May 17, 202254 min read

Financials - May 2022

Ark Restaurants Announces Financial Results for the Second Quarter of 2022 and Reinstatement of Quarterly Cash Dividend

May 16, 2022 04:05 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended April 2, 2022.

Financial Results

Total revenues for the 13 weeks ended April 2, 2022 were $39,586,000 versus $25,767,000 for the 13 weeks ended April 3, 2021.

Total revenues for the 26 weeks ended April 2, 2022 were $83,571,000 versus $46,066,000 for the 26 weeks ended April 3, 2021.

The increases in revenues above are not a good indicator of business performance as revenues for the 13 weeks ended April 3, 2021 and for the 26 weeks ended April 3, 2021 were negatively impacted by continually changing government mandated closures, capacity restrictions and social distancing requirements in connection with the COVID-19 pandemic.

The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13-weeks ended April 2, 2022 was $1,481,000 versus $(495,000) for the 13-weeks ended April 3, 2021. Net income for the 13 weeks ended April 2, 2022 was $1,055,000 (which includes PPP Loan Forgiveness of $1,122,000),or $0.30 and $0.29 per basic and diluted share, respectively, compared to net income of $4,161,000 (which includes PPP Loan Forgiveness of $4,124,000) or $1.19 and $1.15 per basic and diluted share, respectively, for the 13-weeks ended April 3, 2021.

The Company's EBITDA, excluding the PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the 26-weeks ended April 2, 2022 was $5,427,000 versus $(2,864,000) for the 26-weeks ended April 3, 2021. Net income for the 26-weeks ended April 2, 2022 was $3,264,000 (which includes PPP Loan Forgiveness of $1,122,000) or $0.92 and $0.91 per basic and diluted share, respectively, compared to net income of $3,398,000 (which includes PPP Loan Forgiveness of $4,124,000) or $0.97 and $0.95 per basic and diluted share, respectively, for the 26-weeks ended April 3, 2021.

The Company announced today that its Board of Directors declared a quarterly dividend of $0.125 per share to be paid on June 13, 2022 to shareholders of record at the close of business on May 31, 2022.

COVID-19 Update

We are subject to continued risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the COVID-19 pandemic. In the past, we experienced significant disruptions to our business as suggested and mandated social distancing and shelter-in-place orders led to the temporary closure of all of our restaurants. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, all of our restaurants are currently operating with no dining restrictions. We cannot predict if the COVID-19 pandemic will continue to have an impact our operating results and financial position.

About Ark Restaurants Corp.

Ark Restaurants owns and operates 17 restaurants and bars, 17 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, D.C., five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The operation at the Foxwoods Resort Casino consists of one fast food concept. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

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BurgerFi Reports First Quarter 2022 Results

May 16, 2022 07:30 ET

Revenue Grows 311% to $44.9 million in First Quarter

BurgerFi opens six restaurants in First Quarter

Company Affirms 2022 Guidance

Conference Call today, May 16, at 4:30 p.m. ET

FORT LAUDERDALE, Fla., May 16, 2022 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza brand under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”), today reported financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Key Metrics1 Summary

BurgerFi (in thousands, except for percentage data)Three Months Ended March 31, 2022 Systemwide Restaurant Sales$40,472Systemwide Restaurant Sales Growth2%Systemwide Restaurant Same Store Sales Growth(5)%Corporate-Owned Restaurant Sales$9,441Corporate-Owned Restaurant Sales Growth20%Corporate-Owned Restaurant Same Store Sales Growth(8)%Franchise Restaurant Sales$30,985Franchise Restaurant Sales Growth4%Franchise Restaurant Same Store Sales Growth(5)%Digital Channel % of Systemwide Sales36%

Refer to “Key Metrics Definitions” and “About Non-GAAP Financial Measures” sections below.

Management Commentary

Ophir Sternberg, Executive Chairman of BurgerFi, stated, “After a transformative year in 2021, we continued to effectively execute on our growth strategy in the first quarter of 2022 and remain well on track to deliver on our business targets for the fiscal year. We are pleased to have opened six new BurgerFi locations in the quarter positioning us to meet our growth target of 15-20 new BurgerFi locations in 2022. Further, we are encouraged by our performance as we grew our total revenues by more than 300% and drove over 200% in growth in adjusted EBITDA during the first quarter as compared to the prior year through the acquisition of Anthony’s Coal Fired Pizza & Wings. I am excited about the synergies resulting from the acquisition by BurgerFi of Anthony’s as it has provided access to greater competencies between the two brands and leadership teams and expanded our addressable market for future growth.”

Ian Baines, Chief Executive Officer of BurgerFi, added, “In the first quarter we built a solid foundation for growth for 2022. We saw a 20% growth in BurgerFi corporate restaurant sales driven by new store openings in the last year while, we continued to retain a significant portion of our digital sales. We were also very encouraged by the sales recovery in our Anthony’s business, which produced year-over-year same-store sales growth of 13%. For the year, we are on track to achieve the previously guided $2.0 million in year cost synergies from the Anthony’s transaction in November, and I am pleased to report that those synergies are expected to ramp up as we progress through 2022, which we expect will drive accelerated EBITDA in 2022. Despite the impact of the Omicron variant of COVID-19 in January, and the continued presence of labor and supply chain pressures, our expectations remain the same for the year and we are confident in reiterating our previous guidance for 2022. Given continued unit growth, our enhanced omni-channel customer experience, and anticipated cost savings, I believe we are on track for a fantastic 2022.”

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Muscle Maker, Inc. Posts 128% Restaurant Sales Revenue Growth, Improving Bottom Line by 49%

May 12, 2022 09:30 ET

Net Losses Narrow, Total Revenue Rises, Operating Expenses and SG&A Improves

LEAGUE CITY, TX, May 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Muscle Maker, Inc. (Nasdaq: GRIL), the parent company of Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal prep, today announced the posting of its first quarter 2022 financial results on May 12th for the three months ending March 31, 2022.

Michael Roper, CEO of Muscle Maker, Inc., commented, “The recently posted Q1 2022 financial results show an increase of 128% in restaurant sales revenue growth and an increase of 54% in franchise royalties and fees when compared to Q1 2021. Not only have we experienced a top line revenue increase when comparing Q1 2022 to Q1 2021, but we are also seeing our operating metrics improve when comparing Q1 2022 to Q1 2021 even with the rise in inflationary costs related to labor, food/paper and services. We are seeing improvements in our operating expenses when comparing Q1 2022 to Q1 2021 across all major categories, as a percentage of restaurant sales:

Food/paper costs improved by 4.7%
Labor costs improved by 24.1%
Rent improved by 9.1%
Other operating expenses improved by 5.7%

In addition, our overall selling, general and administrative cost improved by 55.3% when comparing Q1 2022 to Q1 2021 even after integrating our acquisitions of Pokemoto and Superfit Foods in 2021.”

Roper continued, “We are very excited to finally be able to fully execute against our growth strategy while maintaining a strong liquidity position. Pokemoto has 37 franchise or development agreements sold but not yet open. Several of these locations will be entering our hands-on training program this month. It’s one thing to sell franchise agreements which helps our overall cash flow, it’s even more important to get these locations open which drives high margin franchise royalty fee revenue into the system. While we execute our franchising growth strategy with Pokemoto, we have been able to maintain a strong liquidity position which allows us to open additional corporately owned Pokemoto locations. We currently have corporate locations under construction in Philadelphia, PA and Jacksonville, FL and are reviewing several of our current military base locations for the potential to add Pokemoto or to convert to Pokemoto.” As of March 31, 2022, Muscle Maker, Inc. had a cash balance exceeding $14 million.

“While we focus our growth strategy on Pokemoto, we are sharpening our pencils with the goal of reducing costs in the Muscle Maker Grill restaurant division while exploring opportunities to co-brand Muscle Maker Grill with Pokemoto locations or fully convert Muscle Maker Grill locations over to Pokemoto, where applicable. We recently converted our Fort Meade location to Pokemoto and are extremely pleased with the sales results so far. In addition, our SuperFit Foods division is in the process of redesigning the website and software to enhance the user experience and increase efficiency, expanding pick-up cooler locations and broadening the menu with new options. Our intent is to relaunch the SuperFit Foods website and ordering software with new features in Q3.”

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Carrols Restaurant Group, Inc. Reports Financial Results for the First Quarter 2022

May 12, 2022 07:00 ET

SYRACUSE, N.Y., May 12, 2022 (GLOBE NEWSWIRE) -- Carrols Restaurant Group, Inc. (“Carrols” or the “Company”) (Nasdaq: TAST), the largest BURGER KING® franchisee in the United States, today reported its financial results for the first quarter ended April 3, 2022.

Highlights for the First Quarter of 2022 versus the First Quarter of 2021 include:

Total restaurant sales increased 2.4% to $399.5 million compared to $390.0 million in the first quarter of 2021;
Comparable restaurant sales for the Company's Burger King® restaurants increased 1.6%;
Comparable restaurant sales for the Company’s Popeyes® restaurants increased 2.2%;
Adjusted EBITDA(1) totaled $4.3 million compared to $19.9 million in the prior year quarter;
Adjusted Restaurant-Level EBITDA(1) totaled $22.5 million compared to $39.5 million in the prior year quarter;
Net Loss was $21.3 million, or $0.42 per diluted share, compared to Net Loss of $7.2 million, or $0.14 per diluted share, in the prior year quarter; and
Adjusted Net Loss(1) was $17.1 million, or $0.34 per diluted share, compared to Adjusted Net Loss of $6.5 million, or $0.13 per diluted share, in the prior year quarter.

Management Commentary

Paulo A. Pena, President and Chief Executive Officer of Carrols, commented, “We grew comparable restaurant sales at our Burger King restaurants during the first quarter by 1.6% against a formidable 14.7% comparison in the prior year period through average check growth of 9.9%, inclusive of menu price increases and lower promotional activity, that was partially offset by a traffic decline of 7.5%. Higher delivery sales contributed to average check growth, rising to 6.2% of total restaurant sales in the first quarter of 2022 from 4.8% in the year-ago period and 5.2% in the fourth quarter of last year. However, monthly sales trends were choppy. In January, our traffic was negatively impacted by severe winter storms and staffing issues related to the Omicron variant. In February, our relative performance benefitted from favorable traffic comparisons due to severe winter storms in 2021 and in March we lapped the benefit of stimulus payments from last year. Still, on a calendar comparison basis, our quarterly comparable restaurant sales growth again exceeded the Burger King U.S. system by approximately 160 basis points, extending our track record of outperformance.”

