew17.0%NA%Real Urban BBQ**8.9%2.7%* as reported by franchisees** includes sales under prior ownership
Fiscal Year Highlights:
Fiscal Year(dollars in thousands, except per share data)202120202019Total revenue$206,442$121,237$83,555Net income (loss)$24,021$4,947$(649)Earnings (loss) per diluted share$2.42$0.54$(0.07)Adjusted net income (loss)$7,033$(2,616)$647Adjusted earnings (loss) per diluted share$0.71$(0.29)$0.07Cash EBITDA$17,450$948$3,423Restaurant-level margins9.3%1.3%(0.1)%Prime costs61.4%64.9%67.2%Free cash flow$13,624$(2,551)$(3,332)
Fiscal Year Same Store Sales2021 vs. 20202021 vs. 2019Famous Dave's Company-owned23.7%13.7%Famous Dave's Franchise-operated*25.9%6.6%Granite City**50.0%(8.6)%Village Inn Company-owned**42.0%(13.0)%Village Inn Franchise-operated*49.1%NA%Bakers Square**29.9%(21.5)%Clark Crew17.3%NA%Real Urban BBQ**11.5%0.8%* as reported by franchisees **includes sales under prior ownership
Subsequent Events:
On March 10, 2022, we executed an Asset Purchase Agreement for substantially all the assets related to the fast-growing Barrio Queen restaurant group, and we expect to close the transaction within 45 days. Barrio Queen is known for their authentic Mexican fine dining in Phoenix, Arizona. There are currently seven operating restaurants and a lease signed for an eighth with a target opening date of December 2022. The purchase price of $28.0 million will be funded with cash and debt. Further details of the transaction will be made public upon closing.
On March 11, 2022, we closed the purchase of three bar-centric locations. The purchase price of $4.5 million was funded with cash at a multiple of 3.25 times 2021 store-level EBITDA.
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The ONE Group Reports Fourth Quarter and Full Year 2021 Financial Results
Achieves All-Time Record for Quarterly and Annual Revenues and Adjusted EBITDA
Consolidated Comparable Sales Increased 49.8% for the Fourth Quarter and 34.2% for 2021 Compared to 2019
March 14, 2022 08:00 AM Eastern Daylight Time
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and year ended December 31, 2021.
Highlights for the fourth quarter ended December 31, 2021 compared to the same period in 2020 are as follows:
Total GAAP revenues increased 86.8% to $84.1 million from $45.0 million;
GAAP net income attributable to The ONE Group was $5.8 million, or $0.17 net income per share ($0.24 adjusted net income per share)****, compared to GAAP net loss of $4.5 million, or $0.15 net loss per share ($0.04 adjusted net loss per share)****;
Restaurant Operating Profit*** increased 440 basis points to 20.4% of Owned Restaurant Net Revenue; and
Adjusted EBITDA** increased 220.6% to $13.3 million from $4.1 million.
Highlights for the full year ended December 31, 2021 compared to the same period in 2020 are as follows:
Total GAAP revenues increased 95.3% to $277.2 million from $141.9 million;
GAAP net income attributable to The ONE Group was $31.3 million, or $0.93 net income per share ($0.59 adjusted net income per share)****, compared to GAAP net loss of $12.8 million, or $0.44 net loss per share ($0.19 adjusted net loss per share)****;
Restaurant Operating Profit*** increased 840 basis points to 19.8% of Owned Restaurant Net Revenue; and
Adjusted EBITDA** increased 346.7% to $42.7 million from $9.6 million.
Comparable sales* for 2021 compared to 2019 periods:
For the fourth quarter:
Consolidated comparable sales* increased 49.8%;
Comparable sales* for STK increased 60.0%; and
Comparable sales* for Kona Grill increased 38.2%.
For the full year:
Consolidated comparable sales* increased 34.2%;
Comparable sales* for STK increased 45.1%; and
Comparable sales* for Kona Grill increased 23.2%.
“We delivered impressive results in 2021 characterized by record-setting revenue, robust comparable sales growth compared to both 2020 and 2019, and a significant increase in profitability driven by restaurant margins of nearly 20% and record setting management, license and incentive fee revenue. All of this despite the unprecedented challenges across the industry. Our success last year is attributable to the incredible efforts of our team members who provide unforgettable and exceptional VIBE dining experiences to our loyal guests. We are so proud and appreciative of their hard work in fulfilling our mission to be the best restaurants in every market we operate,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
Hilario continued, “Throughout 2021, we opened seven new venues and are extremely pleased with their performance. In 2022, our development pipeline is even larger as we plan to open at least nine new venues. We estimate that the overall addressable market for our brands is over 200 STKs and 200 Kona Grills, and we believe we are in the early stages of a long-term growth story with significant whitespace ahead of us based upon compelling, best in class returns. We are confident that we have the strategies in place to be a differentiated leader in the upscale and polished casual segments and to create long term value for all of our shareholders.”
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El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2021 Financial Results
March 10, 2022 16:05 ET
COSTA MESA, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 29, 2021.
Highlights for the fourth quarter ended December 29, 2021 compared to the fourth quarter ended December 30, 2020 were as follows:
Total revenue was $109.0 million compared to $110.3 million.
