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Financials - May 2021












The Wendy's Company Reports First Quarter 2021 Results



May 12, 2021, 07:00 ET



DUBLIN, Ohio, May 12, 2021 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 4, 2021.

"We are increasing our 2021 financial outlook meaningfully across all key financial metrics, driven by an outstanding first quarter that underscores our continued momentum and the overall strength of our business," President and Chief Executive Officer Todd Penegor said. "The robust growth in our business continued in the first quarter of 2021 as sales significantly exceeded our expectations and fueled our restaurant economic model, leading to outsized profits. We remain committed to our three long-term growth pillars—significantly building our breakfast daypart, accelerating our digital business, and expanding our footprint across the globe—and continue to make great progress.  I have never been more confident that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand as our System is stronger and more aligned than ever."

First Quarter 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

First Quarter

2021

2020

Systemwide Sales Growth(1)

U.S.

13.1%

1.0%

International(2)

7.3%

1.0%

Global

12.5%

1.0%

Same-Restaurant Sales Growth(1)

U.S.

13.5%

0.0%

International(2)

7.9%

(1.6)%

Global

13.0%

(0.2)%

Systemwide Sales (In US$ Millions)(3)

U.S.

$2,647

$2,341

International(2)

$304

$273

Global

$2,951

$2,614

Restaurant Openings

U.S. - Total / Net

20 / 4

27 / 9

International - Total / Net

18 / 6

14 / 8

Global - Total / Net

38 / 10

41 / 17

Global Reimaging Completion Percentage

66%

60%

(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.

(2) Excludes Venezuela and Argentina.

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




Financial Highlights

First Quarter

2021

2020

B / (W)

(In Millions Except Per Share Amounts)

(Unaudited)

Total Revenues

$

460.2

$

405.0

13.6

%

Adjusted Revenues(1)

$

370.8

$

326.4

13.6

%

Company-Operated Restaurant Margin

17.0%

10.1%

6.9

%

General and Administrative Expense

$

52.6

$

51.6

(1.9)

%

Operating Profit

$

83.1

$

48.7

70.6

%

Net Income

$

41.4

$

14.4

186.4

%

Adjusted EBITDA

$

121.0

$

89.3

35.4

%

Reported Diluted Earnings Per Share

$

0.18

$

0.06

200.0

%

Adjusted Earnings Per Share

$

0.20

$

0.09

122.2

%

Cash Flows from Operations

$

85.8

$

(19.4)

nm

Capital Expenditures

$

(10.4)

$

(12.6)

17.9

%

Free Cash Flow(2)

$

97.5

$

(20.4)

nm

(1) Total revenues less advertising funds revenue.

(2) Cash flows from operations minus capital expenditures and the impact of our advertising funds

First Quarter Financial Highlights

Total Revenues The increase in revenues was primarily driven by higher sales at Company-operated restaurants, an increase in franchise royalty revenue, and an increase in advertising funds.  These increases were primarily driven by positive same-restaurant sales.  Revenues also increased due to higher franchise fees primarily as the result of the Company's new technology fee that was implemented in 2021.

View full version at Wendy's



FAT BRANDS INC. REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS

May 11, 2021 16:05 ET



Conference call and webcast today at 5:00 p.m. ET

LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fiscal first quarter 2021 financial results for the 13-week period ending March 28, 2021.

Andy Wiederhorn, President and CEO of FAT Brands, commented, “We want to thank our franchise partners and employees who have worked hard and remained dedicated to FAT Brands throughout this challenging time. We are confident that we are on the right path to emerge from COVID-19 in a strong position.”

“The first quarter showed a steady progression of sales improvements across all of our brands with particular strength seen at Fatburger, Buffalo’s, and Hurricane. Our pipeline of new locations is in excellent shape with an expected acceleration in growth over the coming quarters. We are encouraged by the performance of the Johnny Rockets brand and continue to expect the reopening of special venues during the second and third quarters of 2021.”

Wiederhorn continued, “We are optimistic for the year ahead, as we expect a continued rebound in sales as COVID-19 restrictions further ease and availability of the vaccines continue to expand.”

“Our third successful whole business securitization transaction completed in April of 2021, in combination with our publicly traded preferred stock and common stock, provides optionality to fund potential acquisitions, lower our cost of capital and drive shareholder value.”

Fiscal First Quarter 2021 Highlights

  1. Total revenues improved 50% to $6.6 million compared to the first quarter of 2020

  2. System-wide sales growth of 35.3% Q1 2021/Q1 2020 and 20.6% Q1 2021/Q1 2019

  3. United States sales growth of 28.1% Q1 2021/Q1 2020 and 10.9% Q1 2021/Q1 2019

  4. Rest of world sales growth of 54.2% Q1 2021/Q1 2020 and 49.5% Q1 2021/Q1 2019

  5. System-wide same-store sales growth of 7.8% Q1 2021/Q1 2020

  6. United States same-store sales growth of 8.7% Q1 2021/Q1 2020

  7. Rest of world sales growth of 4.9% Q1 2021/Q1 2020

  8. Five new franchised store openings during the first quarter of 2021

  9. Store count as of March 28, 2021: 651 stores system-wide plus 36 locations under construction to open in 2021

  10. Net Loss of $2.4 million or ($0.20) per share on a basic and fully diluted basis, as compared to net loss of $2.4 million or ($0.20) per share on a basic and fully diluted basis in the first quarter of 2020

  11. EBITDA(1) of $585,000 as compared to an EBITDA loss of $362,000 in the first quarter of 2020

  12. Adjusted EBITDA(1) of $1.1 million as compared to $283,000 in the first quarter of 2020. Adjusted EBITDA excludes expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. The reconciliation of EBITDA to Adjusted EBITDA can be found in the accompanying financial tables.

  (1)  EBITDA and Adjusted EBITDA are non-GAAP measures defined below, under “Non-GAAP Measures”. A reconciliation of GAAP net income to EBITDA and adjusted EBITDA is included in the accompanying financial tables.

View full version at FAT Brands




Freshii Inc. Announces First Quarter 2021 Results

May 11, 2021 21:00 ET



       Strong digital sales momentum, with Freshii mobile app sales up 129% vs Q1 2020 and total North American traditional restaurant digital sales mix up to over 40% of total sales vs 20% in Q1 2020

Completes North American in-app delivery functionality rollout

24 more locations open and operating at end of Q1 2021 vs Q4 2020

Maintains strong liquidity position while initiating NCIB purchases

Continued investment to support franchise partners as COVID-19 restrictions persist in major markets

Adds new direct to consumer digital sales channel to apple cider vinegar gummy supplement offering

CPG business enhances in-store branding and expands product line and distribution

TORONTO, May 11, 2021 (GLOBE NEWSWIRE) --  Omnichannel health and wellness brand, Freshii Inc. (TSX: FRII) (“Freshii”, the “Company” or “we”), today announced financial results for the first quarter ended March 28, 2021 (“Q1 2021”).

“In Q1, the Freshii restaurant network and omnichannel business lines have continued to demonstrate resilience, and have progressed well despite the ongoing challenges presented by the COVID-19 pandemic,” said Matthew Corrin, Chairman and Chief Executive Officer of Freshii. “We have continued to support our franchise partners with direct investments in their businesses as well as profitability focused initiatives. We have also maintained our digital journey acceleration, with Freshii’s mobile app sales – our fastest growing digital channel – increasing 129% year over year and standing out as a strengthening pillar of our business. Further, our total North American traditional restaurant digital sales mix also increased to over 40%, as compared to approximately 20% in Q1 2020. Freshii’s supplement products are now available in-store as well as on a newly launched Freshii direct-to-consumer website, and our CPG division continues in its expansion process. Freshii has a strong omnichannel foundation in place that we believe will see us through the challenges of today and position us for strength tomorrow.”

View full version at Freshii


The ONE Group Reports First Quarter 2021 Financial Results


Revenues Increase 24.0% vs. 2020 and Domestic Same Store Sales Increased 23.5% vs. 2020 and 3.3% vs. 2019

April Domestic Same Store Sales Increase 32.2% vs. 2019


May 11, 2021 04:05 PM 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 first quarter ended March 31, 2021.

Highlights for the first quarter ended March 31, 2021 compared to the same period last year are as follows:

  1. Total GAAP revenues increased 24.0% to $50.5 million from $40.7 million.

  2. GAAP net income attributable to The ONE Group was slightly positive, or $0.00 net income per share ($0.05 adjusted net income per share)****, compared to GAAP net loss of $4.6 million, or $0.16 net loss per share ($0.13 adjusted net loss per share)****. GAAP net income attributable to The ONE Group during the first quarter 2021 included $1.6 million of incremental costs related to COVID-19.