Pena continued, “Inflationary challenges continue to meaningfully affect our profitability metrics with commodity costs and team member average hourly wages both increasing on a percentage basis in the mid-teens compared to last year. While we have already taken pricing actions and are furthering efforts on menu and promotional optimization, we need to continue to adapt and evolve how we operate our business in order to maximize our profitably in this higher cost environment. This is why I have been thoroughly evaluating Company operations and capabilities as I formulate our go-forward strategy which I intend to share in greater detail later this year. I have been extremely impressed by our team and the operational expertise at Carrols and I am confident we can make the necessary changes to address industry challenges.”

Pena concluded, “We remain committed to allocating capital in a disciplined manner while maintaining substantial liquidity. We intend to deploy free cash flow to repaying any revolver borrowings, making required mandatory amortization payments under our senior credit facility and building up our cash balances over the coming quarters in order to maintain our strong balance sheet. We believe the structure of our financing and our available liquidity position us extremely well to navigate the current operating environment. Similar to the last two years, we expect that our net capex spend will be below $50 million as we limit expenditures primarily to critical maintenance needs and holdover remodeling and new construction projects that began last year.”

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Fiesta Restaurant Group, Inc. Reports First Quarter 2022 Results

First Quarter 2022 Comparable Restaurant Sales Growth of 8.0% Compared to First Quarter 2021

May 12, 2022 04:05 PM Eastern Daylight 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 first quarter, which ended on April 3, 2022, and provided a business update related to current operations.

Fiesta President and Chief Executive Officer Richard Stockinger said, "We continued to make good progress in our business in the first quarter with revenues continuing to show positive upward trends, and margins showing sequential improvement from the fourth quarter of 2021 to the first quarter of 2022, with the margin run rate late in the first quarter even higher and positively impacted by the planned price increase implemented in early March. Additionally, we made significant progress on the brand’s growth agenda which we shared previously and we anticipate continued progress throughout the balance of the year."

Stockinger added, "Strong revenue growth continued with first quarter 2022 comparable restaurant sales performance of 8.0% vs. the first quarter of 2021, and we have now generated comparable restaurant sales results at or above 2019 levels for three consecutive quarters(1), despite lost operating hours from staffing issues and remodeling disruptions in select units. We generated even stronger first quarter 2022 comparable restaurant sales of 11.1% vs. the first quarter of 2021 in markets where labor shortages have not negatively impacted operating hours(2). Encouragingly, our digital initiatives contributed to online channel first quarter 2022 comparable restaurant sales growth of 15.5% vs. the first quarter of 2021."

Stockinger continued, "First quarter 2022 Restaurant-level Adjusted EBITDA margins, a non-GAAP financial measure,(3) improved to 16.1% compared to 14.3% in the fourth quarter of 2021. Following the 5.0% pricing taken in early March, estimated Restaurant-level Adjusted EBITDA margins grew to above 17.0% on a run-rate basis(4). We continue to target Restaurant-level Adjusted EBITDA margin of 18.0% to 20.0% as our sales growth and labor optimization initiatives increasingly gain momentum."

Stockinger further commented, "When compared to the first quarter of 2021, our Restaurant-level Adjusted EBITDA margins declined during the first quarter of 2022 primarily due to total labor and food cost increases, which were only partially offset in the quarter given our pricing action to offset those costs in the last month of the quarter. First quarter 2022 net loss from continuing operations was $1.3 million compared to loss from continuing operations in the first quarter of 2021 of $0.7 million."

Stockinger continued, "Our singular focus on Pollo Tropical has enabled us to make significant progress on the brand’s growth initiatives during the first quarter. First, we made great strides on enhancing our digital platform. The rollout of the upgraded digital drive thru technology is underway with five to six additional units to be completed by the end of the second quarter. The pace of rollout of this additional feature will increase during the remainder of the year. As a result of improved staffing levels, we also re-opened curbside capability in all units and plan to add marketing support behind this effort going forward. Second, we continue to refine and implement our new, more efficient kitchen design in upcoming refreshes and remodels, which significantly reduces order cycle times and unlocks unmet drive thru demand in high volume units. Our first total retrofit is in the final stages of implementation, with additional retrofits planned for the balance of 2022. And third, we completed seven additional refreshes and remodels during the first quarter, making 15 in total since 2021. The sales lift(5) on the refreshed units completed to date was approximately +6.0% to +7.0% compared to pre-refresh sales trends, exceeding our initial expectations. As we realize the full impact of our growth initiatives, we expect them to contribute meaningfully to sales momentum."

Stockinger concluded, "Our team has proactively and successfully managed external labor supply and inflationary challenges. We are encouraged by our continued sales and margin momentum thus far in 2022, something we expect to see continue for the balance of the year - barring unforeseen changes in our operating environment. Significantly, we have also finalized plans to reduce G&A expenses and we expect to see this positively impact the second half of this year - aiming to achieve our targeted range of 8.5% to 9.0% of restaurant sales on a run rate basis. Finally, and most importantly, we will continue to drive growth through enhancements to our customer experience across all service channels - by continuing to implement further enhancements to our digital platform, continuing to develop the capabilities of our field management teams, and continuing to refine our brand proposition and new unit design features through refreshed and remodeled restaurants."

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Toast Announces First Quarter 2022 Financial Results

Added over 5,000 net new locations for the first quarter ever

First quarter subscription revenue growth accelerated to 103% year-over-year

Annualized recurring run-rate (ARR) as of March 31, 2022 grew 66% year-over-year

May 12, 2022 04:05 PM Eastern Daylight Time

BOSTON--(BUSINESS WIRE)--Toast (NYSE: TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the first quarter ended March 31, 2022.

“Toast delivered a strong first quarter, coming in well ahead of expectations across the board and adding a record number of net new locations to our platform as we continue to lead restaurants into a new digital era of hospitality,” said Chris Comparato, CEO, Toast. “The restaurant industry is still in the early days of its shift to digital. With our best-in-class technology platform and focus on providing restaurants everything they need to run their business, we believe we’re well positioned to be the restaurant industry’s technology backbone and capitalize on this significant market opportunity.”

Financial Highlights for the First Quarter of 2022

Total locations increased nearly 45% year-over-year to approximately 62,000.
Revenue grew 90% year-over year to $535 million.
ARR as of March 31, 2022 was $637 million, up 66% year-over-year.
Gross Payment Volume (GPV) increased 98% year-over-year to $17.8 billion.
Gross profit of $89 million was up 29% year-over-year from Q1 2021. Non-GAAP gross profit grew 38% year-over year to $101 million.
Net loss was $23 million in Q1 2022 compared to net loss of $99 million in Q1 2021. Adjusted EBITDA was $(45) million in Q1 2022 compared to Adjusted EBITDA of $4 million in Q1 2021.
Net cash used in operating activities of $47 million and Free Cash Flow of $(50.0) million in Q1 2022, compared to $5 million and $(13.0) million, respectively, in Q1 2021.

For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Key Business Metrics” and “Non-GAAP Financial Measures,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

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THE WENDY'S COMPANY REPORTS FIRST QUARTER 2022 RESULTS

May 11, 2022, 07:00 ET

COMPANY TO HOST VIRTUAL INVESTOR DAY ON JUNE 9

DUBLIN, Ohio, May 11, 2022 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 3, 2022.

"We continue to make meaningful progress against our three strategic growth pillars, reinforcing the strength and resiliency of the Wendy's® brand and driving robust AUV and sales increases," President and Chief Executive Officer Todd Penegor said. "We had one of our best quarters in our history for unit growth, with over 90 new restaurant openings, and are on track to reach our planned net unit growth goal of 5 to 6 percent for the year. We also competed well with Global same-restaurant sales up double digits once again on a two-year basis and increased our Global digital sales mix to over 10%. We are well positioned to win in this volatile environment, with strong franchisee alignment behind our strategies, and have strengthened our balance sheet with the successful debt raise transaction we recently completed. With sustained focus on executing against our key priorities, we are confident we will achieve our vision of becoming the world's most thriving and beloved restaurant brand."

First Quarter 2022 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

2022

2021

Systemwide Sales Growth(1)

U.S.

2.4%

13.1%

International(2)

19.2%

7.3%

Global

4.2%

12.5%

Same-Restaurant Sales Growth(1)

U.S.

1.1%

13.5%

International(2)

14.1%

7.9%

Global

2.4%

13.0%

Systemwide Sales (In US$ Millions)(3)

U.S.

$2,712

$2,647

International(2)

$360

$304

Global

$3,072

$2,951

Restaurant Openings

U.S. - Total / Net

45 / 31

20 / 4

International - Total / Net

48 / 36

18 / 6

Global - Total / Net

93 / 67

38 / 10

Global Reimaging Completion Percentage

74%

66%

(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

2022

2021

B / (W)

(In Millions Except Per Share Amounts)

(Unaudited)

Total Revenues

$ 488.6

$ 460.2

6.2%

Adjusted Revenues(1)

$ 396.1

$ 370.8

6.8%

Company-Operated Restaurant Margin

11.6%

17.0%

(5.4)%

General and Administrative Expense

$ 62.3

$ 52.6

(18.5)%

Operating Profit

$ 74.9

$ 83.1

(9.9)%

Net Income

$ 37.4

$ 41.4

(9.6)%

Adjusted EBITDA

$ 106.9

$ 121.0

(11.6)%

Reported Diluted Earnings Per Share

$ 0.17

$ 0.18

(5.6)%

Adjusted Earnings Per Share

$ 0.17

$ 0.20

(15.0)%

Cash Flows from Operations

$ 21.0

$ 85.8

(75.5)%

Capital Expenditures

$ (12.5)

$ (10.4)

(20.6)%

Free Cash Flow(2)

$ 44.4

$ 97.5

(54.5)%

(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 driven largely by the favorable impact of the acquisition of 93 franchise-operated restaurants in Florida during the fourth quarter of 2021, partially offset by the sale of 47 Company-operated restaurants in the New York market during the second quarter of 2021. Revenues also benefited from an increase in franchise royalty revenue and advertising funds revenue, both of which increased largely due to higher same-restaurant sales.

