May 16, 202343 min read

Financials - May 2023

Ark Restaurants Announces Financial Results for the Second Quarter of 2023

May 15, 2023 04:20 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended April 1, 2023.

Financial Results

Total revenues for the 13 weeks ended April 1, 2023 were $41,897,000 versus $39,586,000 for the 13 weeks ended April 2, 2022 and total revenues for the 26 weeks ended April 1, 2023 were $89,342,000 versus $83,571,000 for the 26 weeks ended April 2, 2022. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation for the period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,326,000 for the comparable prior period.

Excluding Gallagher's Steakhouse, which was closed for much of the quarter, Company-wide same store sales increased 8.3% for the 13 weeks ended April 1, 2023 as compared to the same period of the prior year. The increase was driven primarily by substantial gains in our event business in New York City, NY and Washington, D.C.

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 1, 2023 was $1,001,000 versus $1,481,000 for the 13 weeks ended April 2, 2022. Net loss for the 13 weeks ended April 1, 2023 was $(484,000), or $(0.13) per basic and diluted share, compared to net income of $1,055,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.30 and $0.29 per basic and diluted share, respectively, for the 13 weeks ended April 2, 2022.

The Company's EBITDA, excluding gains on PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the 26 weeks ended April 1, 2023 was $4,020,000 versus $5,427,000 for the 26 weeks ended April 2, 2022. Net income for the 26 weeks ended April 1, 2023 was $1,241,000 (which includes PPP Loan Forgiveness of $272,000), or $0.34 per basic and diluted share, compared to net income of $3,264,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.92 and $0.91 per basic and diluted share, respectively, for the 26 weeks ended April 2, 2022.

On May 9, 2023, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on June 13, 2023 to shareholders of record of each share of the Company's common stock at the close of business on May 31, 2023.

As of April 1, 2023, the Company had a cash balance of $17,890,000 and total outstanding debt of $14,292,000. Subsequent to quarter end, the Company repaid two promissory notes totaling $6,049,000.

COVID-19 and Inflation

Recent global events, including the COVID-19 pandemic ("COVID-19"), have adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. As a result, we experienced significant and variable disruptions to our business as federal, state and local restrictions were mandated, among other remedial measures, to mitigate the spread of the COVID-19 virus. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, during fiscal 2022 all of our restaurants operated with no restrictions, other than in New York City where customers were required to show proof of vaccination through November 1, 2022.

In addition to the associated impacts of COVID-19, our operating results have been impacted by geopolitical and other macroeconomic factors, leading to increased commodity and wage inflation and other increased costs. The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events, could lead to further government mandates, including but not limited to capacity restrictions, shifts in consumer behavior, wage inflation, staffing challenges, product and services cost inflation and disruptions in our supply chain. If these factors significantly impact our cash flow in the future, we may again implement mitigation actions such as suspending dividends, increasing borrowings or modifying our operating strategies. Some of these measures may have an adverse impact on our business, including possible impairments of assets.

View full version at Ark Restaurants

US Foods Reports First Quarter Fiscal Year 2023 Earnings

Drove Net Sales of $8.5 Billion, Up 9.5% from Q1 2022 Increased Gross Profit 19% to $1.4 Billion Reduced Net Leverage to 3.2x and Repurchased $34 Million of Shares Grew Adjusted EBITDA 40% to $337 Million and Expanded Adjusted EBITDA Margin by 80 bps Reaffirms Full Year Guidance

May 11, 2023 06:45 AM Eastern Daylight Time

ROSEMONT, Ill.--(BUSINESS WIRE)--US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the first quarter fiscal year 2023.

First Quarter Fiscal 2023 Highlights

Net income available to common shareholders improved to $75 million
Adjusted EBITDA increased 39.8% to $337 million
Diluted EPS was $0.32; Adjusted Diluted EPS was $0.50
Net sales increased 9.5% to $8.5 billion
Total case volume increased 5.7%; independent restaurant case volume increased 8.1%

“We are encouraged by our start to the year as US Foods delivered strong financial results again this quarter, demonstrating continued execution against our long-range plan,” said Dave Flitman, CEO. “We grew total case volume by nearly 6% and independent restaurant case volume by 8%, while improving our cost structure and profitability. For the quarter, we grew Adjusted EBITDA by 40% and expanded Adjusted EBITDA margin by 80 basis points. I am excited about the significant opportunity ahead, and I am highly confident that executing our strategic priorities will position US Foods for long-term success.”

“We're very pleased with what we accomplished during the first quarter,” added Dirk Locascio, Executive Vice President and CFO. “Net Sales were $8.5 billion in the first quarter, an increase of 9.5% over the prior year driven by case volume growth and inflation. We also drove strong Gross Profit growth of 19% again in the first quarter, which was well above growth in operating expenses. Importantly, we meaningfully reduced our net leverage compared to both the first and fourth quarter 2022 and repurchased $34 million in shares as part of our $500 million repurchase program. Based on the significant momentum we continue to drive against our long-range plan, we are reaffirming our full year 2023 guidance.”

View full version at US Foods

Carrols Restaurant Group, Inc. Reports Financial Results for the First Quarter 2023

May 11, 2023 07:00 ET

SYRACUSE, N.Y., May 11, 2023 (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 2, 2023.