  3. Adjusted EBITDA** increased 312% to $6.5 million from $1.6 million.

Sales Highlights for the first quarter ended March 31, 2021 and April 2021 compared to the same period in 2019 are as follows:

  1. Consolidated comparable sales* increased 3.3% for the quarter and 32.2% for the month of April.

  2. Comparable sales* for STK increased 1.9% for the quarter and 47.4% for the month of April.

  3. Comparable sales* for Kona Grill increased 4.6% and 18.6% for the month of April.

“The improvement in our comparable sales trend clearly demonstrates that as dining capacity increases and vaccinations are rolled out, guests are eager to join us for in-person VIBE dining experiences. Although there are still many restrictions still imposed on us by local mandates, we have already surpassed 2019 comparable sales in the first quarter, experienced an acceleration in April, and expect continued improvement as restrictions lift and our operational, marketing, and culinary initiatives continue to be effective. We sincerely thank our teammates for ensuring our operational readiness during this recovery period and for properly serving our guests while following strict health and safety protocols. Our team is also effectively managing costs by adhering to the cost-saving measures we implemented last year that are enabling us to deliver record restaurant-level margins. In doing so, we are maximizing our Adjusted EBITDA opportunity relative to the robust growth on our top-line,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

View full version at The ONE Group


Ruth’s Hospitality Group, Inc. Reports First Quarter 2021 Financial Results


- Earnings Per Share $0.26 - Strengthening Sales Trends - Accelerated Development Plan


May 07, 2021 07:00 AM Eastern Daylight Time


WINTER PARK, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (the “Company”) (Nasdaq: RUTH) today reported unaudited financial results for its first quarter ended March 28, 2021 and provided a business update.

CEO Comments

Cheryl Henry, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., commented, “Our impressive first quarter results reflect not only accelerating sales trends, but also strong margins as our operators continued to execute the efficiency and capacity utilization initiatives that we implemented in 2020. I would like to express my gratitude to our Ruth’s Chris team and franchise partners for delivering these results, while providing our guests with our signature service in a safe environment.”

Henry continued, “With dining rooms now open in nearly all of our restaurants and our improved financial position, we are focusing our efforts on growing sales and cash flow, building upon the digital foundation we’ve developed during the last year, and investing in new unit growth. This includes two to three new restaurants this year and an additional three to four planned for 2022. I’m optimistic about the future and confident that our iconic brand and our talented team members have us well positioned for growth.”

First Quarter 2021 Financial Highlights (1)

  1. By the end of the first quarter of 2021, nearly all Ruth’s Chris Steak House restaurants were open and offering limited capacity dining service.

  2. 75 of 77 Company-owned and managed restaurants were open, including 74 restaurants offering limited capacity dining service and one restaurant offering outdoor seating only. Eleven of twelve California restaurants re-opened dining rooms in mid-March.

  3. 100% of the Company’s 72 franchisee-owned restaurants were open, including 70 restaurants offering limited capacity dining service, one restaurant offering outdoor seating only and one restaurant offering to-go and delivery service only.

  4. Restaurant sales in the first quarter of 2021 were $81.6 million compared to $103.0 million in the first quarter of 2020. Restaurant sales improved each period during the quarter as our dining rooms re-opened.

  5. By period, first quarter comparable restaurant sales and average weekly sales for Company-owned restaurants:


January

February

March

Q1 2021

Comparable Restaurant Sales vs. 2020

(38.9%)

(25.7%)

72.0%

(14.8%)

Comparable Restaurant Sales vs. 2019

(36.2%)

(25.6%)

(14.8%)

(26.2%)

Average Weekly Sales (all restaurants)

$69,381

$94,272

$94,806

$84,863

  1. By period, first quarter comparable restaurant sales for the 40 Company-owned restaurants operating limited capacity dining service during all 13 weeks of the quarter:



January

February

March

Q1 2021

Comparable Restaurant Sales vs. 2020

(16.0%)

(16.6%)

80.3%

0.7%

Comparable Restaurant Sales vs. 2019

(13.3%)

(15.4%)

(7.1%)

(12.2%)

  1. Franchise income in the first quarter of 2021 was $3.8 million compared to $3.6 million in the first quarter of 2020. First quarter 2021 comparable restaurant sales at franchisee-owned restaurants increased 4.2% compared to 2020 and decreased 13.1% compared to 2019.

  2. Food and beverage costs, as a percentage of restaurant sales, decreased 160 basis points to 28.1% compared to the first quarter of 2020. Total beef costs decreased 1.5% compared to the first quarter of 2020.

  3. Operating income as a percentage of total revenue was 13.8% compared to (3.8%) in the first quarter of 2020.

  4. Net income in the first quarter of 2021 was $9.1 million, or $0.26 per diluted share, compared to net loss of $3.8 million, or ($0.13) per diluted share, in the first quarter of 2020.

  5. Net income in the first quarter of 2021 included a $300 thousand employee retention payroll tax credit, which reduced restaurant operating expenses, $445 thousand of severance related costs and a $148 thousand income tax benefit related to the impact of discrete income tax items. Net income in the first quarter of 2020 included a loss on impairment of $8.7 million and a $79 thousand income tax benefit related to the impact of discrete income tax items.

  6. Excluding these items, non-GAAP diluted earnings per common share was $0.26 in the first quarter of 2021, compared to $0.09 in the first quarter of 2020. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.


(1)In order to assist with the review of our quarterly results, we have provided an additional comparison to the same period in 2019 for some of our financial measures as many of the 2020 financial measures were impacted by COVID-related restaurant closures.

(2)Average Weekly Sales is an average of restaurant sales for all Company-owned restaurants.


View full version at Ruth's Hospitality




El Pollo Loco Holdings, Inc. Announces First Quarter 2021 Financial Results

May 06, 2021 16:05 ET



COSTA MESA, Calif., May 06, 2021 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 31, 2021.

Highlights for the first quarter ended March 31, 2021 compared to the first quarter ended March 25, 2020 were as follows:


•Total revenue was $107.7 million compared to $105.2 million.•System-wide comparable restaurant sales(1) increased 7.4%, including a 3.3% increase for company-operated restaurants, and a 10.5% increase for franchised restaurants. System-wide comparable restaurant sales increased 5.9% compared to the same period in 2019.•Income from operations was $6.0 million compared to $5.7 million in the prior year period. Restaurant contribution(1) was $15.2 million, or 16.1% of company-operated restaurant revenue, compared to $16.3 million, or 17.6% of company-operated restaurant revenue. Included in income from operations and restaurant contribution margin were approximately $2.8 million in COVID-19 related expenses.•Net income was $4.0 million, or $0.11 per diluted share, compared to net income of $3.6 million, or $0.10 per diluted share.•Pro forma net income(1) was $4.7 million, or $0.13 per diluted share, compared to $5.5 million, or $0.16 per diluted share.•Adjusted EBITDA(1) was $11.9 million, compared to $13.4 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.”

Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “We are pleased with our solid start to 2021, as we saw a significant improvement in sales trends during the first quarter, resulting in system-wide comparable restaurant sales growth of 7.4% compared to last year and an increase of 5.9% compared to 2019. Our momentum has continued into the second quarter with April system-wide comparable restaurant sales growth of 39.1% and two-year growth of 13.5%. Also highlighting our recovery, we recently achieved three consecutive records for average weekly sales and posted our highest single day of sales ever on National Burrito Day. While margins in January and February were challenged due to COVID-19 related expenses, March margins were strong at over 20.0%. These performance indicators along with declining COVID-19 cases, increasing vaccine availability, and loosening of dining room restrictions in California, give us confidence that the operating environment is normalizing and that we can now focus our efforts on our Acceleration Agenda, which provides a detailed roadmap for successful growth over the next three years.

View full version at El Pollo Loco




Papa John’s Announces First Quarter 2021 Financial Results


May 06, 2021 07:00 AM Eastern Daylight Time


LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the first quarter ended March 28, 2021.

First quarter 2021 highlights compared to first quarter 2020

  1. Total revenues increased 24.9% to $511.7 million

  2. Comparable sales up 26.2% in North America and 23.2% Internationally driven by menu innovation, including the new Epic Stuffed Crust pizza in North America, and expanding customer base

  3. Earnings per diluted share rose to $0.82 from $0.15; Adjusted earnings per diluted share grew to $0.90 from $0.15

  4. Cash flow from operations of $63.2 million; free cash flow of $52.7 million

  5. 68 net unit openings in the first quarter driven by International growth; now in 50 countries and territories with first new units in Germany and Cambodia

“Papa John’s started 2021 strongly, delivering our sixth straight quarter of industry outperformance and fourth of double-digit global sales growth. In addition, our unit growth accelerated, and we achieved 600 basis points of operating margin expansion, growing adjusted earnings per share 500%,” said President & CEO Rob Lynch. “This momentum is a result of the hard work of our team members and the strength of our franchise system, who together have delivered sustainable business growth over the past seven quarters, reversing the prior six quarters of global restaurant sales declines.”