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Dutch Bros Inc. Announces First Quarter 2022 Financial Results

Opened 34 Shops, Revenue Up 54% Year-over-Year

Increases Development Target to at least 130 Shop Openings in 2022

Revises Full Year 2022 Outlook

May 11, 2022 04:05 PM Eastern Daylight Time

GRANTS PASS, Ore.--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or 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 first quarter ended March 31, 2022. The Company also revised its full year 2022 outlook.

Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “The consumer demand for our beverages remains strong. Our substantial top-line revenue growth of 54% was primarily driven by the 107 company-operated shops opened over the past twelve months, a 56% increase, including 34 during the first quarter, and same shop sales of 6.0%. As a people-led growth story, we are particularly encouraged by our staffing levels and the performance of our newest shops, spread across many markets, including some that generated record initial sales. Our ability to increase revenues while successfully developing new shops reinforces our commitment to offering exceptional drive-thru experiences and confidence in our long-term strategy and growth targets.”

He added, “Still, we were not immune to the record inflation that surpassed our expectations and pressured margins in our company-operated shops. While we believe these margin impacts may be short-term, we have opted to take a more conservative stance regarding adjusted EBITDA for 2022 as we monitor our pricing and the escalating cost environment.”

He concluded, “We are currently celebrating Dutch Bros’ milestone 30th anniversary, and have marked the occasion by launching our eastward expansion, beginning in Nashville. While Dutch Bros is already a well-established and respected brand on the West Coast, we are still in the early stages of our development with the potential for at least 4,000 shops nationwide over the next 10 to 15 years. In 2022, we now intend to open at least 130 new shops, supported by a robust pipeline and strong consumer acceptance. Besides moving east, we are excited about further expansion in existing markets, including Southern California, which we believe will be another significant growth market. As we continue on our journey, we are committed to always putting our people first and making a massive difference in the lives of our employees, customers, and communities. To that end, I am pleased to announce that, along with our franchise partners, we raised over $800,000 in our annual Dutch Luv fundraiser for local food banks, surpassing over $2.1 million raised since 2019.”

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First Watch Restaurant Group, Inc. Reports Strong Q1 2022 Financial Results

May 10, 2022 07:00 ET

Same-restaurant sales growth of 27.2% driven by same-restaurant traffic growth of 21.9% Income from operations margin of 4.5% and restaurant level operating profit margin of 19.6% 7 system-wide restaurants opened across 5 states

BRADENTON, Fla., May 10, 2022 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended March 27, 2022 (“Q1 2022”) and reiterated its fiscal year 2022 guidance.

“I’m pleased that First Watch’s track record of exceptional operating performance has continued into 2022. We increased total revenues by 36.1% over the first quarter of the prior year, driven by same-restaurant sales growth of 27.2% and same-restaurant traffic growth of 21.9%. Moreover, same restaurant sales and traffic growth on a three-year stack basis was 30.6% and 9.9%, respectively, which puts us in rare air,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “I’m especially proud that we delivered a strong restaurant level operating profit margin that exceeded our expectations despite the challenging operating environment. Thank you to all the dedicated individuals throughout our organization who continue to adapt to every challenge while raising the bar as leaders in the Daytime Dining segment and the industry as a whole.”

Highlights for Q1 2022 compared to Q1 2021*:

Total revenues increased 36.1% to $173.1 million in Q1 2022 from $127.2 million in Q1 2021
System-wide sales increased 35.6% to $214.1 million in Q1 2022 from $158.0 million in Q1 2021
Same-restaurant sales growth of 27.2% (26.1% relative to Q1 2019**)
Same-restaurant traffic growth of 21.9% (3.4% relative to Q1 2019**)
Income from operations margin of 4.5% in Q1 2022 compared to 3.1% in Q1 2021
Restaurant level operating profit margin*** increased to 19.6% in Q1 2022 from 17.5% in Q1 2021
Net income of $4.6 million, or $0.08 per diluted share, in Q1 2022 compared to Net loss of $(2.0) million, or $(0.05) per diluted share in Q1 2021
Adjusted EBITDA*** increased to $19.4 million in Q1 2022 from $13.0 million in Q1 2021
Opened 7 system-wide restaurants (6 company-owned and 1 franchise-owned) resulting in a total of 441 system-wide restaurants (346 company-owned and 95 franchise-owned) across 28 states

___________________ * Thirteen weeks ended March 28, 2021 (“Q1 2021”) ** Comparison to the thirteen weeks ended March 31, 2019 (“Q1 2019”) is presented for enhanced comparability due to the economic impact of COVID-19 *** See “Non-GAAP Financial Measures” below

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BBQ Holdings, Inc. Reports Results for First Quarter 2022

May 10, 2022 08:32 ET

MINNEAPOLIS, May 10, 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 first fiscal quarter ended April 3, 2022.

First Quarter Highlights:

First Quarter(dollars in thousands, except per share data)2022202120202019Total revenue$64,184$37,319$23,855$14,193Net income (loss)$767$799$13,707$82Earnings (loss) per diluted share$0.07$0.08$1.49$0.01Adjusted net income (loss)$1,138$811$(484)$489Adjusted earnings (loss) per diluted share$0.11$0.09$(0.05)$0.05Cash EBITDA$3,748$3,220$(457)$1,030Restaurant-level margins6.4%9.1%(1.9)%(1.7)%Prime costs64.3%60.4%69.9%71.0%Free cash flow$3,026$2,529$(1,406)$809

First Quarter Same Store Sales2022 vs. 20212022 vs. 20202022 vs. 2019Famous Dave's Company-owned7.9%22.6 %12.6 %Famous Dave's Franchise-operated*8.6%21.3 %5.6 %Granite City**24.1%21.4 %(1.7)%Village Inn Company-owned**19.1%8.8 %(8.0)%Village Inn Franchise-operated*19.9%NA%NA%Bakers Square**17.0%(12.5)%(17.7)%Clark Crew5.0%5.8 %NA%Real Urban BBQ**11.0%NA%NA%Tahoe Joe's**6.0%NA%NA%

* as reported by franchisees ** includes sales under prior ownership *** it is our policy to include in our same store net sales base, restaurants that have been open for 12 months under our company’s ownership

Subsequent Events:

On April 11, 2022, we closed the purchase of the Barrio Queen Restaurant Business. The purchase price of approximately $28.5 million was funded with cash and debt. See 8-K filed with the SEC on March 14, 2022 for additional information regarding this acquisition, including the Asset Purchase Agreement.

On November 23, 2021, the Company, entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. The Credit Agreement had a five-year term and provided for up to a $5.0 million revolving line of credit and a $15.0 million term loan. On April 11, 2022 (the “First Amendment Date”), the Company amended the Credit Agreement (the “Amended Credit Agreement”), increasing the revolving line of credit to $25.0 million and the term loan to $25.0 million. The Amended Credit Agreement as well as additional information can be seen in the 8-K filed by the Company on April 13, 2022.

View full version at BBQ Holdings

Ruth’s Hospitality Group, Inc. Reports First Quarter 2022 Financial Results

Earnings Per Share Increased 17% to $0.31

Quarterly Dividend Increased to $0.14 per Share

May 06, 2022 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 27, 2022 and provided a business update.

Year to Date Highlights (1)

Opened our first of five anticipated 2022 new restaurants in Aventura, FL. The Company has opened three new Company-owned restaurants in the past two quarters.
Announced a second quarter dividend increase to $0.14 from $0.12
Repaid $20.0 million of debt on our revolving credit facility during the first quarter and repaid an additional $25.0 million in April
First quarter comparable sales were positive compared to both fiscal years 2021 and 2019. By period, comparable restaurant sales and average weekly sales for Company-owned restaurants for the first quarter 2022 were as follows:

(dollar amounts in thousands)

January

February

March

Q1 2022

Comparable Restaurant Sales vs. 2021

49.9%

44.7%

30.5%

41.5%

Comparable Restaurant Sales vs. 2019

-0.2%

11.5%

14.4%

8.1%

Average Weekly Sales (all restaurants)(2)

$108.5

$141.7

$128.0

$124.7

(1)

In order to assist with the review of our quarterly and annual results, we have provided an additional comparison to the same period in 2019 for some of our financial measures.

(2)

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

CEO Comments

Cheryl Henry, President, Chief Executive Officer and Chairperson of the Board of Ruth’s Hospitality Group, Inc., commented, “I’m extremely proud of our team members for delivering impressive first quarter sales and earnings growth. Given our momentum, we are optimistic about our business, particularly in light of our operational improvements, the strength of our development pipeline for both 2022 and 2023, and positive early results from our digital initiatives, which are clearly benefiting our top line. While we acknowledge the challenges that still exist at home and abroad, we believe we are well-positioned to deliver on our total return strategy that combines organic growth investments with returning cash to shareholders.”

View full version at Ruth's Hospitality

RAVE Restaurant Group, Inc. Reports Third Quarter Financial Results

May 06, 2022, 09:00 ET

DALLAS, May 6, 2022 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter ended March 27, 2022.