Highlights for the First Quarter of 2023 versus the First Quarter of 2022 include:

Total restaurant sales increased 11.4% to $445.2 million in the first quarter of 2023 compared to $399.5 million in the first quarter of 2022;
Comparable restaurant sales for the Company's Burger King® restaurants increased 11.7%;
Comparable restaurant sales for the Company’s Popeyes® restaurants increased 9.5%;
Adjusted EBITDA(1) totaled $30.7 million compared to $4.3 million in the prior year quarter;
Adjusted Restaurant-Level EBITDA(1) totaled $54.5 million compared to $22.5 million in the prior year quarter;
Net Income was $0.9 million, or $0.01 per diluted share, compared to a Net Loss of $21.3 million, or $0.42 per diluted share, in the prior year quarter;
Adjusted Net Income(1) was $7.0 thousand, or $0.00 per diluted share, compared to Adjusted Net Loss of $17.1 million, or $0.34 per diluted share, in the prior year quarter; and
Free Cash Flow(2) of $1.1 million compared to negative Free Cash Flow of $(39.1) million in the prior year quarter.

Management Commentary

Deborah Derby, President and Chief Executive Officer of Carrols, commented, “I am excited to be a part of the Carrols team during this dynamic period. I would like to personally thank Tony Hull, who served as interim CEO during one of Carrols' best quarters in the last five years and whose steady hand guided us through this transitional period. My experiences working in one of our local Burger King restaurants this past week, as well as meeting our corporate staff and restaurant operations leaders, have only reaffirmed my belief that we have an incredibly talented and dedicated team at Carrols who are passionate about the Company, the Burger King and Popeyes brands, and providing exceptional service to the thousands of customers we serve each and every day. I am confident that this solid foundation will serve as a springboard for our continued future success and upon which we will continue to grow our business.”

Tony Hull, Chief Financial Officer of Carrols, commented, “The first quarter marked a strong start to 2023 as we posted double digit top-line growth, including an 11.7% increase in our Burger King comparable restaurant sales. More importantly, with moderating inflation and improved operational efficiencies, we were able to flow through much of the $46 million year-over-year increase in our first quarter sales and posted our best first quarter restaurant-level adjusted EBITDA margin in five years at 12.2%. We believe our performance in the past two quarters has showcased the power of our operating model as we have sustained top-line growth and a renewed focus on operational excellence. We are excited about the positive momentum in our business and what we believe we can achieve during the remainder of the year.”

View full version at Carrols Restaurant Group

Noodles & Company Announces First Quarter 2023 Financial Results

May 10, 2023 16:05 ET

Total Revenue Increases 12.0%; Company Comparable Restaurant Sales Increase 6.9%;

Operating Margin Improves 360 Basis Points and Restaurant Contribution Margin Improves 400 Basis Points Compared to First Quarter 2022

BROOMFIELD, Colo., May 10, 2023 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its first quarter ended April 4, 2023.

Key highlights for the first quarter of 2023 versus the first quarter of 2022 include:

Total revenue increased 12.0% to $126.1 million from $112.6 million in the first quarter of 2022.
Comparable restaurant sales increased 6.4% system-wide, comprised of a 6.9% increase at company-owned restaurants and a 4.1% increase at franchise restaurants.
Company Average Unit Volumes (“AUV”) of $1.34 million, a 7.5% increase versus the first quarter of 2022.
Net loss was $3.1 million, or $0.07 loss per diluted share, compared to $6.4 million, or $0.14 loss per diluted share, in the first quarter of 2022.
Operating margin was (1.8)% compared to (5.4)% in the first quarter of 2022.
Restaurant contribution margin(1) was 13.7% compared to 9.7% in the first quarter of 2022.
Adjusted EBITDA(1) was $7.0 million, an increase of $4.8 million compared to the first quarter of 2022.
Adjusted net loss(1) was $2.3 million, or a $0.05 loss per diluted share, compared to adjusted net loss of $5.8 million, or $0.13 loss per diluted share, in the first quarter of 2022.
Three new company-owned restaurants opened in the first quarter of 2023.

______________________________(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.”

“Noodles & Company’s strong results in the first quarter reflected continued progress in our cost-savings initiatives, a more favorable expense environment, and the ability to leverage a double-digit revenue increase from both comparable sales and new restaurant growth. Our first quarter included 400 basis points of restaurant level margin expansion versus prior year and adjusted EBITDA of $7.0 million, an increase of $4.8 million, which more than tripled from the prior year,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “As we look to the balance of 2023, the Company is focused on capitalizing on our improved margin profile to drive top line sales through a disciplined approach towards value. We are continuing to activate our rapidly growing Noodles Rewards program, in addition to offering other value focused promotions such as the return of our popular ‘7 for $7’ menu.”

Boennighausen concluded, “Margin expansion and driving profitable sales growth remain our focus to deliver significant improvement in adjusted EBITDA for 2023. Our results in the first quarter were an important step towards this objective. Additionally, we continue to make progress in overall restaurant growth with the opening of three new restaurants this quarter and the strengthening of our pipeline for 2023 and beyond.”

View full version at Noodles & Company

The Cheesecake Factory Reports Results for First Quarter of Fiscal 2023 and Provides Business Update

May 10, 2023 04:15 PM Eastern Daylight Time

CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2023, which ended on April 4, 2023.