System-wide comparable restaurant sales(1) increased 11.0%.
Income from operations was $8.4 million compared to $8.2 million.
Restaurant contribution(1) was $14.7 million, or 15.7% of company-operated restaurant revenue, compared to $15.3 million, or 15.8% of company-operated restaurant revenue.
Net income was $6.2 million, or $0.17 per diluted share, compared to net income of $5.5 million, or $0.15 per diluted share.
Pro forma net income(1) was $6.1 million, or $0.17 per diluted share, compared to $5.7 million, or $0.16 per diluted share.
Adjusted EBITDA(1) was $12.7 million, compared to $13.6 million.
(1) System-wide comparable restaurant sales, restaurant contribution, pro forma net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are defined below under “Key Financial Definitions.” A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures.”
Larry Roberts, Chief Executive Officer and Interim Chief Financial Officer of El Pollo Loco Holdings, Inc., stated, “Despite ongoing external challenges, we posted solid results to close out 2021, exemplified by an 11.0% increase in system-wide comparable restaurant sales and earnings per share to $0.17. While January and February were negatively impacted by the Omicron surge, system comparable restaurant sales continued to grow and have strengthened, as the impact has waned in recent weeks. As we look ahead, we are working on a number of initiatives that revolve around four key pillars – Culture, Brand Differentiation and Awareness, Customer Service, and Accelerated Development. We believe these strategic priorities will continue to strengthen our business and accelerate growth in 2022 and beyond.”
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Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Year Ended December 26, 2021
March 10, 2022 04:05 PM Eastern Standard 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 fourth quarter and year ended December 26, 2021.
Fourth Quarter 2021 Key Highlights
Restaurant revenue of $276.7 million increased 41.5% compared to 2020;
Comparable restaurant revenue increased 40.1% compared to 2020;
Restaurants that were at or above 2019 staffing levels had comparable restaurant revenues of 49.3%, compared to 2020;
Net loss of $21.3 million improved $18.0 million compared to 2020;
Adjusted EBITDA(1) (a non-GAAP metric) of $8.9 million improved $15.3 million compared to 2020;
At the end of 2021, we were 93% staffed at the salaried manager positions, and 96% staffed in the General Manager role;
Seventh consecutive quarter of sustained off-premises sales of more than double pre-pandemic levels, with off-premises sales mix of 31.4% compared to approximately 14.0% in the fourth quarter of 2019. Off-premises sales comprised $84.7 million, $85.1 million and $36.7 million of comparable restaurant revenue for the fourth quarters of 2021, 2020 and 2019, respectively;
Soft-launched new iOS and Android mobile apps, a new website ordering experience, and a new loyalty platform, creating an integrated digital ecosystem which we expect will improve traffic, order completion and average Guest check; and
Restaurants that have been serving Donatos® pizza prior to 2021 are continuing to benefit from growing incremental sales beyond their first year as operations mature and brand affinity grows, with comparable restaurant revenue up 8.1% in the fourth quarter compared to 2019 in restaurants without supply chain issues.
Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, "As the Omicron variant has receded in recent weeks, we are seeing encouraging signs that our business is beginning to normalize with improved staffing levels across our system, growing dine-in sales and sustained off-premises volumes. We remain intently focused on continuing to strengthen our staffing levels and reducing operational complexity to deliver a memorable quality Guest experience and meet the increasing level of demand as Guests are returning to our restaurants.”
Murphy continued, “We remain confident in our execution of our four strategic pillars which focus on (i) being the employer of choice in the industry, (ii) delivering a variety of Gourmet burgers and mainstream favorites that our Guests love, (iii) creating relevant, personalized and memorable Guest experiences, and (iv) executing our growth platforms. Discretionary capital in 2022 will be allocated to our growth platforms that create meaningful value to our shareholders, including Donatos®, our digital ecosystem, and operational and restaurant enhancements.”
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Fiesta Restaurant Group, Inc. Reports Fourth Quarter 2021 Results
Fourth Quarter 2021 Positive Comparable Restaurant Sales of 9.0% Compared to 2020
Comparable Restaurant Sales Growth of 7.5% in January and 8.8% in February 2022 Compared to 2021
March 09, 2022 04:05 PM Eastern Standard Time
DALLAS--(BUSINESS WIRE)--Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week fourth quarter, which ended on January 2, 2022, and provided a business update related to current operations.
Fiesta President and Chief Executive Officer Richard Stockinger said, "We were pleased with Pollo Tropical's fourth quarter 2021 comparable restaurant sales performance, which continued to accelerate in January and February of 2022. Fourth quarter 2021 comparable restaurant sales increased 9.0% vs. the fourth quarter of 2020, and comparable restaurant sales were at 2019 levels for two consecutive quarters(1). We are off to a strong start in 2022, with accelerating comparable same store sales growth of 7.5% in January and 8.8% in February, and we remain optimistic about continued sales momentum as we refine and implement our growth initiatives.”