Third Quarter Highlights:

Total Pizza Inn domestic retail sales increased 27.0% in the third quarter of fiscal 2022 compared to the same period of the prior year.
Total Pie Five domestic retail sales increased 19.5% in the third quarter of fiscal 2022 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 22.8% in the third quarter of fiscal 2022 compared to the same period of the prior year.
Pie Five comparable store retail sales increased 21.4% in the third quarter of fiscal 2022 compared to the same period of the prior year.
The Company recorded net income of $0.5 million for the third quarter of fiscal 2022 compared to net income of $0.4 million for the same period of the prior year.
Income before taxes was $0.5 million for the third quarter of fiscal 2022 compared to net income before taxes of $0.4 million for the same period of the prior year.
Total revenue increased by $0.4 million to $2.6 million for the third quarter of fiscal 2022 compared to the same period of the prior year.
Convertible Notes decreased $1.6 million during the third quarter of fiscal 2022 to zero at March 27, 2022 due to full repayment in cash at maturity on February 15, 2022.
On a fully diluted basis, net income increased $0.01 per share to $0.03 per share for the third quarter of fiscal 2022 compared to $0.02 per share for the same period of the prior year.
Cash and cash equivalents decreased $1.0 million during the third quarter of fiscal 2022 to $7.2 million at March 27, 2022.
Pizza Inn domestic unit count finished at 128.
Pizza Inn international unit count finished at 31.
Pie Five domestic unit count finished at 33.

"Eight consecutive quarters of profitability should not go unnoticed. Our Pie Five and Pizza Inn brands are energized by strong sales and profitability, relatively stable store count and smart management of our cash," said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.

View full version at RAVE Restaurant Group

The ONE Group Reports First Quarter 2022 Financial Results

Quarterly Revenues Increased 46.9% and Adjusted EBITDA Increased 65.5% Quarterly Consolidated Comparable Sales Increased 45.1% Compared to 2021 and 45.3% Compared to 2019

May 06, 2022 07:00 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 first quarter ended March 31, 2022.

Highlights for the first quarter compared to the same period in 2021 are as follows:

Total GAAP revenues increased 46.9% to $74.2 million from $50.5 million;
GAAP net income attributable to The ONE Group was $3.7 million, or $0.11 per share ($0.15 adjusted net income per share)****, compared to GAAP net income of $70 thousand, or $0.00 per share ($0.05 adjusted net income per share)****;
Restaurant Operating Profit*** increased 40.8% to $13.0 million from $9.3 million; and
Adjusted EBITDA** increased 65.5% to $10.8 million from $6.5 million.

Comparable sales* for the first quarter compared to the same periods in 2021 and 2019:

Compared to 2021:
Consolidated comparable sales* increased 45.1%;
Comparable sales* for STK increased 66.5%; and
Comparable sales* for Kona Grill increased 21.9%;
Compared to 2019:
Consolidated comparable sales* increased 45.3%;
Comparable sales* for STK increased 62.9%; and
Comparable sales* for Kona Grill increased 27.5%

“We exceeded the high-end of our revenue guidance by $4 million and delivered industry-leading comparable sales growth along with strong restaurant operating profit and adjusted EBITDA despite significant commodity inflation, labor challenges, and the effects of the ongoing COVID-19 pandemic. This brought adjusted EBITDA to nearly $47.0 million for the 12-months ended March 31, 2022, a new record. Our quarterly performance is a true testament to our operational execution and ability to deliver VIBE dining experiences in every market where we operate to every guest, every time. Our sales momentum has continued into 2022, as demonstrated by our strong comparable sales compared to 2021 and 2019, showing that interest in dining at our highly differentiated upscale and polished casual restaurants remains strong,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

Hilario continued, “We believe we are still in the early stages of a long-term growth story, and we continue to build a portfolio of high volume, high margin brands with compelling returns. Our robust 2022 development pipeline consists of at least nine new venues, the most we have had in a single year, including two Company-owned STKs, three Company-owned Kona Grills, a managed STK, and three licensed units for takeout and delivery in conjunction with REEF Kitchens. As our footprint increases, we should benefit from leveraging system-wide operating efficiencies and best practices through G&A management as a percentage of revenues.”

View full version at The ONE Group

FAT BRANDS INC. REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS

May 05, 2022 16:05 ET

Conference call and webcast today at 6:00 p.m. ET

LOS ANGELES, May 05, 2022 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fiscal first quarter 2022 financial results for the 13-week period ending March 27, 2022.

Andy Wiederhorn, President and CEO of FAT Brands, commented, “We want to thank our franchise partners and employees for their efforts in delivering yet another strong quarter and further momentum for FAT Brands as we emerge from the challenging operating environment of the past year.”

“We are pleased to report a very strong start to 2022, following a transformative year for FAT Brands in 2021. Last year, we completed four acquisitions, adding eight new restaurant brands to our portfolio. We expect 2022 to be a year to digest those acquisitions while capitalizing on the synergies they present.”

“We have opened 34 restaurants year to date, including 27 during the first quarter, and anticipate continued organic growth momentum in 2022 and beyond with our unit development pipeline of more than 860 locations. We also are continuing to see strong new franchisee activity as well as demand from existing franchise partners to develop other brands within the FAT Brands portfolio.”

“The first quarter marked another very strong quarter of growth for FAT Brands, and this quarter represented the first time all of the acquisition activity of the past year has been reflected in our results. Revenues rose by 1,365% and adjusted EBITDA increased by $14.0 million over the first quarter in 2021. Our same-store sales, which includes only those brands owned for all of fiscal 2021, increased 16.8%.”

“We are reiterating our expectation that we will add approximately 120 new restaurants in 2022. Our organic growth plan coupled with our acquisition strategy is driving strong revenue and adjusted EBITDA growth.”

Fiscal First Quarter 2022 Highlights

Total revenue improved 1,365% to $97.4 million compared to $6.6 million the first quarter of 2021
System-wide sales growth of 341% in the first quarter of 2022 compared to the prior year quarter
System-wide same-store sales growth of 16.8% in the first quarter of 2022 compared to the prior year quarter
27 new store openings during the first quarter of 2022 bringing our system-wide store count to 2,360 as of March 27, 2022
Net loss of $23.8 million or $1.45 per diluted share compared to $2.4 million or $0.20 per diluted share in the first quarter of 2021
Adjusted EBITDA(1) of $15.1 million compared to $1.1 million in the first quarter of 2021
Adjusted net loss(1) of $18.5 million, or $1.13 per diluted share, compared to $2.0 million, or $0.17 per diluted share in the first quarter of 2021

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

View full version at FAT Brands

Farmer Bros. Co. Reports Fiscal Third Quarter 2022 Financial Results

Posts 28% sales growth & 7th consecutive quarter of gross margin expansion

May 05, 2022 16:01 ET

NORTHLAKE, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its third fiscal quarter ended March 31, 2022.

Third Quarter Fiscal 2022 Highlights:

Net sales were $119.4 million, an increase of $26.2 million, or 28.2%, from the prior year period due to continued improvement in direct-store-delivery ("DSD") and Direct ship channels
Gross margin expanded for the seventh consecutive quarter to 29.8%, compared to 25.6% in the prior year period
Net loss improved to $4.0 million compared to a net loss of $13.7 million in the prior year period
Adjusted EBITDA of $5.0 million was the highest since the onset of COVID, and compares to a negative EBITDA of $0.8 million in the prior year period
As of March 31, 2022, total debt outstanding was $101.1 million, and cash and equivalents were $10.4 million

(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)

Deverl Maserang, Chief Executive Officer, commented, “Our 2022 fiscal third quarter performance demonstrated a continuation of strong sequential improvements driven by economic recovery and our business optimization efforts. We delivered our seventh consecutive quarter of gross margin expansion and achieved our highest adjusted EBITDA since the onset of the COVID-19 pandemic, which speaks to the execution against our strategy that we laid out two years ago. These efforts continue to improve the efficiency of our businesses, and despite the significant constraints posed by the pandemic, have put us in position to drive attractive performance gains as business conditions further recover throughout the 2022 calendar year.”

View full version at Farmer Bros.

Texas Roadhouse, Inc. Announces First Quarter 2022 Results

May 05, 2022 16:03 ET

LOUISVILLE, Ky., May 05, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 29, 2022.

Financial Results

Financial results for the 13 weeks ended March 29, 2022 and March 30, 2021 were as follows:First Quarter($000's)20222021% changeTotal revenue$987,486$800,62923.3%Income from operations90,13880,92711.4%Net income75,20264,15017.2%Diluted earnings per share$1.08$0.9118.5%

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

Comparable restaurant sales increased 16.0% at company restaurants and increased 20.4% at domestic franchise restaurants;
Average weekly sales at company restaurants were $132,263 of which 14.8% were to-go sales as compared to average weekly sales of $114,201 of which 22.3% were to-go sales in the prior year;
Restaurant margin, as a percentage of restaurant and other sales, decreased 213 basis points to 16.4%. Restaurant margin was negatively impacted by commodity inflation of 17.0%, primarily due to higher protein costs, partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 9.2% to $161.2 million from $147.6 million in the prior year;
Diluted earnings per share increased to $1.08 from $0.91 in the pr,ior year primarily due to higher restaurant margin dollars;
Three company restaurants and two international franchise restaurants were opened;
The Company repurchased 1,060,618 shares of common stock for $84.7 million; and,
The Company ended the quarter with $325.7 million of cash on hand and continued to maintain debt of $100 million.

Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We continue to be very pleased with the sales levels that are being generated thanks to the hard work of our operators. While higher costs are impacting our bottom line, we remain focused on what we can control – providing legendary food and legendary service each and every shift.”

Morgan continued, “Our healthy cashflow continues to allow us to grow our brands through new store development. We also repurchased over one million shares of our common stock this quarter, which is our most significant buyback since before the pandemic. We believe our new store growth, share buybacks and the continued growth in our dividends reflect the on-going commitment to our shareholders.”

View full version at Texas Roadhouse

Chuy’s Holdings, Inc. Announces First Quarter 2022 Financial Results

May 05, 2022 16:05 ET

AUSTIN, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the first quarter ended March 27, 2022.