Total revenues were $866.1 million in the first quarter of fiscal 2023 compared to $793.7 million in the first quarter of fiscal 2022. Net income and diluted net income per share were $28.1 million and $0.56, respectively, in the first quarter of fiscal 2023.

The Company recorded $3.4 million related to pre-tax charges of impairment of assets and lease termination expense and Fox Restaurant Concepts (“FRC”) acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the first quarter of fiscal 2023 were $30.6 million and $0.61, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 5.7% year-over-year in the first quarter of fiscal 2023 and increased 14.9% relative to fiscal 2019, on an operating week basis.

“We were pleased with our first quarter performance highlighted by comparable sales growth across our portfolio of concepts. We delivered a solid start to the year with revenue finishing in-line with our expectations and adjusted net income margin at the high end of our guidance range,” said David Overton, Chairman and Chief Executive Officer. “Consolidated revenue increased 9.1% over the prior year period, driven by sustained healthy consumer demand including strong contributions from the off-premise channel.”

Overton continued, “Our strategy continues to be guided by our longstanding commitment to deliver distinct, high quality dining experiences and exceptional hospitality, the hallmarks of our success that have positioned us as a leader in casual dining for over 45 years. We are honored to have been named to the Fortune magazine '100 Best Companies to Work For' list for the tenth consecutive year, underscoring our position as a best-in-class employer.”

Overton concluded, “Our solid topline results in the quarter illustrate the broad and enduring appeal of our concepts, and with input costs gradually stabilizing within our range of expectations, we anticipate building on our first quarter operating margin performance going forward.”

View full version at The Cheesecake Factory

Fiesta Restaurant Group, Inc. Reports First Quarter 2023 Results

First Quarter 2023 Comparable Restaurant Sales Growth of 9.7% vs. First Quarter 2022

First Quarter 2023 Positive Comparable Transaction Growth of 1.0% vs. First Quarter 2022

April 2023 Positive Comparable Transaction Growth of 1.1% vs. April 2022

May 10, 2023 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 2, 2023, and provided a business update related to current operations.

Fiesta President and Chief Executive Officer Dirk Montgomery said, "Our focus on building traffic is gaining momentum, as we generated first quarter year-over-year comparable transaction growth of 1.0% that included sequential monthly increases to 1.9% in March. We also experienced positive traffic growth in April vs. 2022, inclusive of the impact of severe rainstorms and flooding in South Florida. We believe the growth initiatives we shared previously are contributing measurably to our traffic acceleration."

Montgomery added, "Following my recent appointment to CEO, we have reconfirmed our priorities across four previously identified key initiatives – all aimed at improving transaction growth and margin expansion: 1) Building operations excellence; 2) Creating a great guest experience across all channels; 3) Enhancing the Pollo Tropical brand; and 4) Developing great teams. Our progress across those initiatives is reflected in key metrics compared to the fourth quarter of last year including improved speed of service, higher guest satisfaction and reduced hourly and management turnover. In addition, we generated continued traction on G&A efficiency initiatives toward our targeted G&A expense run rate of 8.5% to 9.0% of restaurant sales."

Montgomery continued, "For a third consecutive quarter, we generated year-over-year growth in Restaurant-level Operating Profit(1), a non-GAAP financial measure, driven by our comparable restaurant sales growth and margin improvement actions. The first quarter 2023 loss from operations was $(2.1) million and (2.0)% of restaurant sales compared to a loss from operations in the first quarter 2022 of $(1.4) million and (1.5)% of restaurant sales. The increase in loss from operations was primarily driven by the net impact of impairment and other lease charges, partially offset by the growth in restaurant sales and higher Restaurant-level Operating Profit compared to the first quarter 2022."

Montgomery further commented, "We are pleased with our ongoing traction on margin improvement. Restaurant-level Operating Profit Margins of 16.7% increased above both the fourth quarter of 2022 and the first quarter of 2022 by 50 and 60 basis points, respectively. Additionally, margin run rates increased meaningfully in March compared to the beginning of the first quarter following our 5.0% price increase, and we expect to see continued margin growth toward our targeted Restaurant-level Operating Profit Margin of 18.0% or greater through transaction growth and ongoing margin improvement initiatives."

Montgomery concluded, "We look forward to building on our momentum as our focused efforts to drive traffic and margin growth accelerate during the remainder of 2023."

View full version at Fiesta Restaurant Group

THE WENDY'S COMPANY REPORTS FIRST QUARTER 2023 RESULTS

May 10, 2023, 07:00 ET

DUBLIN, Ohio, May 10, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 2, 2023.

"Our strong first quarter results build on the momentum we created in 2022," President and Chief Executive Officer Todd Penegor said. "We delivered our sixth consecutive quarter of double-digit global same-restaurant sales growth on a two-year basis driven in part by our compelling marketing programs, continued operational improvements, and the significant acceleration of our digital business. Our sales growth contributed to an over 250 basis point year-over-year expansion in U.S. Company-operated restaurant margin. Our successful start to the year and clear alignment behind our strategic pillars give us confidence that we will deliver meaningful global growth for the remainder of 2023 and beyond."