Stockinger continued, "Our singular focus on the Pollo Tropical brand, as a result of the completion of the Taco Cabana sale last August, enabled us to make significant progress on Pollo’s growth initiatives during the fourth quarter. We continued to make great strides on enhancing our digital platform by successfully completing the pilot of our much improved digital drive thru customer experience, re-opening curbside capability that was placed on hold during staffing challenges, and launching quick response (QR) kiosk in-hand technology in all units for faster in-store ordering and payment. As part of our new unit design efforts, we completed and successfully tested a new, more efficient kitchen line design with assistance from a leading operations engineering firm. The new kitchen design is expected to significantly reduce order cycle times and is also being tested in upcoming remodels as a retrofit to improve productivity and unlock unmet drive thru demand in high volume units. We also completed seven remodels late in the fourth quarter of 2021 aimed at testing key restaurant design elements and operating platform improvements, and will continue to refine our new restaurant design elements through additional remodels in 2022.”
Stockinger added, "Industry-wide staff availability challenges continued in the fourth quarter. Our proactive action plans that included wage rate increases, hiring incentives, and improved benefits are working – current staffing levels have improved compared to the third quarter of 2021. We are taking additional actions at select units that have not yet reached optimal staffing levels, including incentive pay for challenging scheduling dayparts such as late night shifts, expanded recruiting resources, and added team incentives for completed schedules.”
Stockinger further commented, "We also continued our plan to opportunistically improve margins in an increasingly inflationary environment through phased price increases of 5.2% late in the fourth quarter of 2021 and 5.0% in early March of 2022, as well as through ongoing labor optimization including significant overtime reduction. We believe our historical pricing actions over the last three years have been well below our peers. We are on track for Restaurant-level Adjusted EBITDA(2) margins, a non-GAAP financial measure, to reach our targeted range of 18% to 20% on a run-rate basis by the end of the first quarter of 2022, barring unforeseen changes in our cost structure and operating environment.”
Stockinger added, “Restaurant-level Adjusted EBITDA margins declined during the fourth quarter of 2021 compared to the same period in 2020 primarily due to total labor cost increases, which were only partially offset by our phased pricing action late in the fourth quarter. A large portion of the labor cost increases are expected to be short term only, estimated at $0.8 million, or approximately 90 basis points as a percentage of sales. Fourth quarter 2021 loss from continuing operations was $6.8 million compared to income from continuing operations in the fourth quarter of 2020 of $2.5 million.”
Stockinger concluded, "We are encouraged by our accelerating sales and margin momentum thus far in 2022, which we expect to continue, barring unforeseen changes in our cost structure and operating environment. We are also finalizing plans to further reduce G&A expenses to a targeted range of 8.5% to 9.0% of current restaurant sales on a run rate basis during 2022, with expected implementation in the second half of the year. Finally, we will continue enhancing the customer experience across all service channels, further investing in our growing digital platform and the development of our field management teams, and refining our brand proposition and new unit design features in additional remodel tests to drive future growth."
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Jack in the Box Completes its Acquisition of Del Taco
March 08, 2022 09:22 AM Eastern Standard Time
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced today that it has completed its previously announced acquisition of Del Taco Restaurants, Inc. (NASDAQ: TACO) for approximately $585 million. With the close of the acquisition, Jack in the Box and Del Taco are now positioned as stronger QSR players with greater scale and the ability to enhance the guest experience while pursuing profitable growth.
With similar guest profiles, menu offerings and company cultures – both priding themselves on serving guests with unique variety, quality, innovation and value – they are both confident they will unlock significant opportunities for franchisees, employees, investors, and guests alike.
“Today marks an important milestone in our company’s history as we officially welcome Del Taco to the Jack in the Box family,” said Darin Harris, CEO of Jack in the Box. “We have ambitious growth plans for our combined company, and we are excited for the many exciting opportunities ahead. Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands.”
John D. Cappasola, Jr., President and CEO of Del Taco, said, “We’re extremely proud to join forces with the Jack in the Box brand and are excited to have found a partner that shares a similar culture and passion for what we do. We expect this transaction will significantly strengthen and grow our beloved brands.”
Under the terms of the Agreement and Plan of Merger, Del Taco stockholders will receive $12.51 per share in cash, and Del Taco’s common stock will cease trading as of today on the NASDAQ and will be delisted.
About Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam. For more information on franchising opportunities with Jack in the Box, visit JackintheBoxFranchising.com.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ: TACO) offers a unique variety of both Mexican and American favorites such as burritos and fries, prepared fresh in every restaurant's working kitchen with the value and convenience of a drive-thru. Del Taco's menu items taste better because they are made with quality ingredients like freshly grilled chicken and carne asada steak, fresh house-made guacamole, freshly grated cheddar cheese, slow-cooked beans made from scratch, and creamy Queso Blanco.
Founded in 1964, today Del Taco serves more than three million guests each week at its approximately 600 restaurants across 16 states. Del Taco’s commitment to providing guests with the best quality and value for their money originates from cooking, chopping, shredding, and grilling menu items from scratch. For more information, visit www.deltaco.com.
View source version at Jack in the Box
Sweetgreen, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results
March 03, 2022 04:05 PM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its fourth fiscal quarter and fiscal year ended December 26, 2021.
“Our strong fourth quarter performance reflects our continued commitment to delivering sustainable results and great outcomes for our customers, our communities, and our company. We are extremely proud of our financial performance following a successful IPO and remain laser focused on executing against our growth strategies, including expanding and evolving our footprint and enhancing our digital experience with a focus on owned digital relationships,” said Co-Founder and CEO Jonathan Neman. “I have so much gratitude for our team members and network of more than 200 sustainable farmers and suppliers who power our mission every day of building healthier communities by connecting people to real food.”