Mr. Lynch continued, “The strategy we put in place more than 18 months ago – focused on innovation, development, operational improvements, and building a culture that values diversity, inclusivity and winning – has provided the strong foundation that underscores Papa John’s industry outperformance and positive long-term outlook.”

View full version at Papa John's




RAVE Restaurant Group, Inc. Reports Third Quarter Financial Results



May 06, 2021, 08:30 ET



DALLAS, May 6, 2021 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter ended March 28, 2021.

Third Quarter Highlights:

  1. The Company recorded net income of $0.4 million for the third quarter of fiscal 2021 compared to a net loss of $4.5 million for the same period of the prior year.

  2. Total revenue decreased by $0.5 million to $2.2 million for the third quarter of fiscal 2021 compared to the same period of the prior year.

  3. Income before taxes was $0.4 million for the third quarter of fiscal 2021 compared to a net loss before taxes of $0.5 million for the same period of the prior year.

  4. Pizza Inn domestic comparable store retail sales decreased 3% in the third quarter of fiscal 2021 compared to the same period of the prior year.

  5. Pie Five comparable store retail sales remained relatively stable in the third quarter of fiscal 2021 compared to the same period of the prior year.

  6. On a fully diluted basis, net income increased $0.32 per share to $0.02 per share for the third quarter of fiscal 2021 compared to a net loss of $0.30 per share for the same period of the prior year.

  7. Cash and cash equivalents increased $0.2 million during the third quarter of fiscal 2021 to $6.5 million at March 28, 2021.

  8. Pizza Inn domestic unit count finished at 137.

  9. Pizza Inn international unit count finished at 33.

  10. Pie Five domestic unit count finished at 35.

"We are pleased that the heroic efforts of our management, franchisees, and team members have resulted in another profitable quarter amidst a pandemic and significant government restrictions," said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. "While we are pleased with this quarter's results, much work remains.  We intend to continue our focus on innovation, operations consistency, technology upgrades, and cost controls to drive value and consistency for our customers and shareholders and position RAVE, Pizza Inn, and Pie Five for long term success."

View full version at RAVE Restaurant Group




Good Times Restaurants Reports Second Quarter Results


Good Times Restaurants Reports Results for the Second Quarter Ending March 30, 2021


May 06, 2021 04:05 PM Eastern Daylight Time


GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today reported financial results for the fiscal second quarter ended March 30, 2021.

Key highlights of the Company’s financial results include:

  1. Total Revenues increased 11.5% to $29.2 million for the quarter

  2. Total Restaurant Sales for Bad Daddy’s restaurants increased $1.7 million to $21.0 million for the quarter

  3. Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 9.1% for the quarter

  4. Total Restaurant Sales for Good Times restaurants increased $1.3 million to $8.0 million for the quarter

  5. Same Store Sales for company-owned Good Times restaurants increased 22.9% for the quarter

  6. Net Income Attributable to Common Shareholders was $1.1 million for the quarter

  7. Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $2.3 million

  8. The Company ended the quarter with $11.2 million in cash, $3.5 million outstanding under its senior credit facility and $11.6 million in outstanding Paycheck Protection Program loans

Ryan M. Zink, the Company’s Chief Executive Officer, said, “This quarter marks a turning point for us in that all of our restaurants, with the re-opening of Bad Daddy’s dining rooms in early January, were open for the majority of the quarter. We rewarded our restaurant management during the quarter through a special discretionary bonus to mark the anniversary of the original shutdown and celebrate the results of their determination and enduring efforts during such an unpredictable time. The hiring environment for hourly team members continues to be challenging and we are implementing incentive programs to ensure we continue to attract and retain talented team members at both of our concepts.”

Mr. Zink concluded, “A year ago we entered a global pandemic on the heels of a period of poor financial performance for the company. We continue to build a strong balance sheet and maintain the comparatively stronger unit-level economics that we have achieved, but intently focused on the long-term, operating our concepts with a focus on hiring great people, providing fulfilling and rewarding roles at all levels of the organization, and accordingly, running great restaurants.”

Fiscal 2021 Outlook:

As previously announced, due to continuing unprecedented economic conditions associated with the ongoing COVID-19 pandemic and unpredictable nature of COVID-19 and government responses to the evolving situation, the Company had not yet provided a financial outlook for the remainder of the 2021 fiscal year. However, based on improved cash flow and stabilizing operations, the Company is providing the following expectations for 2021:

  1. Two new Bad Daddy’s restaurants opening during the final two quarters of the year

  2. Total capital expenditures of approximately $3.3 million to $3.5 million, including approximately $1.0 million to $1.2 million of maintenance expenditures

Although all Bad Daddy’s dining rooms are currently open and capacity restrictions have been lifted in certain locations, the possibility remains that temporary closures and/or capacity restrictions might be put in place with limited notice. Should such restrictions be enforced, the Company could pull back on development and reduce capital spend accordingly.

Conference Call: Management will host a conference call to discuss its second quarter 2021 financial results on Thursday, May 6, 2021 at 3:00 p.m. MT/5:00 p.m. ET. Hosting the call will be Ryan M. Zink, its Chief Executive Officer.

The conference call can be accessed live over the phone by dialing (888) 339-0806 and requesting the Good Times Restaurants (GTIM) call. The conference call will also be webcast live from the Company's corporate website www.goodtimesburgers.com. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.

About Good Times Restaurants Inc.: Good Times Restaurants Inc. (GTIM) owns, operates, franchises and licenses 39 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly-owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises a regional quick-service restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

View source version at Good Times Restaurants



Dine Brands Global, Inc. Reports First Quarter 2021 Results


Meaningful Improvement in Domestic System-Wide Comparable Same-Restaurant Sales

99% of Domestic Restaurants Open

Ten New Domestic Restaurants Opened by Franchisees

Robust Recovery Continued in the First Quarter

Cash Position Remains Strong

Repaid $220 Million Drawn Against Revolving Credit Facility


May 05, 2021 08:00 AM Eastern Daylight 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 first quarter of 2021.

“Dine Brands first-quarter 2021 results demonstrate positive momentum across our company. Thanks to the strength of our brands, and the resilience and collaboration of our franchisees and team members, we have a sharper focus on digital and marketing capabilities, operational basics and a steadfast dedication to the safety of our people, guests and the communities we serve,” said John Peyton, chief executive officer of Dine Brands Global, Inc.

Mr. Peyton continued, “The restaurant renaissance is here. As we transition to a post-pandemic environment, we see continued opportunity to invest in innovation and strategic platforms, building on the strong foundation we’ve established to drive market share gains and deliver profitable growth for years to come.”

Allison Hall, interim chief financial officer and vice president, controller, added, “Dine Brands started the year in a position of strength. Our cash position remained strong, enabling us to repay the $220 million drawn against our revolving credit facility. Maintaining our financial flexibility will be a top priority as our business continues to improve.”

View full version at Dine Brands




Restaurant Brands International Inc. Reports First Quarter 2021 Results



Apr 30, 2021, 06:30 ET



RBI returns to growth with system-wide sales up compared to 2019 RBI adds 148 net new restaurants, nearing best-ever Q1 unit growth Tim Hortons posts 31% digital sales in Q1 in Canada and drives two million app downloads in March alone Burger King U.S. launch of $1 Your Way value menu driving encouraging results Popeyes announces plans to add over 1,000 restaurants over 10 years across the UK, India, Mexico and Saudi Arabia

TORONTO, April 30, 2021 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2021.

José E. Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "Our first quarter results signal our return to growth with system-wide sales surpassing Q1 2019 and net restaurant growth nearly matching our best-ever Q1 performance in 2018.  We are excited by the global growth potential of our brands and are encouraged by this early momentum as we work toward a return to historic levels of unit growth this year."

"Our home market recovery from the pandemic is well-underway, including at Tim Hortons in Canada where our business fundamentals have continued to improve as we execute on our Back to Basics plan, which included exciting product launches in Q1 like our new dark roast coffee and fresh cracked egg breakfast sandwiches.  Our C$80M investment announced during the quarter to supercharge our advertising and digital platforms is a further indication of our strong confidence in Tim Horton's market-leading position as the Canadian economy fully reopens later this year," said Cil.