View full version at Wendy's

Performance Food Group Company Reports Third-Quarter and First-Nine Months Fiscal 2023 Results

Total and Independent Organic Case Growth Accelerates, Double Digit Profit Growth and Strong Cash Flow; Raises and Tightens Fiscal 2023 Adjusted EBITDA Outlook Range

Third-Quarter Fiscal 2023 Highlights

Total case volume grew 3%
Net sales increased 5% to $13.8 billion
Gross profit improved 12% to $1.5 billion
Net income increased to $80.3 million
Adjusted EBITDA increased 32% to $314.7 million1
Diluted Earnings Per Share (“EPS”) increased to $0.51
Adjusted Diluted EPS increased 63% to $0.831

First-Nine Months Fiscal 2023 Highlights

Total case volume grew 7%
Net sales increased 17% to $42.4 billion
Gross profit improved 22% to $4.6 billion
Net income increased to $247.1 million
Adjusted EBITDA increased 48% to $978.2 million1
Diluted EPS increased to $1.58
Adjusted Diluted EPS increased 80% to $2.731
Cash flow from operating activities of $657.2 million
Free cash flow of $480.0 million1, an increase of approximately $230.2 million versus the prior year period

May 10, 2023 07:00 AM Eastern Daylight Time

RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its third-quarter and first-nine months fiscal 2023 business results.

“PFG’s three reportable segments continued to deliver solid results in the fiscal third quarter with accelerated organic case volume and favorable cost control producing strong profit growth,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Organic independent restaurant case growth in our Foodservice segment increased by 8.3% in the quarter, reflecting market share gains. Vistar experienced excellent top and bottom-line results across its channels while our Convenience segment continues to grow in the profitable food and foodservice area. Due to our organization's solid execution, PFG produced robust cash flow, allowing for a reinvestment behind growth opportunities and leverage reduction. We believe that our unique market position is a competitive advantage producing solid top-line momentum, margin expansion, and a healthy balance sheet.”

View full version at Performance Food Group

Good Times Restaurants Reports Results for the Second Fiscal Quarter Ending March 28, 2023

May 09, 2023 04:05 PM Eastern Daylight Time

DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the second fiscal quarter ended March 28, 2023.

Key highlights of the Company’s financial results include:

Total Revenues for the quarter increased 3.5% to $34.8 million compared to fiscal 2022 second quarter
Total Restaurant Sales for Bad Daddy’s restaurants were $26.3 million for the quarter
Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 4.6% for the quarter
Total Restaurant Sales for Good Times restaurants were $8.2 million for the quarter
Same Store Sales for company-owned Good Times restaurants increased 7.6% for the quarter
Net Income Attributable to Common Shareholders was $10.6 million for the quarter, including a $10.0 million income tax benefit
Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $1.5 million
The Company ended the quarter with $5.4 million in cash and no long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “I am pleased to report a strong second fiscal quarter with positive same store sales and improved year-over-year growth at both brands and improved profit and EBITDA.”

Mr. Zink continued, “Subsequent to the end of the quarter we amended and restated our credit facility with Cadence Bank which extended the term for five years. Though we are not currently in a borrowing position, this facility will provide us with committed capital for discretionary use. We recently began construction on our upcoming Bad Daddy’s in Huntsville, Alabama, for which we anticipate a late summer opening. We are entering the second half of the year from a position of strength and we are looking towards a strong summer at both brands that will continue to demonstrate our relevance with our guests as well as our strong and mindful commitment to our brands.”

“I once again thank our management and restaurant teams who continue to impress our guests with great food and beverage and stellar service, and our positive sales at both brands are evident of their continued commitment,” Zink concluded.

View full version at Good Times Restaurants

Dutch Bros Inc. Reports First Quarter 2023 Financial Results

Record 45 New Systemwide Shop Openings in Q1 2023

Quarterly Revenue Increased Nearly 30% to $197.3 million

Reaffirms 2023 Guidance

May 09, 2023 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, 2023.

Joth Ricci, Chief Executive Officer of Dutch Bros, stated, “In Q1, we opened a record 45 shops system-wide and grew revenue almost 30%. We also saw meaningful margin expansion, driven by significant improvements in labor efficiency and G&A leverage. We doubled down in our pursuit of more profitable growth and delivered strong company-operated shop margins. I’m proud of how our teams responded quickly and decisively to the economic climate, demonstrated by their focused effort on accelerating profitability as we grow our shop footprint.”

He continued, “During the quarter, we were encouraged by our customers’ responses to our traffic-driving initiatives, including our “Fill-a-Tray” promotion, which resulted in the largest single sales day in Dutch Bros recorded history. We will continue to utilize innovative strategies to generate traffic demand and build momentum.”

He concluded, “Our new shops are highly efficient, mature quickly, and continue to demonstrate predictable and attractive margin profiles. The class of shops opened in 2019, 2020, and 2021 have already achieved our 30% contribution margin target, and the class of 2022 is maturing in line with our margin expectations. We are hitting these targets as we continue entering new trade zones across the country. This performance gives us confidence in Dutch Bros growth strategy - both in the near-term and beyond.”

View full version at Dutch Bros

Toast Announces First Quarter 2023 Financial Results

Added over 5,500 net new locations in first quarter 2023 Annualized recurring run-rate (ARR) as of March 31, 2023 grew 55% year-over-year First quarter gross profit grew 96% and non-GAAP gross profit grew 87% year-over-year

May 09, 2023 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, 2023.