“Our fourth quarter results demonstrate continued recovery from the pandemic,” said CFO Mitch Reback. “We showed meaningful operating leverage as we experienced revenue growth, narrowed our operating loss, improved restaurant-level margins and leverage in our G&A, excluding stock-based compensation and non-recurring items. As we enter 2022, we are well positioned to make further progress towards our financial goals that prioritize unit growth and profitability.”
Fourth Quarter 2021 Financial Results
For the fourth quarter of fiscal year 2021, compared to the fourth quarter of fiscal year 2020:
Total revenue was $96.4 million versus $59.2 million in the prior year period, an increase of 63%.
Same-Store Sales Change of 36% versus Same-Store Sales Change of (28%) in the prior year period.
AUV of $2.6 million versus AUV of $2.2 million in the prior year period.
Total Digital Revenue Percentage of 65% and Owned Digital Revenue Percentage of 43%, versus Total Digital Revenue Percentage of 78% and Owned Digital Revenue Percentage of 54% in the prior year period.
Loss from operations was $(47.8) million and loss from operations margin was (50)% versus loss from operations of $(40.1) million and loss from operations margin of (68)% in the prior year period.
Restaurant-Level Profit(1) was $12.3 million and Restaurant-Level Profit Margin was 13%, versus Restaurant-Level Profit of $(2.4) million and Restaurant-Level Profit Margin of (4)% in the prior year period.
Net loss was $(66.2) million versus net loss of $(41.1) million in the prior year period.
Adjusted EBITDA(1) was $(14.2) million versus Adjusted EBITDA of $(29.0) million in the prior year period and Adjusted EBITDA Margin was (15)% versus (49)% in the prior year period.
10 Net New Restaurant Openings versus 4 Net New Restaurant Openings in the prior year period.
(1) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, and Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Reconciliation of GAAP to Non-GAAP Measures.”
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Dine Brands Global, Inc. Reports Fourth Quarter and Fiscal 2021 Results
Fourth Quarter 2021 Domestic Average Weekly Unit Sales for Both Brands Exceed Pre-Pandemic Levels for the Second Consecutive Quarter
Fourth Quarter 2021 Consolidated Revenues Increased 17% to $229.6 Million
Fourth Quarter 2021 Gross Profit Improved by 43% to $96.5 Million
Applebee’s and IHOP Franchisees Opened 46 New Restaurants in Fiscal 2021
March 02, 2022 07:00 AM Eastern Standard Time
GLENDALE, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the fourth quarter and fiscal 2021.
“This past year delivered strong growth for our business that can best be defined by our top-line results, Applebee’s record-setting full-year comp sales performance relative to 2019, marked improvement in gross profit, and the ability to resume returning capital to shareholders. We’re encouraged by our fourth-quarter results as our disciplined strategies continue to drive strong underlying performance. As we continue to evolve the company by making strategic investments in the business, we’ve broadened our vision to include our impact on the environment, society, and growing in a more sustainable way,” said John Peyton, chief executive officer of Dine Brands Global, Inc.
Vance Chang, chief financial officer, added, “We ended the year in a position of strength. Our highly franchised business model enabled us to generate meaningful adjusted free cash flow, supported by a stable recovery at our two strong brands. Looking ahead, we will continue to create value for our shareholders by returning capital while concurrently investing to unlock long-term growth.”
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THE WENDY'S COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
Mar 01, 2022, 07:00 ET
DUBLIN, Ohio, March 1, 2022 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported results for the fourth quarter and fiscal year ended January 2, 2022.
"2021 was a breakthrough year, as evidenced by significant growth across our business," President and Chief Executive Officer Todd Penegor said. "Global same-restaurant sales accelerated to double digits on a one- and two-year basis, Company restaurant margins expanded by almost 200 basis points, and we opened more than 200 restaurants, highlighting the success of our strong brand and aligned system. In 2022, we are planning to deliver another year of accelerated growth across our three long-term growth pillars: significantly building our breakfast daypart, accelerating our digital business, and expanding our footprint across the globe. With focus on executing our key priorities and maintaining the momentum in our business, our future is bright and I am confident that we will continue to make meaningful progress towards achieving our vision of becoming the world's most thriving and beloved restaurant brand."
Fourth Quarter and Full Year 2021 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
2021
2020
2021
2020
Systemwide Sales Growth(1)
U.S.
(0.7)
%
14.2
%
8.6
%
4.8
%
International(2)
13.5
%
5.5
%
20.7
%
(5.5)
%
Global
0.8
%
13.2
%
9.8
%
3.7
%
Same-Restaurant Sales Growth(1)
U.S.
6.1
%
5.5
%
9.2
%
2.0
%
International(2)
18.1
%
(2.3)
%
17.6
%
(6.0)
%
Global
7.3
%
4.7
%
10.0
%
1.2
%
Systemwide Sales (In US$ Millions)(3)
U.S.