Highlights for the first quarter ended March 27, 2022 were as follows:

Revenue increased 14.6% to $100.5 million compared to $87.7 million in the first quarter of 2021.
Comparable restaurant sales increased 11.4% as compared to fiscal 2021 and decreased 1.7% as compared to fiscal 2019. The comparable restaurant sales as compared to 2019 were negatively impacted by the Omicron variant outbreak during January and the first half of February of 2022 as well as an approximately 120 basis points decrease due to the severe winter weather across most of the Central United States during the quarter.
Our net income increased $2.3 million to $5.5 million, or $0.29 per diluted share, as compared to pre-pandemic net income of $3.2 million, or $0.19 per diluted share, during the first quarter of 2019. Net income was $6.7 million, or $0.33 per diluted share, in the first quarter of 2021.
Our adjusted net income(1) increased $3.0 million to $6.5 million, or $0.34 per diluted share, as compared to pre-pandemic adjusted net income of $3.5 million, or $0.21 per diluted share, during the same quarter of 2019. Adjusted net income was $8.5 million, or $0.42 per diluted share, in the first quarter of 2021.
Our restaurant-level operating profit(1) increased 21.8% to $19.1 million from pre-pandemic restaurant-level operating profit of $15.7 million in the first quarter of 2019 and restaurant-level operating margin(1) increased by 360 basis points to 19.0% from pre-pandemic restaurant-level operating margin of 15.4% during the first quarter of 2019. Restaurant-level operating profit(1) was $20.7 million and restaurant-level operating margin(1) was 23.7% in the first quarter of 2021.
Cash and cash equivalents were $89.7 million and the Company had no debt outstanding with $35.0 million available under its revolving credit facility.

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

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “We had a solid start to 2022 with over 14% top line growth during the first quarter and 360 basis-point improvement in restaurant-level operating margin over 2019. This is in line with our expectation to maintain between 300 to 350 basis-point margin improvement in 2022 over 2019. I’m proud of our team’s accomplishments in the face of the ongoing inflationary environment and the well-documented Omicron outbreak that impacted the first half of the quarter.”

Hislop added "We believe we are on the right path for recovery, and the initiatives we have put in place will allow us to remain nimble and ready to capture the opportunities ahead. We are excited to get back to growing our restaurant base with four to six restaurants planned to open during 2022 and a 10% growth rate in 2023 in the markets with proven high AUVs and brand recognition.”

View full version at Chuy's Holdings

Sweetgreen, Inc. Announces First Quarter 2022 Financial Results

May 05, 2022 04:05 PM Eastern Daylight 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 first fiscal quarter ended March 27, 2022.

“We are pleased to report that Q1 2022 revenue grew 67% year over year and restaurant level margins expanded,” said Co-Founder and CEO Jonathan Neman. “This performance underscores the strength of our team, the power of our brand, our unique supply chain, and our digital ecosystem. The strength of our 8 new restaurant openings continue to reinforce our confidence in the development pipeline. We remain well-positioned to achieve our vision of being as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect.”

"We are encouraged by how the business performed during the first quarter despite Omicron headwinds. AUVs recovered to $2.8 million up from $2.1 million this time last year and now exceed the first quarter of 2019," added CFO, Mitch Reback. "The path to recovery remains neither linear nor consistent; however, the strength of our brand, product, digital platform and team gives us confidence in reaching our goal of 1,000 restaurants across the United States by the end of the decade. We are well-equipped and keenly focused on building a sustainable business and our path to profitability."

First Quarter 2022 Financial Results

For the first quarter of fiscal year 2022, compared to the first quarter of fiscal year 2021:

Total revenue was $102.6 million versus $61.4 million in the prior year period, an increase of 67%.
Same-Store Sales Change of 35% versus Same-Store Sales Change of (26)% in the prior year period.
AUV of $2.8 million versus AUV of $2.1 million in the prior year period.
Total Digital Revenue Percentage of 66% and Owned Digital Revenue Percentage of 43%, versus Total Digital Revenue Percentage of 77% and Owned Digital Revenue Percentage of 53% in the prior year period.
Loss from operations was $(49.6) million and loss from operations margin was (48)% versus loss from operations of $(30.1) million and loss from operations margin of (49)% in the prior year period.
Restaurant-Level Profit(1) was $13.3 million and Restaurant-Level Profit Margin was 13%, versus Restaurant-Level Profit of $2.1 million and Restaurant-Level Profit Margin of 3% in the prior year period.
Net loss was $(49.2) million versus net loss of $(30.0) million in the prior year period.
Adjusted EBITDA(1) was $(16.5) million versus Adjusted EBITDA of $(21.0) million in the prior year period and Adjusted EBITDA Margin was (16)% versus (34)% in the prior year period.
8 Net New Restaurant Openings versus 1 Net New Restaurant Opening 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.”

View full version at Sweetgreen

Good Times Restaurants Reports Results for the Second Quarter Ending March 29, 2022

May 05, 2022 04:10 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 29, 2022.

Key highlights of the Company’s financial results include:

Total Revenues increased 15.1% to $33.6 million for the quarter compared to the prior year quarter and increased 17.7% to $66.5 million year-to-date compared to the prior year period
Total Restaurant Sales for Bad Daddy’s restaurants increased $4.5 million to $25.5 million for the quarter compared to the prior year quarter and $10.4 million to $50.0 million year-to-date compared to the prior year period
Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 15.5% for the quarter compared to the prior year quarter and increased 19.5% year-to-date compared to the prior year period
Total Restaurant Sales for Good Times restaurants decreased $0.1 million to $7.9 million for the quarter compared to the prior year quarter and decreased $0.4 million to $16.0 million year-to-date compared to the prior year period
Same Store Sales for company-owned Good Times restaurants decreased 0.9% for the quarter compared to the prior year quarter and decreased 1.7% year-to-date compared to the prior year period
Net Loss Attributable to Common Shareholders was $2.2 million for the quarter and Net Loss Attributable to Common Shareholders was $1.8 million year-to-date
Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $0.8 million and $2.3 million year-to-date
The Company ended the quarter with $7.1 million in cash and no long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our results this quarter reflect the significant inflationary pressures on both cost of sales and labor wage rates. We expect reduced margins compared to fiscal 2021 for the balance of the year as we combat increased costs with comparably smaller price increases. Sales at Bad Daddy’s have continued to show strength into the third fiscal quarter with continued positive sales and traffic counts that are flat to slightly increasing on a one-year basis. Our Good Times restaurants were negatively impacted by stronger guest preference for indoor dining compared to the same quarter last year. Good Times’ results are also affected by higher wages that are in-part driven by a combination of the significant statutory wage increase in the City and County of Denver and the impact of the overall market for quick-service restaurant employees, during a seasonally lower-indexing quarter.

View full version at Good Times Restaurants

Papa John’s International Announces First Quarter 2022 Financial Results

May 05, 2022 06:30 AM Eastern Daylight Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (NASDAQ: PZZA) (“Papa Johns®”) today announced financial results for the first quarter ended March 27, 2022.

First quarter 2022 highlights compared to first quarter of 2021

Total company revenues increased 6.0% to $542.7 million; global system-wide restaurant sales of $1.3 billion, up 5.3% (excluding the impact of foreign currency)
Comparable sales up 1.9% in North America and 0.8% Internationally, lapping prior year gains of 26.2% and 23.2%, respectively
62 net unit openings driven by accelerating development activity and growing pipeline, especially Internationally
Earnings per diluted share of $0.29; excluding Special items, non-GAAP adjusted diluted earnings per share of $0.95, up from $0.91 a year ago
Fiscal 2022 restaurant growth outlook raised to 280 to 320 net new units; new multi-year outlook provided for global restaurant count to grow 6% to 8% annually for fiscal 2023 through 2025

“In the first quarter Papa Johns again delivered positive comparable sales growth in North America and international, as we lapped our biggest quarter in the company’s history a year ago,” said President & CEO Rob Lynch. “Incredible execution, winning innovation and our differentiated position underlie our sustained industry outperformance and prove the resilience of our team, franchisees and strategy during volatile and challenging business conditions. Our franchisees also continue to demonstrate their excitement about Papa Johns opportunity, as they ramp up their investments to grow our brand.”

Mr. Lynch continued, “Last quarter we maintained our development momentum with strong new restaurant openings and significantly expanded and strengthened our pipeline with major new deals. As a result, we are excited to raise our 2022 outlook for restaurant growth and to provide a new, multi-year development goal to open 1,400 to 1,800 net new Papa Johns restaurants worldwide by the end of 2025 – with vast development whitespace still remaining. With system-wide momentum, sustained comparable sales outperformance and accelerating unit growth, Papa Johns is well-positioned and executing, regardless of the short-term macroeconomic environment, to continue delivering on its long-term potential and growth goals.”

View full version at Papa Johns

El Pollo Loco Holdings, Inc. Announces First Quarter 2022 Financial Results

May 04, 2022 16:05 ET

COSTA MESA, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 30, 2022

Highlights for the first quarter ended March 30, 2022 compared to the first quarter ended March 31, 2021 were as follows:

Total revenue was $110.1 million compared to $107.7 million.
System-wide comparable restaurant sales(1) increased 7.8%.
Income from operations was $3.3 million compared to $6.0 million.
Restaurant contribution(1) was $9.7 million, or 10.3% of company-operated restaurant revenue, compared to $15.2 million, or 16.1% of company-operated restaurant revenue.
Net income was $2.1 million, or $0.06 per diluted share, compared to net income of $4.0 million, or $0.11 per diluted share.
Pro forma net income(1) was $2.6 million, or $0.07 per diluted share, compared to $4.7 million, or $0.13 per diluted share.
Adjusted EBITDA(1) was $8.5 million, compared to $11.9 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, “While the COVID resurgence heavily impacted our sales performance in January and early February, I’m pleased that our sales bounced back in the second half of the quarter, resulting in a system-wide comparable restaurant sales growth of 7.8%. We are also encouraged that our top-line momentum has accelerated in the second quarter on the strength of our Shredded Beef Birria promotion and the implementation of new marketing strategies. While working to address the challenges of inflation and restaurant staffing, our team remains focused on executing our four strategic priorities, including culture, brand differentiation and awareness, customer service, and accelerated development. We believe these initiatives will continue to strengthen our business, improve profitability, and accelerate growth in 2022 and beyond.”

View full version at El Pollo Loco

Wingstop Inc. Reports Fiscal First Quarter Financial Results

May 04, 2022, 07:31 ET

Expecting meaningful commodity deflation, raising full year unit guidance to 220+

DALLAS, May 4, 2022 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal first quarter ended March 26, 2022.