“Toast’s first quarter results marked a strong start to the year, coming in ahead of expectations thanks to the consistent execution of our core strategy: driving location growth, more deeply serving our customers across all segments of the restaurant industry, and pushing the industry forward through product innovation. Toast is positioned for lean, durable growth going forward given the healthy demand for restaurants, our differentiated go-to-market engine driving strong location growth in all segments of the industry, and our commitment to driving efficiencies,” said Toast CEO Chris Comparato. “Through exciting new products like Toast Tables and ongoing investment in our platform, we remain committed to serving the restaurant industry in increasingly meaningful ways.”

Financial Highlights for the First Quarter of 2023

ARR as of March 31, 2023 was $987 million, up 55% year-over-year.
Gross Payment Volume (GPV) increased 50% year-over-year to $26.7 billion.
Total locations increased nearly 40% year-over-year to approximately 85,000, with net new locations of over 5,500 in Q1 2023.
Revenue grew 53% year-over year to $819 million.
Gross profit of $174 million was up 96% year-over-year from Q1 2022. Non-GAAP gross profit grew 87% year-over year to $189 million.
Net loss was $(81) million in Q1 2023 compared to net loss of $(23) million in Q1 2022. Adjusted EBITDA was $(17) million in Q1 2023 compared to Adjusted EBITDA of $(45) million in Q1 2022.
Net cash (used in) operating activities of $(55) million and Free Cash Flow of $(65) million in Q1 2023, compared to net cash (used in) operating activities of $(47) million and Free Cash Flow of $(50) million, respectively, in Q1 2022.

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.

View full version at Toast

FAT BRANDS INC. REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS

May 08, 2023 16:29 ET

Conference call and webcast today at 4:30 p.m. ET

LOS ANGELES, May 08, 2023 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal first quarter ended March 26, 2023.

Andy Wiederhorn, Chairman of FAT Brands, commented, “I am proud of the Company we have created and the team we have assembled and look forward to working alongside Ken and Rob in their new positions as Co-Chief Executive Officers. Over the last few years, Ken and Rob have played key roles in the accelerated growth of the FAT Brands portfolio comprised of 17 iconic restaurant brands with over 2,300 units and systemwide sales of $2.2 billion annually.”

“Organic growth at FAT Brands remains strong. We opened 41 new units during the first quarter and plan to open 45 additional units in the second quarter. For the full year, we expect to open 175 new units representing over 25% growth from last year. Our pipeline is robust with development agreements for more than 1,000 new locations, including high-growth brands like Twin Peaks. We are also increasing the utilization of our manufacturing facility by raising production levels of cookie dough to serve our brands’ needs.”

“Over the long term, we intend to create value through organic growth, acquiring additional brands that are strategic to our portfolio make-up and debt management, all while providing shareholders with a consistent dividend.”

Fiscal First Quarter 2023 Highlights

Total revenue improved 8.5% to $105.7 million compared to $97.4 million in the fiscal first quarter of 2022
System-wide sales growth of 9.9% in the fiscal first quarter of 2023 compared to the prior year fiscal quarter
Year-to-date system-wide same-store sales growth of 4.3% in the fiscal first quarter of 2023 compared to the prior year
41 new store openings during the fiscal first quarter of 2023
Net loss of $32.1 million, or $1.95 per diluted share, compared to $23.8 million, or $1.45 per diluted share, in the fiscal first quarter of 2022
Adjusted EBITDA(1) of $19.2 million compared to $15.1 million in the fiscal first quarter of 2022
Adjusted net loss(1) of $23.5 million, or $1.43 per diluted share, compared to $18.5 million, or $1.13 per diluted share, in the fiscal first quarter of 2022

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

View full version at FAT Brands

Chuy’s Holdings, Inc. Announces First Quarter 2023 Financial Results

May 04, 2023 16:05 ET

AUSTIN, Texas, May 04, 2023 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the first quarter ended March 26, 2023.

Highlights for the first quarter ended March 26, 2023 were as follows:

Revenue increased 12.0% to $112.5 million compared to $100.5 million in the first quarter of 2022.
Comparable restaurant sales increased 8.0% as compared to fiscal 2022.
Net income was $8.2 million, or $0.45 per diluted share, as compared to $5.5 million, or $0.29 per diluted share, in the first quarter of 2022.
Adjusted net income(1) was $8.5 million, or $0.47 per diluted share, as compared to $6.5 million, or $0.34 per diluted share, in the first quarter of 2022.
Restaurant-level operating margin(1) was $22.2 million and 19.7% of revenue, compared to $19.1 million and 19.0% of revenue in the first quarter of 2022.
Cash and cash equivalents were $82.6 million and the Company had no debt outstanding with $35.0 million available under its revolving credit facility.

(1) Adjusted net income and restaurant-level operating margin are non-GAAP measures. For reconciliations of adjusted net income 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 are pleased with the continued top-line momentum carried from the fourth quarter into the new year, resulting in strong comparable restaurant sales performance during the first quarter. Additionally, through ongoing focus on our four-wall operations and easing commodity pressures, we achieved a 19.7% restaurant-level operating margin, which continues to be one of the best in the casual dining industry segment. These strong results wouldn’t be possible without our team members doing what they do best every day – providing our customers with the unique Chuy’s experience through high-quality, made-from-scratch food and drinks, offered at an affordable value.”