$2,775
$2,795
$11,111
$10,231
International(2)
$367
$323
$1,397
$1,107
Global
$3,141
$3,118
$12,507
$11,339
Restaurant Openings
U.S. - Total / Net
54 / 37
25 / 7
123 / 57
98 / 29
International - Total / Net
27 / 21
26 / 7
87 / 64
49 / 11
Global - Total / Net
81 / 58
51 / 14
210 / 121
147 / 40
Global Reimaging Completion Percentage
72
%
64
%
(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants. 2020 includes the impact of a 53rd operating week for systemwide sales growth but excludes the impact of a 53rd operating week for same-restaurant sales growth.
(2) Excludes Venezuela and Argentina.
(3) Systemwide sales include sales at both Company-operated and franchise restaurants.
View full version at Wendy's
Domino's Pizza® Announces Fourth Quarter and Fiscal 2021 Financial Results
Global retail sales growth (excluding foreign currency impact and 53rd week impact) of 9.0% for the fourth quarter; 11.7% for fiscal 2021
U.S. same store sales growth of 1.0% for the fourth quarter; 3.5% for fiscal 2021
International same store sales growth of 1.8% for the fourth quarter; 8.0% for fiscal 2021
Global net store growth of 468 for the fourth quarter; 1,204 for fiscal 2021
Diluted EPS up 10.4% to $4.25 for the fourth quarter; up 9.3% to $13.54 for fiscal 2021
Mar 01, 2022, 08:30 ET
ANN ARBOR, Mich., March 1, 2022 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the fourth quarter and fiscal 2021. Global retail sales were benefited in the fourth quarter and fiscal 2020 by the inclusion of an extra, or 53rd week. Global retail sales increased 9.0% in the fourth quarter of 2021, excluding the negative impact of foreign currency and the 53rd week impact. Global retail sales increased 11.7% in fiscal 2021, excluding the positive impact of foreign currency and the 53rd week impact. Global retail sales increased 1.0% in the fourth quarter of 2021, excluding the negative impact of foreign currency. Global retail sales increased 8.9% in fiscal 2021, excluding the positive impact of foreign currency. Without adjusting for the impacts of foreign currency and the 53rd week, global retail sales declined 0.2% in the fourth quarter and increased 10.4% in fiscal 2021.
U.S. same store sales increased 1.0% during the quarter and 3.5% for the full year. International same store sales increased 1.8% during the quarter and 8.0% for the full year. The fourth quarter marked the 112th consecutive quarter of international same store sales growth. The Company had fourth quarter global net store growth of 468 stores, comprised of 89 net U.S. store openings and 379 net international store openings. In fiscal 2021, the Company had global net store growth of 1,204 stores, comprised of 205 net U.S. store openings and 999 net international store openings.
Diluted EPS for the fourth quarter of 2021 was $4.25, an increase of 10.4% over the prior year quarter. Diluted EPS for fiscal 2021 was $13.54, an increase of 9.3% over the prior year. Diluted EPS for both the fourth quarter and fiscal 2020 was positively impacted by the inclusion of the 53rd week. Diluted EPS for fiscal 2021 was negatively impacted by expenses associated with the Company's April 2021 recapitalization transaction (the "2021 Recapitalization"). Diluted EPS for the fourth quarter of 2021 was $4.25, an increase of 22.8% over diluted EPS, as adjusted, of $3.46 in the fourth quarter of 2020. Diluted EPS, as adjusted, for fiscal 2021 was $13.60, an increase of 13.2% over diluted EPS, as adjusted, of $12.01 in fiscal 2020. Refer to the Financial Results Comparability and the Comments on Regulation G sections below for additional information.
Subsequent to the end of the fourth quarter of 2021, on February 24, 2022, the Company's Board of Directors declared a $1.10 per share quarterly dividend on its outstanding common stock for shareholders of record as of March 15, 2022, to be paid on March 30, 2022.
"Throughout 2021, the strength of our franchisees and our excellent unit economics continued to deliver outstanding store and retail sales growth for the Domino's brand," said Ritch Allison, Domino's Chief Executive Officer. "When we compare our 2021 results back to pre-pandemic 2019, the Domino's brand grew by nearly $3.5 billion in global retail sales over the last two years. Looking forward, we remain focused on leading with innovation and leveraging our global scale to drive outstanding returns for our franchisees and shareholders."
View full version at Domino's
Dutch Bros Inc. Reports Strong Fourth Quarter and Full Year 2021 Financial Results
Opened 98 Shops in 2021, Expects At Least 125 Shop Openings in 2022
System Same Shop Sales Grew 10.1% in Fourth Quarter and 8.4% in 2021
Issues Full Year 2022 Financial Outlook
March 01, 2022 04:07 PM Eastern Standard Time
GRANTS PASS, Ore.--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS; the “Company”) one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported financial results for the fourth quarter and year ended December 31, 2021. The Company also provided its full year 2022 financial outlook.
Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “2021 was a fantastic year for Dutch Bros. We started the year with the launch of the brand in Texas, which was a major milestone for the Company. Led by a talented pipeline of regional operators and long-term franchise partners, unit growth accelerated to 98 new shop openings, revenue grew 52.1% and same shop sales increased 8.4%. 2021 was also the year we converted customers from a long-standing, paper-based stamp card loyalty program to the Dutch Bros app, which grew to 3.2 million members. And, this summer, the Dutch Bros story was presented to the public markets. Through all this, we delivered financial results that exceeded our expectations and kept our brand promise of speed, quality and service.”