Cil continued, "The results of long-term investments we are making in digital initiatives, such as loyalty programs and our branded apps, were best demonstrated in Canada during Q1 where digital channels drove nearly one-third of all sales for Tim Hortons in the quarter; almost twice the levels for the same period last year and the largest quarter yet for digital sales for any of our brands in Canada and the U.S.  Our digital channels will allow us to drive incrementality for our restaurants as well as a more personalized and valuable experience for our guests."

"We exited the quarter with confidence knowing that we have the right plan, a motivated corporate team and dedicated, hard-working franchisees to drive long-term growth for 2021 and beyond," concluded Cil.

View full version at RBI





Del Taco Restaurants, Inc. Reports Fiscal First Quarter 2021 Financial Results


System-Wide Comparable Restaurant Sales Increased 9.1% Compared to the Prior-Year Fiscal Quarter

Signs Two Franchise Development Agreements in the Southeast for 18 New Restaurants


April 29, 2021 04:05 PM Eastern Daylight Time


LAKE FOREST, Calif.--(BUSINESS WIRE)--Del Taco Restaurants, Inc. (“Del Taco” or the “Company”), (NASDAQ: TACO), the second largest Mexican-American quick service restaurant chain by units in the United States, today reported fiscal first quarter 2021 financial results for the 12-week period ending March 23, 2021 and provided a business update.

Management Commentary

John D. Cappasola, Jr., President and Chief Executive Officer of Del Taco, commented, “We are pleased to have delivered a very strong first quarter that sets us up for a great year at Del Taco. Although the operating environment remains very difficult due to continued COVID related impacts and very challenging labor availability, our team is doing an outstanding job growing sales by serving guests through our drive-thru, take-out, and delivery channels while managing costs effectively. This resulted in significant first quarter restaurant contribution and adjusted EBITDA growth and margin expansion.”

Cappasola continued, “Our marketing strategy is centered on innovation and value while accentuating the convenience we offer guests through our drive-thru, take-out, and delivery channels. In the first quarter, we launched Honey Mango Crispy Chicken followed by our seasonal Lent promotion that featured Crispy Jumbo Shrimp. In the second quarter, we have since introduced a new Honey Chipotle BBQ Crispy Chicken and re-launched our Crunchtada platform with a $1, $2 and $3 line up.”

Cappasola concluded, “On the development front, we opened five system-wide Del Taco restaurants during the first quarter and plan to open a dozen system-wide restaurants this year. We are encouraged by the recent signing of two new development agreements totaling 18 restaurants in the Southeast with two experienced multi-concept QSR franchise groups. One agreement includes commitments in South Carolina and Georgia, and the other agreement includes a commitment for Florida’s west coast. We view these signings and other active discussions as indicative of our brand relevance across a broad geographic footprint as we aim to accelerate franchise growth.”

Fiscal First Quarter 2021 Highlights

  1. Comparable restaurant sales results compared to the fiscal first quarter 2020:

  2. System-wide comparable restaurant sales increased 9.1%;

  3. Company-operated comparable restaurant sales increased 4.9%;

  4. Franchise comparable restaurant sales increased 14.0%;

  5. Total revenue of $115.5 million, representing 5.2% growth from the fiscal first quarter 2020;

  6. Company-operated restaurant sales of $103.6 million, representing 3.2% growth from the fiscal first quarter 2020;

  7. Net income of $2.6 million, or $0.07 per diluted share, compared to net loss of $102.5 million, or $2.76 per diluted share, in the fiscal first quarter 2020;

  8. Adjusted net income* of $2.5 million, or $0.07 per diluted share, compared to adjusted net loss* of $0.3 million, or $0.01 per diluted share, in the fiscal first quarter 2020;

  9. Restaurant contribution* margin of 16.0% compared to 12.7% in the fiscal first quarter 2020;

  10. Adjusted EBITDA* of $11.6 million compared to $8.7 million in the fiscal first quarter 2020; and

  11. Two company-operated restaurants and three franchised restaurant openings, and two franchised restaurant closures.

* Adjusted net income/loss, restaurant contribution, and adjusted EBITDA are non-GAAP measures and defined below under “Key Financial Definitions”. Please see the reconciliation of non-GAAP measures accompanying this release.

View full version at Del Taco


McDonald's Reports First Quarter 2021 Results

- 2021 global comparable sales and revenues for the quarter surpassed first quarter 2019 levels, driven by the U.S.

- Global comparable sales increased 7.5% in the first quarter, with growth across all segments

- Diluted earnings per share of $2.05 increased 39%; excluding strategic gains, diluted earnings per share of $1.92 increased 31%



Apr 29, 2021, 07:00 ET



CHICAGO, April 29, 2021 /PRNewswire/ -- McDonald's Corporation today announced results for the first quarter ended March 31, 2021.

"Our first quarter 2021 global comparable sales and revenues surpassed first quarter 2019 levels, even as resurgences and operating restrictions persist in many parts of the world. I continue to be inspired by the resilience of our crew members, franchisees, suppliers, and company employees as we lead with our values and stay true to our purpose of feeding and fostering communities," said McDonald's President and Chief Executive Officer Chris Kempczinski. "Our teams around the world are focused on executing our Accelerating the Arches strategy at the highest level - we're maximizing our marketing in a culturally relevant way, committed to the great tasting customer favorites on our core menu and doubling-down on digital, delivery and drive thru to create a faster and easier customer experience."

First quarter financial performance:

  1. Global comparable sales increased 7.5%, reflecting positive comparable sales across all segments: 13.6% in the U.S.; 0.6% in the International Operated segment; and 6.4% in the International Developmental Licensed segment.

  2. Consolidated revenues increased 9% (5% in constant currencies).

  3. Systemwide sales increased 12% (8% in constant currencies).

  4. Consolidated operating income increased 35% (30% in constant currencies) and included $135 million of strategic gains primarily related to the sale of McDonald's Japan stock. Excluding these gains, operating income increased 27% (22% in constant currencies).

  5. Diluted earnings per share of $2.05 increased 39% (35% in constant currencies). Excluding $0.13 per share of strategic gains, diluted earnings per share was $1.92 for the quarter, an increase of 31% (27% in constant currencies).

COMPARABLE SALES




Increase/(Decrease)

Quarters Ended March 31,

2021

2020

U.S.

13.6%

0.1%

International Operated Markets

0.6

(6.9)

International Developmental Licensed Markets & Corporate

6.4

(4.3)

Total

7.5%

(3.4)%

  1. Comparable Sales: Quarterly comparable sales results were positive across all segments as we began to lap the significant impact of COVID-19 on our global results beginning in March 2020. Guest counts remained negative for all segments.

  2. U.S.: Comparable sales results benefited from average check growth with double digit positive comparable sales across all dayparts. The Company's strong national menu and marketing offerings, as well as growth in delivery and digital platforms, contributed to the comparable sales growth.

  3. International Operated Markets: Results reflected strong positive comparable sales in the U.K., Australia and Canada, partly offset by significantly negative comparable sales in France and Germany. Comparable sales in many markets continued to be impacted by varying levels of government imposed COVID-19 restrictions on restaurant operations.

  4. International Developmental Licensed Markets: Monthly comparable sales results improved sequentially throughout the quarter. The strong quarterly comparable sales were primarily driven by China and Japan.

KEY FINANCIAL METRICS - CONSOLIDATED Dollars in millions, except per share data




Quarters Ended March 31,

2021

2020

Inc/ (Dec)

Inc/ (Dec) Excluding Currency Translation

Revenues

$

5,124.6

$

4,714.4

9%

5%

Operating income

2,281.3

1,693.6

35

30

Net income

1,537.2

1,106.9

39

35

Earnings per share-diluted

$

2.05

$

1.47

39%

35%

Results for the quarter reflected stronger operating performance in the U.S. due to higher sales-driven restaurant margins.

Results for the quarter included $135 million of pre-tax strategic gains, or $0.13 per share, primarily related to the sale of McDonald's Japan stock, which reduced the Company's ownership by an additional 3%.

Foreign currency translation had a positive impact of $0.06 on diluted earnings per share for the quarter.

View full version at McDonald's




Domino's Pizza® Announces First Quarter 2021 Financial Results

Global retail sales growth (excluding foreign currency impact) of 14.0%

U.S. same store sales growth of 13.4%

International same store sales growth of 11.8%

Global net store growth of 175

Diluted EPS down 2.3% to $3.00

Completed recapitalization transaction in April 2021



Apr 29, 2021, 07:30 ET



ANN ARBOR, Mich., April 29, 2021 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world based on global retail sales, announced results for the first quarter. Global retail sales increased 16.7% in the first quarter, or 14.0% excluding foreign currency impact. U.S. same store sales grew 13.4% during the quarter versus the year-ago period, continuing the positive sales momentum in the Company's U.S. stores business. The international business also posted strong results, with same store sales growth of 11.8% during the quarter. The first quarter marked the 109th consecutive quarter of international same store sales growth and the 40th consecutive quarter of U.S. same store sales growth.