Hislop added "We opened our first new restaurant of 2023 in Fayetteville, Arkansas and are excited about its performance to date. Overall, we are thrilled about the opportunities that lie ahead for the Chuy’s brand.”

View full version at Chuy's

El Pollo Loco Holdings, Inc. Announces First Quarter 2023 Financial Results

May 04, 2023 16:05 ET

COSTA MESA, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 29, 2023

Highlights for the first quarter ended March 29, 2023 compared to the first quarter ended March 30, 2022 were as follows:

Total revenue was $114.5 million compared to $110.0 million.
System-wide comparable restaurant sales(1) increased 0.8%.
Income from operations was $7.8 million compared to $3.3 million.
Restaurant contribution(1) was $14.7 million, or 15.0% of company-operated restaurant revenue, compared to $9.7 million, or 10.3% of company-operated restaurant revenue.
Net income was $4.9 million, or $0.13 per diluted share, compared to net income of $2.1 million, or $0.06 per diluted share.
Adjusted net income(1) was $4.9 million, or $0.14 per diluted share, compared to $2.6 million, or $0.07 per diluted share.
Adjusted EBITDA(1) was $12.2 million, compared to $8.5 million.

(1)System-wide comparable restaurant sales, restaurant contribution, adjusted 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 of El Pollo Loco Holdings, Inc., stated, “We are encouraged by the start to 2023 and the progress we have made across our strategic pillars. For the first quarter, we achieved positive comparable restaurant sales despite unprecedented California weather and the lapping of our highly successful Beef Birria promotion. Our focus on restaurant level operating controls was instrumental in driving a 470 basis-point improvement in restaurant-level margins. This was achieved while customer service measures reached their highest levels in several years. On the development front, we signed three additional franchise development agreements for an incremental 26 new restaurants in three new markets. As we look ahead, we believe that the initiatives we have put in place to further differentiate our brand and drive awareness with younger consumers, our improved restaurant operations and continued efforts to attract high quality franchisees to the El Pollo loco system will drive sales, unit and profit growth.”

View full version at El Pollo Loco

Texas Roadhouse, Inc. Announces First Quarter 2023 Results

May 04, 2023 16:03 ET

LOUISVILLE, Ky., May 04, 2023 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 28, 2023.

Financial Results

Financial results for the 13 weeks ended March 28, 2023 and March 29, 2022 were as follows:First Quarter($000's)20232022% changeTotal revenue$1,174,356$987,48618.9%Income from operations100,94590,13812.0%Net income86,38775,20214.9%Diluted earnings per share$1.28$1.0818.4%

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

Comparable restaurant sales increased 12.9% at company restaurants and increased 13.3% at domestic franchise restaurants;
Average weekly sales at company restaurants were $148,437 of which 12.8% were to-go sales as compared to average weekly sales of $132,263 of which 14.8% were to-go sales in the prior year;
Restaurant margin dollars increased 15.2% to $185.7 million from $161.2 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 53 basis points to 15.9% as commodity inflation of 8.9% and wage and other labor inflation of 8.0% were partially offset by higher sales;
Diluted earnings per share increased 18.4% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses;
Six company restaurants and one international franchise restaurant were opened and eight domestic franchise restaurants were acquired; and,
The Company repurchased 92,751 shares of common stock for $9.6 million.

Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “I want to thank our restaurant operators for continuing to provide a legendary experience to our guests, which led to record traffic and sales levels as well as higher profitability for the quarter.”

Morgan continued, “On the capital allocation front, our development pipeline remains strong, we acquired eight domestic franchise restaurants, and we further strengthened our capital position by repaying the remainder of our debt. We are confident that our restaurant growth, commitment to our operating fundamentals, and strong balance sheet will continue to provide us the flexibility to generate long-term shareholder value.”

View full version at Texas Roadhouse

Portillo’s Inc. Announces First Quarter 2023 Financial Results

May 04, 2023 08:05 ET

CHICAGO, May 04, 2023 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 26, 2023.

Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “As we celebrate our 60th anniversary, Portillo’s is thriving. We’re up in total sales, up in same restaurant sales, up in transactions, and we’ve improved our margins. Although we’re very happy with our recent performance, it’s important to remain focused on laying a solid foundation that delivers long-term value for our Team Members, our guests, and our investors. We take care of our Team Members; who in turn serve our guests. That enables us to deliver a strong economic profile that generates value for our investors throughout the economic cycle.”

Financial Highlights for the First Quarter 2023 vs. First Quarter 2022:

Total revenue increased 16.0% or $21.6 million to $156.1 million;
Same restaurant sales increased 9.1%;
Operating income increased $1.7 million to $8.5 million;
Net income decreased $1.8 million to a net loss of $1.3 million;
Restaurant-Level Adjusted EBITDA* increased $6.8 million to $34.8 million; and
Adjusted EBITDA* increased $2.0 million to $19.6 million.

*Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures in the accompanying financial information below.