He added, “In 2022, we celebrate Dutch Bros’ milestone 30th anniversary, and begin our expansion east with our entrance into Nashville. While our history shows we’re a well-established and respected brand, we are still in the early stages of our long-term story. Two years ago, we entered 2020 with just 370 shops in 7 states. We finished 2021 with 538 shops in 12 states. Importantly, new shops are opening at higher average unit volumes than the system average, including in new markets. In 2022, we have committed to opening at least 125 new shops, supported by a robust pipeline and strong consumer acceptance of Dutch Bros. In addition to moving east, we are excited about further expansion in existing markets, including Southern California, a market we believe will be a significant growth driver. Over the next 10 to 15 years, we foresee at least 4,000 shops across the United States. As we continue on this journey, we will always put our people first and remain committed to making a massive difference in the lives of our employees, customers, and communities.”
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Ruth’s Hospitality Group, Inc. Reports Fourth Quarter 2021 Financial Results
February 24, 2022 07:00 AM Eastern Standard Time
WINTER PARK, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (the “Company”) (Nasdaq: RUTH) today reported unaudited financial results for its fourth quarter and fiscal year ended December 26, 2021 and provided a business update.
CEO Comments
Cheryl Henry, President, Chief Executive Officer and Chairperson of the Board of Ruth’s Hospitality Group, Inc., commented, “The outstanding efforts from our team members allowed us to post solid fourth quarter results with positive comparable sales growth versus 2019 and strong restaurant-level profitability. More importantly, these accomplishments came on the heels of several headwinds, including the emergence of Omicron in December, continued challenges in the labor market, and ongoing beef inflation. All in all, we believe our performance in 2021 has demonstrated that our underlying business is strong.”
Henry added, “As we enter the new year, we are committed to our total return strategy, demonstrated by our investment in people, technology and unit growth, as well as returning cash to shareholders and paying down debt.”
Fourth Quarter and Fiscal Year 2021 Financial Highlights (1)
By period, comparable restaurant sales and average weekly sales for Company-owned restaurants for the fourth quarter and fiscal year 2021 were as follows:
(dollar amounts in thousands)
October
November
December
Q4 2021
FY 2021
Comparable Restaurant Sales vs. 2020
35.1%
58.3%
98.0%
61.2%
58.6%
Comparable Restaurant Sales vs. 2019
2.8%
6.0%
-5.3%
0.5%
-3.6%
Average Weekly Sales (all restaurants)(2)
$105.7
$119.6
$147.7
$123.0
$105.5
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Papa John’s Announces Fourth Quarter and Full Year 2021 Financial Results
February 24, 2022 06:30 AM Eastern Standard Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) today announced financial results for the three months and full year ended December 26, 2021.
Fourth quarter 2021 highlights compared to prior year fourth quarter
Total company revenues of $528.9 million, up 12.6% over 2020
Comparable sales up 11.1% in North America and 2.4% Internationally; Global system-wide restaurant sales of $1.2 billion, up 13.1% from 2020 (excluding the impact of foreign currency)
Earnings per diluted share grew 139% to $0.67; Adjusted earnings per diluted share grew 88% to $0.75
Repurchased $52 million of common stock during the fourth quarter, completing the previous $75 million share repurchase authorization
Full year 2021 highlights compared to prior year
Total company revenues of $2.1 billion, up 14.1% over 2020
Comparable sales up by 11.8% in North America and 13.0% Internationally; Global system-wide restaurant sales of $4.8 billion, up 15.4% from 2020 (excluding the impact of foreign currency)
250 net unit openings driven by continued domestic and international growth
Earnings per diluted share of $0.12, including Special items of $3.39 per share, largely related to repurchase and conversion of Series B Convertible Preferred Stock
Adjusted earnings per diluted share grew to $3.51 from $1.40 in 2020
Cash flow from operations of $184.7 million and free cash flow of $109.7 million for full year 2021
“In 2021 Papa Johns achieved strong comparable sales growth and industry outperformance for a second consecutive year, driving 15% system-wide sales gains and demonstrating our ability to sustain growth, even during one of the most uncertain and difficult business environments we have ever seen,” said President & CEO Rob Lynch. “On a two-year basis, comparable sales rose 29% in North America and 26% internationally last quarter, as our innovation culture continued to deliver high-value, premium products that customers love, such as Epic Stuffed Crust and New York Style pizza. With North America average annual unit sales exceeding $1.1 million and 2021 adjusted EPS of $3.51, a company record, I’m proud to say that we also delivered great value to our franchisees and shareholders.”
Mr. Lynch continued, “While the current labor and commodity environment presents great challenges across the restaurant industry and the economy as a whole, we have been able to continue growing and protect margins thanks to Papa Johns differentiated strategy, premium position and our dedicated franchisees and team members, especially in our restaurants and vertically integrated supply chain. In addition, Papa Johns development momentum is at an all-time high. In one of our best years, we opened 250 net new units in 2021 and since last summer we have signed multiple historic development deals for the brand, including most recently for 1,350 new stores in southern China. In short, Papa Johns long-term growth outlook has never been brighter.”