Highlights for the fiscal first quarter 2022 compared to the fiscal first quarter 2021:

System-wide sales increased 12.7% to $630.0 million
60 net new openings in the fiscal first quarter 2022, an increase of 13.4%
Domestic same-store sales increased 1.2%
Three-year domestic same-store sales increased 31.8%
Domestic restaurant AUV increased to $1.6 million
Digital sales were 62.3% of sales, comparable to the prior fiscal first quarter
Total revenue increased 7.8% to $76.2 million
Net income of $8.7 million, or $0.29 per diluted share, compared to net income of $13.2 million, or $0.44 per diluted share in the prior fiscal first quarter. Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $10.2 million and $0.34 per diluted share, compared to $13.2 million and $0.44 per diluted share in the prior fiscal first quarter
Adjusted EBITDA, a non-GAAP measure, of $22.1 million, compared to adjusted EBITDA of $23.9 million in the prior fiscal quarter

Adjusted EBITDA, adjusted net income, adjusted earnings per diluted share, and cost of sales excluding pre-opening expenses are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, adjusted earnings per diluted share, and cost of sales excluding pre-opening expenses 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 first quarter 2022 results reflect the strength and momentum in our global development with a record 60 net new restaurant openings," said Michael Skipworth, President & Chief Executive Officer. "We delivered domestic same-store sales growth of 31.8% on a three-year basis, while increasing AUVs to $1.6 million. This coupled with the meaningful deflation we are experiencing in bone-in wings gives us confidence to raise our net new unit guidance for our full year to 220+. Our strategic growth levers and proactive investments in technology have positioned our brand for continued long-term growth as we continue executing against our vision to become a Top 10 Global Restaurant Brand."

View full version at Wingstop

Yum! Brands Reports First-Quarter Results; Q1 Record 997 Gross Unit Openings and Record Digital Mix Exceeding 40%; System Sales Growth of 8% Driven by 6% Unit Growth and 3% Same-Store Sales Growth

May 04, 2022 07:00 AM Eastern Daylight Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2022. Worldwide system sales excluding foreign currency translation grew 8%, with 6% unit growth and 3% same-store sales growth. First quarter GAAP EPS was $1.36, an increase of 27% year-over-year. First quarter EPS excluding Special Items was $1.05, a decrease of (1)% year-over-year.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said “Our system sales grew 8% despite the difficult operating environment, a testament to the demand for our iconic brands and the unmatched operating capabilities of our world-class franchise partners. We set a Q1 development record, opening nearly 1,000 gross units. Momentum in our digital sales continued in the first quarter as a result of both continued system sales growth and digital mix expansion, reaching a Q1 record of approximately $6 billion.”

FIRST-QUARTER HIGHLIGHTS

Worldwide system sales grew 8%, excluding foreign currency translation, with KFC at 9%, Taco Bell at 8% and Pizza Hut at 3%.
We added 997 gross units during the first quarter resulting in 628 net-new units and 6% unit growth year-over-year.
Reported digital sales of approximately $6 billion, up 15% year-over-year with digital mix exceeding 40%.
Repurchased 3.4 million shares totaling approximately $407 million at an average price per share of $121.
Foreign currency translation unfavorably impacted divisional operating profit by $14 million.

% Change

System Sales

Ex F/X

Same-Store Sales

Units

GAAP Operating Profit

Core

Operating Profit1

KFC Division

(3)

Taco Bell Division

Pizza Hut Division

Even

Worldwide

(6)

(5)

First-Quarter

2022

2021

% Change

GAAP EPS

$1.36

$1.07

+27

Special Items EPS1

$0.31

$0.00

EPS Excluding Special Items

$1.05

$1.07

(1)

1See 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

BRINKER INTERNATIONAL REPORTS THIRD QUARTER OF FISCAL 2022 RESULTS AND PROVIDES AN UPDATED FISCAL 2022 OUTLOOK

May 04, 2022, 06:45 ET

DALLAS, May 4, 2022 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the third quarter of fiscal 2022 ended March 30, 2022 and provided a financial update for fiscal 2022.

"Brinker's strong brands and industry-leading value proposition helped deliver another solid quarter, all while continuing to navigate some of the most challenging commodity and labor cycles many of us have ever seen," said Wyman Roberts, Chief Executive Officer and President. "Despite these near-term obstacles, we are well positioned to increase our investment in both Chili's and Maggiano's, significantly expanding our restaurant development while leaning further into technology to improve our performance and guest experience."

Fiscal 2022 Highlights - Third Quarter

Brinker International's Company sales in the third quarter of fiscal 2022 increased to $960.6 million as compared to $813.7 million in the third quarter of fiscal 2021.
Chili's Company sales in the third quarter of fiscal 2022 increased to $863.3 million as compared to $749.0 million in the third quarter of fiscal 2021.
Maggiano's Company sales in the third quarter of fiscal 2022 increased to $97.3 million as compared to $64.7 million in the third quarter of fiscal 2021.
Operating income in the third quarter of fiscal 2022 decreased to $49.4 million as compared to $52.2 million in the third quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the third quarter of fiscal 2022 decreased to 5.0% as compared to 6.3% in the third quarter of fiscal 2021.
Restaurant operating margin, as a percentage of Company sales, in the third quarter of fiscal 2022 decreased to 12.2% as compared to 13.9% in the third quarter of fiscal 2021.
Net income per diluted share, on a GAAP basis, in the third quarter of fiscal 2022 increased to $0.81 as compared to $0.73 in the third quarter of fiscal 2021.
Net income per diluted share, excluding special items, in the third quarter of fiscal 2022 increased to $0.92 as compared to $0.78 in the third quarter of fiscal 2021.
Net cash provided by operating activities through the third quarter of fiscal 2022 was $211.6 million, and capital expenditures totaled $109.0 million resulting in free cash flow of $102.6 million.
Adjusted EBITDA in the third quarter of fiscal 2022 increased to $97.7 million as compared to $93.9 million in the third quarter of fiscal 2021. Adjusted EBITDA in the thirty-nine week period ended March 30, 2022 increased to $254.9 million as compared to $224.2 million in the thirty-nine week period ended March 24, 2021.

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

Denny’s Corporation Reports Results for First Quarter 2022

May 03, 2022 16:10 ET

- Signs Definitive Agreement to Acquire Keke's Breakfast Cafe -

SPARTANBURG, S.C., May 03, 2022 (GLOBE NEWSWIRE) -- Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, today reported results for its first quarter ended March 30, 2022 and announced that it has signed a definitive agreement to acquire Keke's Breakfast Cafe.

John Miller, Chief Executive Officer, stated, "I am encouraged by our domestic system-wide same-store sales** performance and our ability to generate Adjusted EBITDA* near the mid-point of our guided range, as we effectively navigated the impact of the Omicron spike in January and the impact of global events in March. As consumer sentiment began to improve in April, we were pleased to experience a corresponding sequential improvement in sales trends."

Miller continued, "Today we announced the anticipated acquisition of Keke's Breakfast Cafe, which we believe can drive incremental growth that complements the Denny's brand. Keke’s is a high-growth brand that aligns well with our core competency while providing us with an opportunity to participate in the fast-growing A.M. eatery segment. We intend to utilize the proven capabilities of our franchise-focused business model to develop Keke’s across multiple states with the long-term target of becoming the A.M. eatery franchisor of choice."

First Quarter 2022 Highlights

Total operating revenue increased 28.0% to $103.1 million, primarily due to the COVID-19 recovery as compared to the prior year quarter.
Domestic system-wide same-store sales** grew 23.3% compared to the equivalent fiscal period in 2021, including a 22.8% increase at domestic franchised restaurants and a 30.6% increase at company restaurants.
Opened five franchised restaurants, including one international location and two REEF ghost-kitchen locations.
Completed nine remodels, including six franchised restaurants.
Operating income was $13.3 million compared to $5.5 million in the prior year quarter.
Franchise Operating Margin* was $28.5 million, or 48.1% of franchise and license revenue, and Company Restaurant Operating Margin* was $5.4 million, or 12.2% of company restaurant sales.
Net income was $21.9 million, or $0.34 per diluted share.
Adjusted Net Income* and Adjusted Net Income Per Share* were $7.0 million and $0.11, respectively.
Adjusted EBITDA* was $17.7 million compared to $11.8 million in the prior year quarter.
Cash used in operating, investing, and financing activities was $7.1 million, $3.8 million, and $13.7 million, respectively.
Adjusted Free Cash Flow* was $10.7 million compared to $5.2 million in the prior year quarter.

First Quarter Results

Denny’s total operating revenue increased 28.0% to $103.1 million compared to $80.6 million in the prior year quarter. Franchise and license revenue was $59.1 million compared to $47.0 million in the prior year quarter. Company restaurant sales were $44.0 million compared to $33.6 million in the prior year quarter. These increases were primarily due to the easing of dine-in restrictions as compared to the prior year quarter.

Franchise Operating Margin* was $28.5 million, or 48.1% of franchise and license revenue, compared to $23.2 million, or 49.5%, in the prior year quarter. This margin increase was primarily due to the improvement in sales performance at franchised restaurants.

Company Restaurant Operating Margin* was $5.4 million, or 12.2% of company restaurant sales, compared to $3.4 million, or 10.1%, in the prior year quarter. This margin increase was primarily due to the improvement in sales performance at company restaurants.

Total general and administrative expenses were $17.0 million, compared to $16.9 million in the prior year quarter. A benefit from deferred compensation valuation adjustments was offset by increases in share-based compensation expense and corporate administrative expenses.

The provision for income taxes was $8.1 million, reflecting an effective tax rate of 27.1%. Approximately $0.4 million in cash taxes were paid during the quarter.

Net income was $21.9 million, or $0.34 per diluted share, compared to $23.2 million, or $0.35 per diluted share, in the prior year quarter. Adjusted Net Income* per share was $0.11 compared to $0.01 in the prior year quarter.

Denny’s ended the quarter with $183.8 million of total debt outstanding, including $171.5 million of borrowings under its credit facility.