The Company had first quarter global net store growth of 175 stores, comprised of 36 net U.S. store openings and 139 net international store openings.

First quarter diluted EPS was $3.00, down 2.3% over the prior year quarter.

Subsequent to the first quarter, on April 27, 2021, the Company's Board of Directors declared a $0.94 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2021, to be paid on June 30, 2021.

"It was a strong first quarter for the Domino's brand, with balanced growth across all areas of our global business," said Ritch Allison, Domino's Chief Executive Officer. "I applaud our franchisees and operators all across the globe, who once again demonstrated why they are the best in the restaurant business."

First Quarter Highlights (Unaudited):




(dollars in millions, except per share data)

First

Quarter of

2021

First

Quarter of

2020

Net income

$

117.8

$

121.6

Weighted average diluted shares

39,208,383

39,633,404

Diluted EPS

$

3.00

$

3.07

  1. Revenues increased $110.6 million, or 12.7%, in the first quarter of 2021. This increase was primarily due to U.S. and international same store sales growth and increases in global store counts during the trailing four quarters, resulting in higher supply chain, U.S. stores and international franchise revenues.

  2. Net Income decreased $3.8 million, or 3.2%, in the first quarter of 2021. This decrease was driven by a significantly higher provision for income taxes resulting from lower tax benefits from equity-based compensation due to fewer stock option exercises in the first quarter of 2021 as compared to the first quarter of 2020. Income before provision (benefit) for income taxes increased $32.3 million in the first quarter of 2021 due to higher income from operations resulting from the increases in revenues described above.

  3. Diluted EPS was $3.00 for the first quarter of 2021 versus $3.07 in the prior year quarter. This represents a $0.07, or 2.3%, decrease from the prior year quarter. The decrease in diluted EPS was driven by lower net income and was partially offset by a lower weighted average diluted share count resulting from the Company's share repurchases during the trailing four quarters.

The table below outlines certain statistical measures utilized by the Company to analyze its performance (unaudited). Refer to Comments on Regulation G below for additional details.




First

Quarter of

2021

First

Quarter of

2020

Same store sales growth: (versus prior year period)

U.S. Company-owned stores

+   6.3

%

+ 3.9

%

U.S. franchise stores

+ 13.9

%

+ 1.5

%

U.S. stores

+ 13.4

%

+ 1.6

%

International stores (excluding foreign currency impact)

+ 11.8

%

+ 1.5

%

Global retail sales growth: (versus prior year period)

U.S. stores

+ 15.3

%

+ 4.9

%

International stores

+ 18.0

%

+ 3.9

%

Total

+ 16.7

%

+ 4.4

%

Global retail sales growth: (versus prior year period,

   excluding foreign currency impact)

U.S. stores

+ 15.3

%

+ 4.9

%

International stores

+ 12.8

%

+ 6.8

%

Total

+ 14.0

%

+ 5.9

%




U.S. Company-

owned Stores

U.S. Franchise

Stores

Total

U.S. Stores

International

Stores

Total

Store counts:

Store count at January 3, 2021

363

5,992

6,355

11,289

17,644

Openings

2

35

37

160

197

Closings

(1)

(1)

(21)

(22)

Store count at March 28, 2021

364

6,027

6,391

11,428

17,819

First quarter 2021 net store growth

1

35

36

139

175

Trailing four quarters net store growth

19

216

235

495

730

Conference Call Information

The Company will file its Quarterly Report on Form 10-Q this morning. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 10 a.m. (Eastern) to review its first quarter 2021 financial results. The call can be accessed by dialing (866) 470-5929 (U.S./Canada) or (409) 217-8311 (International). Ask for the Domino's Pizza conference call, ID 6396461. The call will also be webcast, and will be archived for one year, on biz.dominos.com.

View full version at Domino's


Bloomin’ Brands Announces 2021 Q1 Financial Results and Strong Operating Margin Expansion


Q1 Diluted EPS of $0.63 and Adjusted Diluted EPS of $0.72

Q1 Comparable Restaurant Sales Growth of 4.1% at Outback Steakhouse and 3.3% Combined U.S.

U.S. Digital Revenue Increased 147% Versus 2020

Strengthening Second Quarter-to-Date Sales Trends


April 29, 2021 07:00 AM Eastern Daylight Time


TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2021 (“Q1 2021”) compared to the first quarter 2020 (“Q1 2020”).

CEO Comments

“The first quarter was a strong start to the year. We are well positioned to grow sales, and capture additional market share as the economic recovery continues,” said David Deno, Chief Executive Officer. “As a result of investments made over the last few years we are making great progress in growing off-premises sales, improving margins, and increasing cash flow as dining rooms reopen. Our sales momentum has continued through the first four weeks of the second quarter with U.S. comp sales up 12.6% on a two-year basis versus 2019.”

Diluted EPS and Adjusted Diluted EPS

The following table reconciles Diluted earnings (loss) per share attributable to common stockholders to Adjusted diluted earnings per share for the periods indicated:



Q1





2021


2020


CHANGE

Q1 2019 (1)

Diluted earnings (loss) per share attributable to common stockholders

$

0.63



$

(0.44)



$

1.07


$

0.69


Adjustments (2)

0.09



0.58



(0.49)


0.06


Adjusted diluted earnings per share (2)

$

0.72



$

0.14



$

0.58


$

0.75









___________________

(1) Presented for improved comparability.

(2) See Non-GAAP Measures later in this release.

First Quarter Financial Results


(dollars in millions)

Q1 2021


Q1 2020


CHANGE

Q1 2019 (1)

Total revenues (2)

$

987.5



$

1,008.3



(2.1)

%

$

1,128.1









Restaurant-level operating margin

18.8

%


12.1

%


6.7

%

17.1

%

Adjusted restaurant-level operating margin (3)

18.8

%


12.5

%


6.3

%

17.1

%








GAAP operating income (loss) margin

9.2

%


(4.1)

%


13.3

%

7.3

%

Adjusted operating income margin (3)

9.2

%


2.7

%


6.5

%

7.8

%

___________________

(1) Presented for improved comparability.

(2) Outback Steakhouse Brazil results are reported on a one-month lag and are presented on a calendar basis. Restaurant sales for Brazil during the first quarter of 2020 (through February 29, 2020) were not materially impacted by the COVID-19 pandemic.

(3) See Non-GAAP Measures later in this release.

View full version at Bloomin' Brands



The Cheesecake Factory Reports Results for First Quarter of Fiscal 2021 and Provides Business Update


Second quarter-to-date through April 27th comparable sales at The Cheesecake Factory restaurants increased over 2019 levels


April 28, 2021 04:15 PM Eastern Daylight Time


CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2021, which ended on March 30, 2021.

Total revenues were $627.4 million in the first quarter of fiscal 2021 compared to $615.1 million in the first quarter of fiscal 2020. Net loss available to common stockholders and diluted net loss per common share were $1.2 million and $0.03, respectively, in the first quarter of fiscal 2021.

During the first quarter of fiscal 2021, the Company recorded COVID-19 related charges of $4.9 million, for costs such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment. Excluding the after-tax impact of these and certain other items, and reflecting the potential impact of the conversion of the Company’s convertible preferred stock into common stock, adjusted net income and adjusted net income per share for the first quarter of fiscal 2021 were $10.8 million and $0.20, 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 2.8% year-over-year in the first quarter of fiscal 2021. Relative to the first quarter of fiscal 2019, comparable restaurant sales at The Cheesecake Factory restaurants declined 10.4%.

Fiscal 2021 second quarter-to-date through April 27th comparable sales for The Cheesecake Factory restaurants increased approximately 220% year-over-year and 7% relative to the same period in fiscal 2019, supported by approximately one-third off-premise sales mix and reflecting eased COVID-19 restrictions, as well as strong consumer spending trends.

As of today, nearly all of the Company’s restaurants across its concepts, including 206 Cheesecake Factory locations, are operating with reopened indoor dining rooms with limited capacity in accordance with local mandates and social distancing protocols. On average, Cheesecake Factory restaurants with reopened dining rooms are operating at approximately 60% indoor capacity. One Cheesecake Factory location is operating an off-premise only model and two locations across the Company’s concepts are currently closed with plans to reopen by the end of the second quarter.