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Jack in the Box Inc. Reports First Quarter 2022 Earnings
Systemwide sales growth of +0.6%
Same store sales growth of +1.2% for Q1 2022, +13.7% on a two-year basis
26 development agreements signed for 98 restaurants, bringing total restaurants in the development pipeline to 201
February 23, 2022 08:31 AM Eastern Standard Time
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the first quarter ended January 23, 2022, comprised of growth in systemwide sales and same-store sales.
“We began fiscal 2022 with solid results, including comps on a two-year basis of +13.7%, despite a challenging operating environment for the entire industry,” said Darin Harris, Jack in the Box Chief Executive Officer. “I am proud of the resilience demonstrated by our franchisees, operators and corporate team members in delivering for our guests during a difficult period. We remain highly focused on fundamentals, franchisee health and showing progress on our long-term restaurant growth goals.”
Systemwide sales for the first quarter increased 0.6% driven by positive results in same store sales and partially offset by a slight decline in net restaurants.
System same-store sales increased 1.2%, comprised of franchise same-store sales of 1.4%, with increases in average check partially offset by a decrease in traffic; and Company-operated same-store sales, which declined 0.3% in the first quarter, with decreases in traffic partially offset by increases in average check.
In the first quarter, there were 26 development agreements signed for 98 future restaurants, bringing total agreements to 50 and future restaurant commitments to 201 since the franchise development program launched in mid-2021 — the highest level of restaurant commitments in company history. The company had a first quarter net restaurant decline of ten restaurants, comprised of two openings and twelve closures. The twelve restaurant closures included two company-operated, six related to early terminations and four agreement expirations.
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CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2022 RESULTS
Company reports sequential quarterly improvement in restaurant sales comps versus pre-pandemic levels
Feb 22, 2022, 08:00 ET
LEBANON, Tenn., Feb. 22, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2022 ended January 28, 2022.
Second Quarter Fiscal 2022 Highlights
Compared to the second quarter of fiscal 20191, total revenue increased by 6.2% including comparable store restaurant sales increase of 1.9%, comparable store retail sales increase of 13.7%, and 7 Cracker Barrel and 31 Maple Street net unit additions.
Comparable store off-premise restaurant sales grew 123% compared to the second quarter of 20191 and represented approximately 24% of restaurant sales.
GAAP operating income in the second quarter was $46.7 million, or 5.4% of total revenue, and adjusted2 operating income was $49.8 million, or 5.8% of total revenue.
GAAP net income was $37.6 million, or 4.4% of total revenue. EBITDA2 was $75.4 million, or 8.7% of total revenue.
GAAP earnings per diluted share were $1.60, and adjusted2 earnings per diluted share were $1.71.
Commenting on the business, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I am pleased that we once again delivered improved restaurant sales and strong retail sales despite the impact of rising COVID cases during the second quarter, and even more pleased to be welcoming back our guests who we believe are eager to return to more normalized routines of travel and visitation as Omicron fades and concerns about indoor dining continue to subside. Although we anticipate a peak inflationary environment in the third quarter for both commodities and wages that will pressure our third quarter operating margins, we are confident that our initiatives to welcome back our guests, drive sales, and manage costs will lead to a meaningful recovery of both top and bottom-line results in the fourth quarter and into fiscal 2023."
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Bloomin’ Brands Announces 2021 Q4 Financial Results with Strong Operating Margin Expansion
Q4 Diluted EPS of $0.59 and Adjusted Diluted EPS of $0.60
Q4 Comparable Restaurant Sales Growth of 20.7% at Outback Steakhouse and 27.9% Combined U.S.
Reinstates Quarterly Dividend and Authorizes New $125 Million Share Repurchase Program
Provides Full Year 2022 Financial Outlook
February 18, 2022 07:00 AM Eastern Standard Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2021 (“Q4 2021”) and fiscal year ended December 26, 2021 (“Fiscal Year 2021”) compared to the fourth quarter 2020 (“Q4 2020”) and fiscal year ended December 27, 2020 (“Fiscal Year 2020”).
CEO Comments
“Q4 was another quarter of strong results with significant sales, margin and earnings growth,” said David Deno, Chief Executive Officer. “Over the past year we executed against our strategy resulting in sustained gains in off-premises, higher digital engagement, and improved operational efficiencies in the restaurants. As we move into 2022 we are well positioned to deliver on our long-term goals of growing sales and maximizing total shareholder return.”
Diluted EPS and Adjusted Diluted EPS
The following tables reconcile Diluted earnings (loss) per share attributable to common stockholders to Adjusted diluted earnings (loss) per share for the periods indicated:
Q4
2021
2020
CHANGE
Q4 2019 (1)
Diluted earnings (loss) per share attributable to common stockholders
$ 0.59
$ (0.16)
$ 0.75
$ 0.32
Adjustments (2)
0.01
0.18
(0.17)
—
Adjusted diluted earnings per share (2)
$ 0.60
$ 0.02
$ 0.58
$ 0.32
FISCAL YEAR
FISCAL YEAR
2021
2020
CHANGE
2019 (1)
Diluted earnings (loss) per share attributable to common stockholders
$ 2.00
$ (1.85)
$ 3.85
$ 1.45
Adjustments (2)(3)
0.70
1.16
(0.46)
0.09
Adjusted diluted earnings (loss) per share (2)(3)
$ 2.70
$ (0.69)
$ 3.39
$ 1.54
__________
(1) Presented for improved comparability. (2) See Non-GAAP Measures later in this release. (3) Includes a $61.9 million payment made to the founders of our Carrabba’s Italian Grill concept during 2021 in connection with an agreement to terminate future royalty payments.