View full version at Denny's

Restaurant Brands International Inc. Reports First Quarter 2022 Results

May 03, 2022, 06:30 ET

First quarter system-wide sales grew 14% year-over-year, up nearly $1 billion year-over-year

Global comparable sales growth of 8% driven by over 10% at Tim Hortons Canada and over 20% at Burger King International

Home market digital sales reach their highest levels ever as a percentage of system-wide sales

Record number of first quarter restaurant openings, led by multi-brand international growth and Popeyes in the US

Over $400 million of capital returned to shareholders in Q1 through dividends and share buybacks

TORONTO, May 3, 2022 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2022.

José Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "Our first quarter results reflect the hard work of our great franchisees, team members, and employees with important milestones including a strong resurgence in comparable sales, record first quarter new restaurant openings, and the highest level of digital engagement we have seen from guests across our home markets. This progress allowed us to continue investing behind our key priorities, while also returning over $400 million to shareholders between dividends and share repurchases."

"Tim Hortons Canada and Burger King International had standout sales performances, both with double digit comparable sales growth during the first quarter, while Burger King U.S. continued to lay the foundation to return to long term, sustainable growth. In addition, our strong start to the year in new restaurant openings and the progress we've made in ramping our global development capabilities at Tim Hortons and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022."

Cil continued, "With home market digital sales reaching their highest levels ever, we're pleased with the investments we've made to allow our guests to engage with our brands in more convenient and personal ways – whether it's at the front counter, in the drive-thru, or ahead of time through mobile ordering. We believe we're well positioned to continue our momentum from the first quarter, with experienced leaders guiding our brands and collaborating with our amazing franchisee networks to grow all four of our brands over the long-term." concluded Cil.

View full version at RBI

Bloomin’ Brands Announces 2022 Q1 Financial Results

Q1 Combined U.S. Comparable Restaurant Sales Growth of 14.0%

Q1 Diluted EPS of $0.73 and Adjusted Diluted EPS of $0.80

Raises Full Year Guidance for Revenue, Profit and EPS Expectations

Declares Quarterly Cash Dividend of $0.14 per share

April 29, 2022 07:00 AM Eastern Daylight Time

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2022 (“Q1 2022”) compared to the first quarter 2021 (“Q1 2021”).

CEO Comments

“The first quarter was a strong start to the year and sets us up well to achieve our 2022 goals,” said David Deno, CEO. “Our Q1 results reflect both our customer’s positive response to investments we have made in quality and service as well as the ongoing execution against our growth strategy. This strategy has produced sustainable gains in off-premises, higher digital engagement, and improved operational efficiencies in the restaurant. These efforts have resulted in enhanced sales and profits, which have enabled us to increase full year guidance.”

Diluted EPS and Adjusted Diluted EPS

The following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):

2022

2021

CHANGE

Diluted earnings per share

0.73

0.63

0.10

Adjustments (1)

0.07

0.09

(0.02

)

Adjusted diluted earnings per share (1)

0.80

0.72

0.08

________

(1) Adjustments for the periods presented primarily include the exclusion of shares from our calculation of diluted weighted average common shares outstanding due to: (i) our convertible note hedge which offsets the dilutive impact of the shares underlying the 2025 Notes and (ii) our February 2021 election to settle the principal portion of the 2025 Notes in cash. There were no adjustments to Income from operations during the periods presented. See Non-GAAP Measures later in this release.

First Quarter Financial Results

(dollars in millions, unaudited)

Q1 2022

Q1 2021

CHANGE

Total revenues

1,140.5

987.5

15.5

Restaurant-level operating margin

17.1

18.8

(1.7

) %

Operating income margin

9.4

9.2

0.2

The increase in Total revenues was primarily due to: (i) higher comparable restaurant sales primarily attributable to increases in average check per person, (ii) higher franchise revenues and (iii) the net impact of restaurant openings and closures.
Restaurant-level operating margin decreased primarily due to: (i) commodity and wage rate inflation, (ii) higher operating expenses including utilities and (iii) higher advertising expense. These decreases were partially offset by increases in average check per person and the net benefit of lapping the impact of COVID-19.
Operating income margin increased due to an increase in franchise revenues, partially offset by a decrease in restaurant-level operating margin as described above.

First Quarter Comparable Restaurant Sales

THIRTEEN WEEKS ENDED

Comparable restaurant sales (stores open 18 months or more):

MARCH 27, 2022

U.S.

Outback Steakhouse

9.2 %

Carrabba’s Italian Grill

11.5 %

Bonefish Grill

21.3 %

Fleming’s Prime Steakhouse & Wine Bar

45.7 %

Combined U.S.

14.0 %

International

Outback Steakhouse - Brazil (1)

35.9 %

_________________

(1) Excludes the effect of fluctuations in foreign currency rates. Includes trading day impact from calendar period reporting.

Dividend Declaration and Share Repurchases

On April 19, 2022, our Board of Directors declared a quarterly cash dividend of $0.14 per share to be paid on May 25, 2022 to all stockholders of record as of the close of business on May 11, 2022.

On February 8, 2022, our Board of Directors approved a $125 million share repurchase program. As of April 27, 2022, we repurchased 1.2 million shares for a total of $26 million and had $99 million remaining under this authorization. This authorization will expire on August 9, 2023.

View full version at Bloomin' Brands

McDonald's Reports First Quarter 2022 Results

April, 28 2022

Global comparable sales increased nearly 12%

McDonald's Corporation today announced results for the first quarter ended March 31, 2022.

"In a quarter that saw an increasingly complex and uncertain operating environment, I am proud to share that once again the Arches have shone brightly," said McDonald's President and Chief Executive Officer, Chris Kempczinski. "Our strong performance in the first quarter was underpinned by global comparable sales up nearly 12%, reflecting broad-based momentum across all segments. In most of our major markets, we sustained QSR traffic share gains by focusing on elevating our brand, accelerating digital channels and showcasing our core equities of chicken and beef. By staying on the side of the consumer and executing our strategy, Accelerating the Arches, we have continued to drive growth. It is why I believe there has never been a better time to be part of brand McDonald's."

First quarter financial performance:

Global comparable sales increased 11.8%, reflecting positive comparable sales across all segments:
U.S. increased 3.5%
International Operated Markets segment increased 20.4%
International Developmental Licensed Markets segment increased 14.7%
Consolidated revenues increased 11% (14% in constant currencies).
Systemwide sales increased 10% (14% in constant currencies).
Consolidated operating income increased 1% (3% in constant currencies). The Company temporarily suspended operations during the quarter in Russia and Ukraine as a result of the military conflict in the region. Results included $27 million of costs related to the continuation of employee salaries, lease and supplier payments, as well as $100 million of costs for inventory in the Company's supply chain that likely will be disposed of due to restaurants being temporarily closed. Excluding these current year costs and prior year strategic gains of $135 million, primarily related to the sale of McDonald's Japan stock, consolidated operating income increased 14% (18% in constant currencies).
Diluted earnings per share was $1.48, a decrease of 28% (27% in constant currencies). Excluding the costs to support the Company's businesses in Russia and Ukraine of $0.13 per share, as well as a nonoperating expense to reserve for a potential settlement related to an international tax matter of $0.67 per share for the quarter 2022, diluted earnings per share for the quarter was $2.28, an increase of 19% (22% in constant currencies) when also excluding strategic gains of $0.13 per share for the quarter 2021.

Impact of Russia-Ukraine Military Conflict:

During the first quarter of 2022, McDonald's announced it was temporarily suspending operations and closing restaurants in Russia and Ukraine. The temporary closures were effective at the end of February in Ukraine and mid-March in Russia. The Company is supporting its businesses in these markets through the continuation of employee salaries and lease payments as well as providing support to the Company's supply chain in the region.

View source version at McDonald's

Domino's Pizza® Announces First Quarter 2022 Financial Results

Apr 28, 2022, 07:30 ET

Global retail sales growth (excluding foreign currency impact) of 3.6%

U.S. same store sales decline of 3.6%

International same store sales growth (excluding foreign currency impact) of 1.2%

Global net store growth of 213

Diluted EPS down 16.7% to $2.50

ANN ARBOR, Mich., April 28, 2022 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the first quarter of 2022. Global retail sales increased 3.6% in the first quarter of 2022, excluding the negative impact of foreign currency. Without adjusting for the impact of foreign currency, global retail sales increased 0.3% in the first quarter of 2022.

U.S. same store sales declined 3.6% during the first quarter of 2022. International same store sales (excluding foreign currency impact) increased 1.2% during the first quarter of 2022, marking the 113th consecutive quarter of international same store sales growth. The Company had first quarter global net store growth of 213 stores, comprised of 37 net U.S. store openings and 176 net international store openings. Diluted EPS for the first quarter of 2022 was $2.50, a decrease of 16.7% from the prior year quarter.

Subsequent to the end of the first quarter of 2022, on April 26, 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 June 15, 2022 to be paid on June 30, 2022.

"We faced a number of headwinds during the first quarter, from the Omicron surge, to staffing shortages, to unprecedented inflation, which pressured our results. We are actively implementing strategies designed to address them; however, we expect some of these headwinds are likely to persist further into 2022," said Ritch Allison, Domino's Chief Executive Officer. "The strength of the Domino's brand is not defined in the short term, but instead by our outstanding long-term track record and the ongoing commitment of our team members and franchisees, as evidenced by continued strong store growth, including the opening of our 19,000th global store during the quarter. As I hand the leadership of the Company over to Russell Weiner on May 1, I do so with great confidence that he and our talented team will take this great global brand to the next level in the years to come."

View full version at Domino's

Noodles & Company Announces First Quarter 2022 Financial Results

April 27, 2022 16:05 ET

Total Revenue Increased 2.7% With System-wide Comparable Restaurant Sales Growth of 6.4%; Company AUV Accelerates to $1.35M in March with Further Acceleration into April; Unit Growth of Seven Restaurant Openings, Most Quarterly Openings Since 2016

BROOMFIELD, Colo., April 27, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its first quarter ended March 29, 2022.