“We saw a significant increase in sales at The Cheesecake Factory restaurants and across our portfolio in March as COVID-19 dining restrictions eased and consumer spending generally increased,” said David Overton, Chairman and Chief Executive Officer. “In addition to these positive macro trends, we believe our performance also demonstrates the power of The Cheesecake Factory brand as we saw meaningful pent-up demand to dine at our restaurants, while we also continued to drive strong off-premise sales volumes. Our operators did a tremendous job managing the sales levels - delivering delicious, memorable experiences for our guests and also exceeding our expectations across our key performance indicators, including operating margins.”

Overton continued, “We are honored to be recognized as one of the ‘100 Best Companies to Work For®’ by FORTUNE magazine for the eighth consecutive year, continuing to underscore our position as an employer of choice. This accolade is even more meaningful in the context of the challenges we faced during 2020 and the unique labor environment the restaurant industry is currently experiencing. We believe we have one of the best teams in the industry, which we expect to continue to differentiate us in the COVID-19 operating environment and as we emerge from the pandemic.”

View full version at The Cheesecake Factory




Brinker International Reports Third Quarter Of Fiscal 2021 Results And Provides Fourth Quarter Of Fiscal 2021 Outlook



Apr 28, 2021, 06:45 ET



DALLAS, April 28, 2021 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the third quarter of fiscal 2021 ended March 24, 2021, and provided a financial update for the fourth quarter of fiscal 2021.

"I am very pleased with the ongoing growth of our business as our guests are able to return in greater numbers to Chili's and Maggiano's dining rooms," said Wyman Roberts, CEO and President. "This reopening trend, supported by investment in our digital platforms and virtual brands, now has us meaningfully outperforming our F19 sales and traffic results."

Fiscal 2021 Highlights - Third Quarter

The third quarter of fiscal 2021 results reflect the continued impact from the COVID-19 pandemic. At the end of the third quarter, substantially all of our Company-owned restaurant dining rooms or patios were open in some capacity in accordance with state and local mandates.

  1. Operating income in the third quarter of fiscal 2021 increased to $52.2 million as compared to $41.1 million in the third quarter of fiscal 2020.

  2. Restaurant operating margin in the third quarter of fiscal 2021 increased to 13.9% in the third quarter of fiscal 2021 compared to 12.8% in the third quarter of fiscal 2020.

  3. Chili's Company sales in the third quarter of fiscal 2021 increased to $749.0 million in the third quarter of fiscal 2021 as compared to $748.7 million in the third quarter of fiscal 2020.

  4. Net income per diluted share, on a GAAP basis, in the third quarter of fiscal 2021 was $0.73 compared to $0.81 in the third quarter of fiscal 2020, and excluding special items Net income per diluted share in the third quarter of fiscal 2021 was $0.78 compared to $1.28 in the third quarter of fiscal 2020.

  5. Net cash provided by operating activities in the thirty-nine week period ended March 24, 2021 was $268.6 million, and capital expenditures totaled $62.4 million resulting in free cash flow of $206.2 million.

  6. The estimated impact of Winter Storm "Uri" during the third quarter of fiscal 2021 was a decrease in Company sales of $10.5 million, comparable restaurant sales of 1.2%, and Net income per diluted share, excluding special items, of $0.06.

For comparable restaurant sales details and non-GAAP reconciliations, please refer to the Non-GAAP Information and Reconciliations section of this release.

View full version at Brinker




Grubhub Reports First Quarter 2021 Results

Grubhub generates 52% revenue growth in the first quarter



Apr 28, 2021, 16:05 ET



CHICAGO, April 28, 2021 /PRNewswire/ -- Grubhub Inc. (NYSE: GRUB), a leading online and mobile food-ordering and delivery marketplace, today announced financial results for the first quarter ended March 31, 2021 and also posted a letter to shareholders on its investor relations website. For the first quarter, the Company reported revenues of $551 million, which is a 52% year-over-year increase from $363 million in the same period last year. Gross Food Sales grew 60% year-over-year to $2.6 billion, up from $1.6 billion in the first quarter of 2020.

"We are proud of our continued role in helping restaurants grow their businesses and supporting the communities where they operate. Our team continued its strong execution in the first quarter – easily hitting records for all of our key business metrics," said Matt Maloney, Grubhub founder and CEO. "With yesterday's public filing of the registration statement and preliminary proxy statement with the SEC and the Grubhub special stockholder meeting expected to take place in June, we are looking forward to closing the transaction in the coming months and beginning our next chapter as part of the Just Eat Takeaway.com family."

First Quarter 2021 Highlights The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2021, as compared to the same period in 2020.

First Quarter Financial Highlights

  1. Revenues: $550.6 million, a 52% year-over-year increase from $363.0 million in the first quarter of 2020.

  2. Net (Loss): $(75.5) million, or $(0.81) per diluted share, a decrease from $(33.4) million, or $(0.36) per diluted share, in the first quarter of 2020.

  3. Non-GAAP Adjusted EBITDA: $(9.3) million, a decrease from $21.0 million in the first quarter of 2020.

  4. Non-GAAP Net (Loss): $(52.5) million, or $(0.56) per diluted share, a decrease from $(37) thousand, or $(0.00) per diluted share, in the first quarter of 2020.

First Quarter Key Business Metrics Highlights1

  1. Active Diners: 33.0 million, a 38% year-over-year increase from 23.9 million Active Diners in the first quarter of 2020.

  2. Daily Average Grubs (DAGs): 745,700, a 44% year-over-year increase from 516,300 DAGs in the first quarter of 2020.

  3. Gross Food Sales: $2.6 billion, a 60% year-over-year increase from $1.6 billion in the first quarter of 2020.




1 Key Business Metrics are defined on page 29 of our Annual Report on Form 10-K filed on March 1, 2021. 

"We saw strength across all of our markets during the first quarter, with the highest growth coming in places with a heavy existing competitive presence. We also observed a continued, steady recovery in our largest market, New York City," said Adam DeWitt, Grubhub president and CFO. "Order growth accelerated in the high-single digits compared to the fourth quarter of 2020, even when normalizing for the initial COVID-related deceleration in the second half of March 2020. We believe our robust hybrid marketplace model is well positioned as we transition to a post-COVID environment."

Guidance Given Grubhub's pending acquisition by Just Eat Takeaway.com, it is no longer issuing forward-looking guidance.

About Grubhub Grubhub (NYSE: GRUB) is a leading online and mobile food-ordering and delivery marketplace with the largest and most comprehensive network of restaurant partners, as well as 33 million active diners. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub features over 300,000 restaurants and is proud to partner with over 280,000 of these restaurants in over 4,000 U.S. cities. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, AllMenus and MenuPages.

View source version at Grubhub




MGM Resorts International Reports First Quarter 2021 Financial And Operating Results

- Best quarterly operating results in Las Vegas since reopening

- U.S. Regionals achieved record 1Q Adjusted Property EBITDAR and Adjusted Property EBITDAR margins

- BetMGM delivered market share gains in the growing U.S. sports betting and iGaming market



Apr 28, 2021, 16:15 ET



LAS VEGAS, April 28, 2021 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2021.

"We are pleased with the meaningful progress we've made on multiple fronts this quarter," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "Consumer demand strengthened at our domestic properties, and the significant changes we've made to our operating model have positioned us to capitalize on the recovery. Our regional properties achieved record first quarter Adjusted Property EBITDAR and Adjusted Property EBITDAR margins. Las Vegas operating results improved sequentially, leisure demand is improving, and we now have a tangible path to bring conventions and entertainment back at scale. MGM China continued to outperform the broader Macau market's gradual pace of recovery."

"We are also deeply focused on our long-term goals including investing in digital to drive deeper customer engagement and BetMGM, our U.S. sports betting and iGaming venture, which continues to impress as the leading operator in U.S. iGaming and the top three operator in U.S. online sports betting. Our future is bright."

"Our robust liquidity position provides us with significant flexibility amid an improving operational backdrop. As such, we have begun to return capital to shareholders through share repurchases during the first quarter," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. "Going forward, we will be disciplined in allocating our capital by maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders."