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Wingstop Inc. Reports Fiscal Fourth Quarter Financial Results
Fueled by investments in technology, brand delivers 18th consecutive year of same store sales growth and another record year of new restaurant development
Feb 16, 2022, 07:32 ET
DALLAS, Feb. 16, 2022 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal fourth quarter ended December 25, 2021.
Highlights for the fiscal fourth quarter 2021 compared to the fiscal fourth quarter 2020:
58 net new openings in the fiscal fourth quarter 2021
Domestic same store sales increased 7.5%
Two-year domestic same store sales increased 25.7%
Domestic average unit volume ("AUV") increased to approximately $1.6 million
System-wide sales increased 19.8% to $601.9 million
Digital sales were 61.3% of sales, comparable to the prior fiscal fourth quarter
Total revenue increased 13.8% to $72.0 million
Net income increased to $6.9 million, or $0.23 per diluted share, compared to net loss of $6.4 million, or a loss of $0.21 per diluted share in the prior fiscal fourth quarter
Adjusted EBITDA, a non-GAAP measure, was $20.2 million (inclusive of a $1.2 million accrual adjustment in the fourth quarter of fiscal year 2021 for incentive compensation driven by outperformance), an increase of 24.5%
Highlights for the fiscal year 2021 compared to the fiscal year 2020:
System-wide restaurant count increased 12.5% to 1,731 worldwide locations with 193 net openings
System-wide sales increased 20.2% to $2.3 billion
Domestic same store sales increased 8.0%
Two-year domestic same store sales increased 29.4%
Total revenue increased 13.5% to $282.5 million
Net income increased to $42.7 million, or $1.42 per diluted share, compared to $23.3 million, or $0.78 per diluted share, in the prior fiscal year
Adjusted EBITDA, a non-GAAP measure, increased 23.0% to $88.4 million
EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") are set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"Our fourth quarter and full year results reflect continued momentum in our brand, despite the challenging operating environment. Our Brand Partners understand the strength and resiliency of our simple operating model and are increasing new unit investments based on the sustaining topline growth and in anticipation of improving bottom-line performance" said Charlie Morrison, Chairman and Chief Executive Officer. "Wingstop reached new highs with domestic AUVs of $1.6 million and the opening of 193 global net new restaurants. Our 8.0% same store sales growth for 2021, or 29.4% on a two-year basis, marked our industry-leading 18th consecutive year of positive same store sales growth. We believe that our proactive investments in technology, combined with our talented team have positioned the brand for continued long-term growth. 2022 is starting with a record development pipeline. We believe our engine for growth will accelerate our progress towards becoming a Top 10 Global Restaurant Brand."
View full version at Wingstop
The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2021 and Provides Business Update
Fourth quarter Consolidated Revenues Up 40% to a Record $776.7 Million
February 16, 2022 04:15 PM Eastern Standard Time
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2021, which ended on December 28, 2021.
Total revenues were $776.7 million in the fourth quarter of fiscal 2021 compared to $554.6 million in the fourth quarter of fiscal 2020. Net income available to common stockholders and diluted net income per common share were $2.1 million and $0.04, respectively, in the fourth quarter of fiscal 2021.
The company recorded $29.1 million related to pre-tax charges of asset impairments and FRC acquisition-related items, as well as a reserve for uncertain tax positions. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the fourth quarter of fiscal 2021 were $24.9 million and $0.49, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 33.8% year-over-year in the fourth quarter of fiscal 2021. Relative to the fourth quarter of fiscal 2019, comparable restaurant sales at The Cheesecake Factory restaurants increased 7.7%.
As of today, indoor dining restrictions have been lifted for nearly all of the company’s restaurants across all its concepts. Fiscal 2022 first quarter-to-date through February 15th comparable sales for The Cheesecake Factory restaurants increased approximately 24.3% year-over-year, supported by approximately 30% off-premise sales mix.
“We posted another quarter of solid sales performance across our brands, continuing to outperform the broader casual dining industry and recording record revenues despite the surge in COVID-19 cases from the Omicron variant towards the end of the year,” said David Overton, Chairman and Chief Executive Officer. “Specifically, fourth quarter comparable sales at The Cheesecake Factory were running at 10.6% going into the third week of December relative to fiscal 2019. We believe our operating results would have been in line with expectations but for the softer sales trend during the last two weeks of the quarter which coincided with the Omicron surge.”
Overton continued, “I remain proud of our teams for how they have navigated through all of the challenges this past year while continuing to deliver delicious, memorable experiences for our guests. As we look ahead, I am confident that our best in-class operators will continue to effectively manage through this volatile operating environment, and with our development pipeline in place and solid comparable sales trends across our brands, we are well-positioned to continue to take market share.”
View full version at The Cheesecake Factory
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