Secondary Offering

In the first quarter of 2023, the Company completed a secondary offering of 8,000,000 shares of the Company's Class A common stock at an offering price of $21.05 per share ("Q1 Secondary Offering"). Subsequent to the fiscal quarter end, on April 5, 2023, the underwriter exercised its overallotment option in part, to purchase an additional 620,493 shares of the Company's Class A common stock. All of the net proceeds from this offering were used to purchase LLC Units or shares of Class A common stock, as applicable, of the selling stockholders in a “synthetic secondary” transaction, at a price per LLC Unit or share of Class A common stock. Accordingly, the Company did not receive any proceeds from this offering.

View full version at Portillo's

Sweetgreen, Inc. Announces First Quarter 2023 Financial Results

May 04, 2023 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 26, 2023.

“I am pleased with our first quarter results. We delivered strong top line sales while reducing losses in the first quarter, which was supported by positive traffic growth. As we continue to gain sales momentum, we see profitability within reach,” said Jonathan Neman, Co-Founder and Chief Executive Officer. “We have a number of exciting catalysts in the second quarter, including Sweetpass, our loyalty program, and a broader menu, which we believe will positively impact our guest experience and drive positive momentum throughout the balance of the year and beyond.”

First Quarter 2023 Financial Results

For the first quarter of fiscal year 2023, compared to the first quarter of fiscal year 2022:

Total revenue was $125.1 million versus $102.6 million in the prior year period, an increase of 22%.
Same-Store Sales Change of 5% versus Same-Store Sales Change of 35% in the prior year period.
AUV of $2.9 million versus AUV of $2.8 million in the prior year period.
Total Digital Revenue Percentage of 61% and Owned Digital Revenue Percentage of 39%, versus Total Digital Revenue Percentage of 66% and Owned Digital Revenue Percentage of 43% in the prior year period.
Loss from operations was $(35.3) million and loss from operations margin was (28)% versus loss from operations of $(50.0) million and loss from operations margin of (49)% in the prior year period, this includes $6.9 million from employee retention credits issued as part of the Corona viruses Aid, Relief and Economic Stimulus Act, of which $5.1 million is included within general and administrative expense and $1.8 million included within labor and related expenses.
Restaurant-Level Profit(1) was $16.9 million and Restaurant-Level Profit Margin was 14%, versus Restaurant-Level Profit of $13.4 million and Restaurant-Level Profit Margin of 13% in the prior year period.
Net loss was $(33.7) million versus net loss of $(49.7) million in the prior year period.
Adjusted EBITDA(1) was $(6.7) million versus Adjusted EBITDA of $(17.0) million in the prior year period and Adjusted EBITDA Margin was (5)% versus (17)% in the prior year period.
9 Net New Restaurant Openings versus 8 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, Adjusted EBITDA and Adjusted EBITDA Margin 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

The ONE Group Reports First Quarter 2023 Financial Results

Achieved an 11.3% Increase in Revenues Reaffirms 2023 Targets, Including Eight to Twelve New Venues

May 04, 2023 04:05 PM Eastern Daylight Time

DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the first quarter ended March 31, 2023.

Highlights for the first quarter compared to the same period in 2022 are as follows:

Total GAAP revenues increased 11.3% to $82.6 million from $74.2 million;
Comparable sales* increased 1.6%;
GAAP net income attributable to The ONE Group was $2.6 million, or $0.08 per share ($0.10 adjusted net income per share)****, compared to GAAP net income of $3.7 million, or $0.11 per share ($0.15 adjusted net income per share)****
Restaurant Operating Profit*** decreased 1.1% to $12.9 million from $13.0 million; and
Adjusted EBITDA** increased 1.0% to $10.9 million from $10.8 million.

“We are pleased with our first quarter results which include double-digit top-line growth, positive comparable sales, and growth in adjusted EBITDA. We are particularly happy with STK restaurant level margins in excess of 22% for the quarter. Importantly, we are still on track with our robust development pipeline, and we remain confident in our full year 2023 targets and are reiterating them today,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

Hilario continued, “We expect to open eight to twelve new venues this year, representing our strongest development pipeline in history. During the first quarter, we opened a new, redesigned Kona Grill in Columbus and a rooftop bar at our existing STK in Scottsdale. We view our addressable market as at least 400 restaurants including 200 STK restaurants globally and 200 Kona Grills domestically with best-in-class ROIs of between 40% and 50% for new Company-owned STKs and Kona Grills, respectively.”

View full version at The ONE Group

Papa Johns Announces First Quarter 2023 Financial Results

Reports another quarter of record global system-wide restaurant sales(a)
Launches new proprietary menu innovation, Doritos® Cool Ranch® Papadia
Reaffirms long-term development target of 1,400 to 1,800 net new units between 2022 and 2025

May 04, 2023 07:00 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 26, 2023.

Highlights

North America comparable sales were flat lapping last year’s record first quarter sales as menu innovation and operational efficiencies drove 3% growth in Domestic Company-owned Restaurants; International comparable sales were down 6% from a year ago primarily due to continued economic pressure in the UK.
27 net unit openings in the first quarter driven by International growth; On track to achieve 270 to 310 net new units in 2023.
Global system-wide restaurant sales were $1.24 billion, a 2%(a) increase from the prior year first quarter.
Total revenues of $527 million were down 3% from a record first quarter a year ago. Revenues were up slightly when excluding the impact of refranchising 90 restaurants in 2022.
Diluted earnings per common share was $0.65, compared with $0.29 for the first quarter of 2022; Adjusted diluted earnings per common share(b) was $0.68, compared with $0.95 for the first quarter a year ago.