View full version at MGM Resorts


Yum! Brands Reports First-Quarter Results

April, 28 2021

Strong Recovery Driven by Record Digital System Sales of Over $5 Billion with Accelerated Off-Premise Growth; System Sales Growth of 11% with Same-Store Sales Growth of 9% and Unit Growth of 1%


Yum! Brands, Inc. (NYSE: YUM) today reported results for the first-quarter ended March 31, 2021. Worldwide system sales excluding foreign currency translation grew 11%, with 9% same-store sales and 1% unit growth. First-quarter GAAP EPS was $1.07. First-quarter EPS excluding Special Items was also $1.07, an increase of 67% over the prior year quarter.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said “First-quarter results reflect encouraging momentum across our business, including solid 2-year same-store sales growth and a meaningful uplift in unit development, underpinned by the focus and collaboration of our franchise partners and restaurant teams around the world. During the quarter we took important steps to further boost our digital and marketing capabilities through the acquisitions of two technology-focused companies that will enhance our ability to grow our sales overnight and our brands over time. Our foundation is strong and our path forward is clear. While uncertainties remain due to the ongoing impact of COVID-19 in many geographies, with our iconic brands, world-class talent and a healthy franchise system we are poised to enter a post-COVID world with a long runway of growth ahead of us.”

FIRST-QUARTER HIGHLIGHTS

  1. Worldwide system sales excluding foreign currency translation grew 11%, with KFC at 11%, Taco Bell at 11% and Pizza Hut at 7%.

  2. We reported 1% unit growth year-over-year and net new unit growth of 435 during the quarter.

  3. Foreign currency translation favorably impacted divisional operating profit by $16 million.% Change

System Sales

Ex F/XSame-Store SalesUnits

GAAP Operating

Profit

Core

Operating Profit2KFC Division+11+8+4+34+28Pizza Hut Division+7+12(4)+34+30Taco Bell Division+11+9+1+24+24Worldwide1+11+9+1+117+33First-Quarter20212020% ChangeGAAP EPS$1.07$0.27NMSpecial Items EPS2$0.00$(0.37)NMEPS Excluding Special Items$1.07$0.64+671 Worldwide system sales ex F/X includes the benefit of our acquisition of Habit Burger Grill on March 18, 2020. Same-store sales reflects the inclusion of Habit Burger Grill in the prior year base for periods in the first-quarter of 2020 both before and after the acquisition.2 See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items.All comparisons are versus the same period a year ago.System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items.  Special Items are not allocated to any segment and therefore only impact worldwide GAAP results.  See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details.

Digital system sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology.

View full version at Yum! Brands


Starbucks Reports Q2 Fiscal 2021 Results

April, 28 2021

Q2 Comparable Store Sales Growth of 9% in the U.S.; Demonstrating Full Sales Recovery Q2 Comparable Store Sales Growth of 91% in China


Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 28, 2021. GAAP results in fiscal 2021 and fiscal 2020 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers,” said Kevin Johnson, president and ceo.

“We have positioned Starbucks for the inevitable great human reconnection that we see unfolding in the U.S. and will propagate in every market around the world, where people once again connect with others face-to-face to heal, to belong, to reflect, to share and to celebrate. Starbucks was built for this moment, and as we celebrate our 50th anniversary, we remain confident in our ability to execute our ‘Growth at Scale’ agenda and unlock the full potential of the Starbucks brand,” concluded Johnson.

Q2 Fiscal 2021 Highlights

  1. Global comparable store sales increased 15%, driven by a 19% increase in average ticket, partially offset by a 4% decline in comparable transactions

  2. Americas comparable store sales increased 9%, driven by a 22% increase in average ticket, partially offset by a 10% decline in comparable transactions; U.S. comparable store sales increased 9%, driven by a 21% increase in average ticket, partially offset by a 10% decline in comparable transactions

  3. International comparable store sales increased 35%, driven by a 26% increase in comparable transactions and a 7% increase in average ticket; China comparable store sales increased 91%, driven by a 93% increase in transactions, slightly offset by a 1% decline in average ticket; International and China comparable store sales are inclusive of a benefit from value-added tax exemptions in China reinstated as of January 1, 2021, of approximately 4% and 9%, respectively

  4. The company opened 5 net new stores in the second quarter of fiscal 2021, yielding 3% year-over-year unit growth, ending the period with 32,943 stores globally, of which 51% and 49% were company-operated and licensed, respectively

  5. Net new store openings reflect the impact of approximately 300 U.S. and Canada company-operated store closures in relation to the acceleration of the Americas Trade Area Transformation initiative announced last June, which is part of our ongoing strategy to strengthen and optimize our portfolio

  6. Stores in the U.S. and China comprised 62% of the company’s global portfolio at the end of the second quarter of fiscal 2021, with 15,288 and 4,973 stores, respectively

  7. Consolidated net revenues of $6.7 billion increased 11% from the prior year, mainly driven by a 15% growth in comparable store sales primarily from lapping the unfavorable impact of business disruption in the prior year due to the COVID-19 pandemic and strength in U.S. company-operated sales in the current year, partially offset by the unfavorable impact of Global Coffee Alliance transition-related activities

  8. GAAP operating margin of 14.8% increased from 8.1% in the prior year primarily driven by sales leverage from business recovery and the lapping of COVID-19 related costs in the prior year, partially offset by growth and investments in wages and benefits for store partners

  9. Non-GAAP operating margin of 16.1%, up from 9.2% in the prior year

  10. GAAP earnings per share of $0.56, up from $0.28 in the prior year

  11. Non-GAAP earnings per share of $0.62, up from $0.32 in the prior year

  12. Starbucks® Rewards loyalty program 90-day active members in the U.S. increased to 22.9 million, up 18% year-over-year

Q2 Americas Segment ResultsQuarter Ended($ in millions)Mar 28, 2021Mar 29, 2020Change (%)Change in Comparable Store Sales (1)9%(3)%Change in Transactions(10)%(7)%Change in Ticket22%5%Store Count18,12018,271(1)%Revenues$4,664.6$4,330.08%Operating Income$905.3$621.246%Operating Margin19.4%14.3%510 bps(1)Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours due to the COVID-19 pandemic remain in comparable store sales while stores identified for permanent closure have been removed.

Net revenues for the Americas segment grew 8% over Q2 FY20 to $4.7 billion in Q2 FY21, primarily driven by 9% growth in company-operated comparable store sales, partially offset by lower product sales to and royalty revenues from our licensees, primarily due to the impact of the COVID-19 pandemic.

The Americas segment reported operating income of $905.3 million in Q2 FY21, compared to $621.2 million in Q2 FY20. Operating margin of 19.4% expanded 510 basis points, primarily driven by the lapping of COVID-19 related costs in the prior year, sales leverage from business recovery, pricing, temporary government subsidies and the benefits of Trade Area Transformation, partially offset by growth and investments in wages and benefits for store partners. The pandemic-related costs incurred in the prior year were largely catastrophe and service pay for store partners, as well as inventory write-offs.

View full version at Starbucks


Wingstop Inc. Reports Fiscal First Quarter 2021 Financial Results

April, 28 2021


Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal first quarter ended March 27, 2021.

Highlights for the fiscal first quarter 2021 compared to the fiscal first quarter 2020:

  1. System-wide sales increased 30.0% to $558.9 million

  2. 41 net new openings in the fiscal first quarter 2021, an increase of 11.7%

  3. Domestic same-store sales increased 20.7%

  4. Domestic restaurant AUV increased to approximately $1.55 million, compared to $1.27 million in the prior fiscal first quarter

  5. Digital sales increased to 63.6% of sales, compared to 43.3% in the prior fiscal first quarter

  6. Total revenue increased 27.5% to $70.7 million

  7. Net income increased 62.5% to $13.2 million, or $0.44 per diluted share, compared to net income of $8.1 million, or $0.27 per diluted share, in the prior fiscal first quarter

  8. Adjusted EBITDA*, a non-GAAP measure, increased 46.2% to $23.9 million

* Adjusted EBITDA is a non-GAAP measure. A Reconciliation of Adjusted EBITDA to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."

"We are pleased with our performance as we start 2021 and continue delivering industry-leading results. Our system is stronger than ever, with restaurant AUVs exceeding $1.5 million, which translates into best in-class unit economics and our largest development pipeline to date. Our domestic development is poised to continue its momentum after a record quarter and we're excited to also accelerate growth in our international markets with our entry into Canada," commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop. "We are thrilled about where we stand as a brand and our ability to drive shareholder value as we execute our goal of becoming a top 10 global restaurant brand."