Key highlights for the first quarter of 2022 versus the first quarter of 2021 include:

Total revenue increased 2.7% to $112.6 million from $109.6 million in the first quarter of 2021, which was inclusive of a decline in revenue due to a) the impact from temporary restaurant closures of approximately $4.0 million; and b) the refranchising of fifteen company-owned restaurants of approximately $3.0 million.
Comparable restaurant sales increased 6.4% system-wide, comprised of a 5.3% increase at company-owned restaurants and an 11.9% increase at franchise restaurants.
Company Average Unit Volumes of $1.25 million represented a 6.8% increase compared to the first quarter of 2021 and a 13.3% increase versus the first quarter of 2019. Average Unit Volumes accelerated throughout the quarter, from $1.18 million during the first two months to $1.35 million in March.
Net loss was $6.4 million, or $0.14 loss per diluted share, compared to net loss of $2.0 million, or $0.04 loss per diluted share in the first quarter of 2021.
Operating margin was (5.4)% compared to operating margin of (1.2)% in the first quarter of 2021.
Restaurant contribution margin(1) was 9.7% compared to 13.6% in the first quarter of 2021, which was inclusive of a) approximately 150 bps impact from the temporary restaurant closures noted above; and b) a 300 bps increase in Cost of Goods Sold due to the current inflationary environment.
Adjusted EBITDA(1) was $2.2 million, a decrease of $4.1 million compared to the first quarter of 2021.
Adjusted net loss(1) was $5.8 million, or $0.13 loss per diluted share compared to adjusted net loss of $1.0 million, or $0.02 loss per diluted share, in the first quarter of 2021.
Five new company-owned restaurants and two new franchise restaurants opened in the first quarter of 2022.

_____________________ (1) Restaurant contribution margin, EBITDA, adjusted EBITDA, and adjusted net income (loss) are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin, net income (loss) to EBITDA and adjusted EBITDA and net income (loss) to adjusted net income (loss) are included in the accompanying financial data. See “Non-GAAP Financial Measures.”

“We are pleased with the recapturing of momentum that we experienced during the first quarter after the initial impact of COVID-related temporary closures at the beginning of 2022,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “As we returned to full operating hours and exited normal low winter seasonality, our revenue and contribution margin improved meaningfully throughout the quarter, with Average Unit Volumes reaching $1.35 million during March, with accelerated momentum into April. Additionally, we are pleased to report an inflection point in our unit growth with the largest number of quarterly openings since 2016. Our seven new openings in the first quarter contribute to the new store performance momentum and give us greater confidence in our unit growth trajectory.”

Boennighausen continued, “Our culinary innovations continue to resonate with consumers, and next week we will launch a new product we believe could be transformational for the brand called Leanguini - a proprietary, first-of-its-kind noodle containing 56% less net carbohydrates and 44% more protein than a traditional wheat noodle with the same taste and texture. Alongside our launch of Leanguini, we will be rolling out an exciting new national brand campaign that reinforces our value proposition to key audiences. With the temporary disruption of COVID-related closures now behind us, we believe the Company is well positioned to accelerate growth throughout the balance of 2022 and beyond. We remain confident we will successfully navigate a challenging inflationary environment, particularly short-term pressures on our cost of food, and return to the continued margin expansion we saw in 2021. As we exit the temporary disruption of COVID, I’ve never been more convinced in the opportunity for Noodles & Company to be one of the premier growth stories in the restaurant industry.”

View full version at Noodles & Company

CHIPOTLE ANNOUNCES FIRST QUARTER 2022 RESULTS

Apr 26, 2022, 16:10 ET

QUARTERLY SALES INCREASE 16%, DRIVEN BY 9% COMPARABLE RESTAURANT SALES GROWTH

NEWPORT BEACH, Calif., April 26, 2022 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2022.

First quarter highlights, year over year:

Total revenue increased 16.0% to $2.0 billion
Comparable restaurant sales increased 9.0%
In-restaurant sales increased 33.1%, while digital sales1 represented 41.9% of food and beverage revenue
Operating margin was 9.4%, an increase from 9.3%
Restaurant level operating margin was 20.7% 2, a decrease of 160 basis points
Diluted earnings per share was $5.59, a 25.6% increase from $4.45. Adjusted diluted earnings per share, which excluded an $0.11 after-tax impact from expenses related to the 2018 performance share COVID-19 related modification, corporate restructuring costs, restaurant asset impairment and closure costs, and certain legal proceedings, was $5.70, a 6.3% increase from $5.36 2
Opened 51 new restaurants with 42 locations including a Chipotlane

"Chipotle's performance in the first quarter was strong, despite challenges from the Omicron variant and on-going inflation," said Brian Niccol, Chairman and CEO, Chipotle. "Our investments in our people, coupled with our digital system and commitment to culinary driven by Food With Integrity resulted in serving more guests at our restaurants with excellence."

Results for the three months ended March 31, 2022:

Total revenue in the first quarter was $2.0 billion, an increase of 16.0% compared to the first quarter of 2021. The increase in total revenue was driven by a 9.0% increase in comparable restaurant sales and new restaurant openings. Our in-restaurant sales increased 33.1% in the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, while digital sales represented 41.9% of total food and beverage revenue.

We opened 51 new restaurants during the first quarter with 42 locations including a Chipotlane. These formats continue to perform very well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.

Food, beverage and packaging costs in the first quarter were 31.0% of total revenue, an increase of 100 basis points compared to the first quarter of 2021. The increase was due to inflation across the menu, primarily due to beef, avocados, and paper, partially offset by leverage from menu price increases.

Restaurant level operating margin was 20.7%, a decrease from 22.3% in the first quarter of 2021. The decrease was primarily due to increases in hourly wages and higher food costs, partially offset by leverage from menu price increases and lower delivery expenses.

General and administrative expenses for the first quarter were $147.4 million on a GAAP basis, or $144.5 million2 on a non-GAAP basis, excluding $2.8 million for a COVID-19 related modification to our 2018 performance shares made in December 2020, $1.2 million related to transformation expenses and restaurant closure costs, and a $1.0 million reduction in certain legal proceedings. GAAP and non-GAAP general and administrative expenses for the first quarter of 2022 also include $101.4 million of underlying general and administrative expenses, $20.1 million of non-cash stock compensation, $16.7 million related to the All-Managers' Conference held in March, and $6.3 million related to higher bonus accruals as well as payroll taxes on equity vesting and stock option exercises.

The GAAP and non-GAAP effective income tax rate was 16.7%2 for the first quarter of 2022, which is lower than the first quarter of 2021 and our expected effective income tax rate for the full year 2022, due to elevated excess tax benefits related to option exercises and equity vesting.

Net income for the first quarter was $158.3 million, or $5.59 per diluted share, an increase from $127.1 million, or $4.45 per diluted share, in the first quarter of 2021. Excluding the after-tax impact of modification expenses related to our 2018 performance shares, corporate restructuring, restaurant asset impairment and closure costs, and certain legal proceedings, adjusted net income was $161.4 million2 and adjusted diluted earnings per share was $5.70.

During the quarter, our Board of Directors approved the investment of up to an additional $300 million, exclusive of commissions, to repurchase shares of our common stock, subject to market conditions. Including this repurchase authorization, $280.8 million was available as of March 31, 2022. The repurchase authorization may be modified, suspended, or discontinued at any time. We repurchased $260.1 million of stock at an average price per share of $1,490 during the first quarter.

More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of April.

View full version at Chipotle

BJ’s Restaurants, Inc. Reports Fiscal First Quarter 2022 Results

April 21, 2022 16:02 ET

HUNTINGTON BEACH, Calif., April 21, 2022 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2022 first quarter ended Tuesday, March 29, 2022.

First Quarter 2022 Compared to First Quarter 2021

Total revenues increased 33.8% to $298.7 million
Total restaurant operating weeks increased 0.7%
Comparable restaurant sales increased 33.9%
Net income of $1.5 million, compared to net loss of $3.1 million; diluted net income per share of $0.06, compared to diluted net loss per share of $0.14
Adjusted EBITDA of $13.2 million, compared to $12.7 million

“The strong sales momentum we built through the quarter, which has continued into April, highlights the unique strength of the BJ’s concept to bring guests together to create memorable dining experiences featuring great menu favorites and award-winning craft beers,” commented Greg Levin, Chief Executive Officer and President. “Our weekly restaurant sales average steadily increased from $96,000 in January to $110,000 in February and $118,000 in March as we added more team members and were able to accommodate more guests with our gold standard level of service. Compared to 2019, our comparable restaurant sales improved from -6.4% in January, during the peak of the Omicron impact, to -0.6% in February and 1.2% in March. Our strong performance continues in April, with period-to-date weekly restaurant sales averaging $118,000, which equates to mid-single digit positive comparable restaurant sales during the same 2019 period. Our sales growth enabled us to sequentially improve restaurant margins through the quarter as we managed ongoing inflationary pressures.

“We are also very excited to restart our new restaurant development engine. Our first new restaurant of the year opened in Charlotte, North Carolina in March, and we just opened our second new restaurant of the year in San Antonio, Texas earlier this week. We currently have five restaurants under construction and one additional site where we expect to begin construction by the end of this month. As such, we currently remain on schedule to open as many as eight new restaurants this year, of which two have already opened. We also recently completed two pilot remodels that expand dining room capacity, while further refining the polished casual ambience that creates the energy and excitement that appeals to a wide range of guests and occasions. We are encouraged by the early guest feedback and increased sales levels being generated at the remodeled locations and expect to complete similar remodels in the coming quarters and years,” continued Levin.

“With BJ’s unique positioning, high standard of execution and improved restaurant staffing levels, we are working aggressively to build back even more dining room traffic, while benefiting from off premise sales that are double pre-pandemic levels. It is evident that guest affinity for our brand, menu offerings and gold standard level of execution are driving the trajectory in our business and, coupled with our current sales growth and efficiency initiatives, will enable us to achieve attractive near- and mid-term growth objectives. Longer term, we have a comprehensive strategic plan aimed at significantly increasing our average weekly sales, approximately doubling our restaurant locations to 425 BJ’s locations nationwide and growing BJ’s sales to $2 billion and beyond,” concluded Levin.

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Financials - May 2022

Posts 28% sales growth & 7th consecutive quarter of gross margin expansion

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