Key operating metrics for the fiscal first quarter 2021 compared to the fiscal first quarter 2020Thirteen Weeks EndedMarch 27, 2021March 28, 2020Number of system-wide restaurants open at end of period1,5791,413Number of domestic franchise restaurants open at end of period1,3711,221Number of international franchise restaurants open at end of period175160System-wide sales (in thousands)$558,869$429,898Domestic restaurant AUV (in thousands)$1,547$1,272Domestic same-store sales growth20.7%9.9%Company-owned domestic same store sales growth13.4%6.2%Net income (in thousands)$13,160$8,096Adjusted EBITDA (in thousands)$23,914$16,357

Fiscal first quarter 2021 financial results

Total revenue for the fiscal first quarter 2021 increased to $70.7 million from $55.4 million in the fiscal first quarter last year. Royalty revenue, franchise fees and other increased $7.4 million primarily due to domestic same-store sales growth of 20.7% as well as 165 net franchise restaurant openings since March 28, 2020. Advertising fees increased $5.5 million due to domestic system-wide sales growth in the fiscal quarter ended March 27, 2021 compared to the fiscal quarter ended March 28, 2020. Company-owned restaurant sales increased $2.3 million due to company-owned same-store sales growth of 13.4%, driven by both an increase in transactions and an increase in transaction size.

Cost of sales increased to $13.3 million from $11.2 million in the fiscal first quarter of the prior year. As a percentage of company-owned restaurant sales, cost of sales increased to 75.6% from 73.4% in the prior year comparable period. The increase was primarily due to a 25.8% increase in the cost of bone-in chicken wings as compared to the prior year period.

Advertising expenses were $22.0 million compared to $17.0 million in the fiscal first quarter of the prior year primarily due to domestic system-wide sales growth. Advertising expenses are recognized at the same time as the related revenue, which does not necessarily correlate to the actual timing of the related advertising spend.

Selling, general & administrative expense ("SG&A") increased $1.5 million to $13.8 million from $12.2 million in the fiscal first quarter of the prior year. The increase in SG&A expense was primarily due to an increase of $0.9 million in headcount related expenses as we make investments to support our strategic initiatives, as well as an increase of $1.0 million in stock-based compensation expense. These increases were partially offset by a decrease of $0.6 million related to certain organizational changes made in the prior year period.

Interest expense, net was $3.8 million in the fiscal first quarter of 2021, a decrease of $0.4 million, or 8.8%, compared to $4.1 million in the prior fiscal period. The decrease was due to the refinancing of our securitized financing facility on October 30, 2020, which increased our outstanding debt by $162.4 million and reduced our interest rate from 4.97% to 2.84%.

Net income was $13.2 million, or $0.44 per diluted share, compared to net income of $8.1 million, or $0.27 per diluted share, in the fiscal first quarter of the prior year.

View full version at Wingstop


Luby's Issues Second Quarter Fiscal 2021 Report

April, 27 2021

Estimated Net Assets in Liquidation Increased to $3.98 per Share


Luby's, Inc. (NYSE: LUB) which is in the process of monetizing its assets for the benefit of its shareholders, announced today its financial results for the second quarter ended March 10, 2021.

Financial Results

Liquidation Basis of Accounting

As a result of Luby's shareholder approval of its plan of liquidation on November 17, 2020, effective November 19, 2020, in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company began reporting its financial results on the liquidation basis of accounting.  The liquidation basis of accounting requires, among other things, that management estimates net sales proceeds on an undiscounted basis as well as includes in the Company's assets and liabilities the undiscounted estimate of future revenues and expenses of the Company through the end of the liquidation.  Based on the liquidation basis of accounting, the net assets in liquidation at March 10, 2021 are currently estimated to result in future liquidating distributions of approximately $3.98 per common share based on the number of common shares outstanding on that date, which was increased $0.16 per share from last quarter's estimate owing primarily to actual realization from completed transactions.  This estimate of future liquidating distributions includes projections of sales proceeds and net operating revenues to be received and costs and expenses to be incurred, including costs to dispose of the Company's assets, during the period required to complete the plan of liquidation which is currently projected to be completed by June 30, 2022.

There is inherent uncertainty with these projections, and accordingly, these projections could change materially based on a number of factors both within and outside of Luby's control. There can be no assurance that these estimated values will be realized.  Such amounts should not be taken as an indication of the timing or the amount of future distributions or our actual dissolution.

The current estimate of net assets in liquidation at March 10, 2021 has been estimated based on undiscounted cash flow projections and assumes a final liquidation on June 30, 2022 even though the actual timing of the sale of the Company's operating businesses and real estate holdings cannot be determined with any specificity at this time.  As such, the final liquidation of the Company is subject to future events and uncertainties.  Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation.  It is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to our shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in this release.

The Company currently operates 58 Luby's Cafeterias and 11 Fuddruckers, as well as Culinary Contract Services at 25 locations, while pursuing sales of these businesses as part of its liquidation plan. Operationally, it is business as usual as we progress through this plan to find new stewards for these iconic brands.

About Luby's

Luby's, Inc. (NYSE: LUB) operates two core restaurant brands: Luby's Cafeterias and Fuddruckers. Luby's is also the franchisor for the Fuddruckers restaurant brand. In addition, through its Luby's Culinary Contract Services business segment, Luby's provides food service management to sites consisting of healthcare, corporate dining locations, sports stadiums, and sales through retail grocery stores.

View source version at Luby's


Chipotle Announces First Quarter 2021 Results

Comparable Restaurant Sales Accelerate To 17.2%; Restaurant Level Margins Expand To 22.3%



Apr 21, 2021, 16:10 ET



NEWPORT BEACH, Calif., April 21, 2021 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2021.

First quarter highlights, year over year:

  1. Revenue increased 23.4% to $1.7 billion

  2. Comparable restaurant sales increased 17.2%

  3. Digital sales grew 133.9% and accounted for 50.1% of sales

  4. Restaurant level operating margin was 22.3%, an increase of 470 basis points

  5. Diluted earnings per share was $4.45, net of a $0.91 after-tax impact from expenses related to the 2018 performance share ("PSU") modification to account for the unplanned effects of COVID-19, restaurant asset impairment and closure costs, as well as corporate restructuring, a 64.8% increase from $2.70. Adjusted diluted earnings per share excluding these charges was $5.36, a 74.0% increase from $3.08 1

  6. Opened 40 new restaurants and closed 5 restaurants

1 Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.

"Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication," said Brian Niccol, Chairman and CEO, Chipotle. "As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is well positioned for growth. I'm excited about our future as we remain focused on innovating in culinary, leading in food with integrity, and providing convenient access inside our restaurants and through our expanding digital ecosystem."

View full verson at Chipotle


Fresh Acquisitions, LLC Files for Chapter 11 Bankruptcy


Debtor-In-Possession Financing in Place to Support Restructuring.


April 20, 2021 06:20 PM Eastern Daylight Time


SAN ANTONIO--(BUSINESS WIRE)--Fresh Acquisitions, LLC which operates Furr’s Fresh Buffet©, and several of its affiliates including Buffets LLC and its subsidiaries, which operate Ryan’s©, Old Country Buffet©, Tahoe Joes Famous Steakhouse©, and Hometown Buffet©, filed for Chapter 11 bankruptcy protection earlier today to strengthen their operations and recapitalize their businesses. The companies will have access to additional liquidity through a post-petition debtor in possession loan being extended by VitaNova Brands©.

“As with almost every one of our peers, buffet restaurants took the brunt of the loss of sales during the pandemic and as such, the path to success requires hard choices to be made, including the rationalization of our overall footprint,” said Jason Kemp, co-founder and CEO of VitaNova Brands.

Kemp continued, “The precipitous decline in sales at the restaurants resulting from occupancy restrictions and the banning of family-style buffet dining forced the companies to take extraordinary steps, including the closing of multiple locations.”

The companies expect to continue operating in the normal course during their chapter 11 cases and believe that a number of the brands – including Furr’s Buffet and Tahoe Joe’s -- can take advantage of the expected post-COVID recovery.

Kemp concluded, “We are looking forward to emerging from bankruptcy as a stronger operator with a focus on the Tahoe Joe’s and Furr’s AYCE Marketplace® banners. These great brands serving great food will create a platform for future growth.”

The cases are pending in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Documents filed in the case may be found at www.bmcgroup.com/fresh. Gray Reed is acting as legal counsel and B. Riley Advisory Services is the Chief Restructuring Officer and Financial Advisor.

About Fresh Acquisitions LLC and Buffets, LLC

Fresh Acquisitions LLC and Buffets, LLC operate independent restaurant brands and are based in San Antonio, Texas.

About VitaNova Brands

VitaNova Brands© (VNB) is a multi-concept operator of independent restaurant brands, based in San Antonio, Texas. VNB has built a unique and scalable model designed to identify and acquire underperforming restaurant brands, assume full control of operations and strategy, and rapidly improve profitability. Currently, VNB manages all store-level and corporate operations for Togokitchens.com, Zio’s Italian Kitchen, Sushi Zushi, Tahoe Joe’s, and Furr’s AYCE Marketplace. Learn more at https://www.vitanovabrands.com/.

View source version at Fresh Acquisitions

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