“We delivered another solid quarter, achieving the highest system-wide sales in Company history through strong performing innovation and continued strength of company operations,” said Rob Lynch, Papa Johns’ president and CEO. “Customers are responding favorably to our marketing and menu innovation strategy and our teams are doing an excellent job executing our Back to BETTER initiative. In our corporate-owned restaurants, our teams are delivering significant improvements in out-the-door times, increasing overall customer satisfaction, and driving operational efficiencies and profitability, which is helping to offset continued wage inflation. The Company-owned restaurant comp sales growth of more than 3% in the first quarter is a testament to the strength of our product offerings and the operational improvements our team is making.”

Papa Johns recently announced its latest menu innovation, Doritos® Cool Ranch® Papadia. Commenting on the new offering that launches nationwide today, Lynch stated, “Our recent collaboration with the teams at Pepsi and Frito Lay inspired our newest proprietary menu offering, Doritos® Cool Ranch® Papadia. This new offering is covered with bold Doritos® Cool Ranch® seasoning and includes Doritos® Cool Ranch® flavored dipping sauce only available at Papa Johns. We are thrilled to roll out our steak, chicken, and ground beef options nationwide beginning today.”

“On the development front, we are very excited about our recently announced expanded partnership with PJP Investments to open 650 new restaurants in India by 2033,” added Lynch. “This agreement is another great example of the vast white space development opportunities available to us globally and the quality of the franchisees that are investing in our future. Papa Johns remains a sought-after brand both domestically and internationally driven by the strong underlying long-term fundamentals of our franchisee model, and attractive franchisee payback and unit economics. We continue on our path to achieve our long-term unit growth targets as we execute our plan to build the world’s best pizza company.”

View full version at Papa Johns

BRINKER INTERNATIONAL REPORTS THIRD QUARTER OF FISCAL 2023 RESULTS

May 03, 2023, 06:45 ET

DALLAS, May 3, 2023 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results, for the third quarter ended March 29, 2023.

Third Quarter Fiscal 2023 Financial Highlights

Brinker International reported net income per diluted share of $1.12, in the third quarter of fiscal 2023, a 38% increase compared to the third quarter of fiscal 2022. Net income per diluted share, excluding special items (non-GAAP), was $1.23 in the third quarter of fiscal 2023, a 33.7% increase compared to the third quarter of fiscal 2022. Our results for the third quarter of fiscal 2023 were driven by an increase in company sales as well as improved food, beverage, and labor costs. Chili's comparable restaurant sales were 9.6% and Maggiano's were 21.6% resulting in a 10.8% increase for Brinker. Comparable restaurant sales improved due to menu pricing and favorable item mix. These operational improvements resulted in operating income margin increasing to 5.9% and restaurant operating margin (non-GAAP) increasing to 13.4% for the third quarter. Chili's initiated an updated marketing strategy focused on TV, digital, and social media advertising and continued to improve the guest experience by strengthening investments in restaurant facilities and labor.

"We are pleased to report quarterly operating performance for Brinker International that represents a nice step forward for our strategy, enabling us to make needed investments into the business, translating into an improved guest experience," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "In the quarter, we also reengaged our Guests with a broader Chili's marketing campaign including TV, digital and social media. The campaign was well received by our Guests and is clearly a sales lever we can use to drive future results."

View full version at Brinker

Wingstop Inc. Reports Fiscal First Quarter 2023 Financial Results

May 03, 2023, 08:01 ET

20.1% Domestic Same Store Sales Growth Digital Sales Mix Achieved Record Level of 65.2%

DALLAS, May 3, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal first quarter ended April 1, 2023.

Highlights for the fiscal first quarter 2023 compared to the fiscal first quarter 2022:

System-wide sales increased 30.4% to $821.6 million
37 net new openings in the fiscal first quarter 2023, resulting in an increase in unit count of 11.4%
Domestic same store sales increased 20.1%
Domestic restaurant AUVs increased to $1.7 million
Digital sales increased to 65.2%
Total revenue increased 42.7% to $108.7 million
Net income increased 80.6% to $15.7 million, or $0.52 per diluted share, compared to net income of $8.7 million, or $0.29 per diluted share in the prior fiscal first quarter. Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 81.1% to $17.8 million, or $0.59 per diluted share, compared to $9.8 million, or $0.33 per diluted share in the prior fiscal first quarter.
Adjusted EBITDA, a non-GAAP measure, increased 59.8% to $34.6 million, compared to adjusted EBITDA of $21.6 million in the prior fiscal first quarter

Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") are set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."

"Our strong first quarter results reflect the continued momentum and strength of the Wingstop brand as we delivered 20.1% domestic same store sales growth, driven by transaction growth," said Michael Skipworth, President and Chief Executive Officer. "With this underlying strength, we believe that our strategies we are executing against can deliver our 20th consecutive year of same store sales growth and another record year of unit growth for Wingstop."

View full version at Wingstop

Yum! Brands Reports First-Quarter Results

Broad-Based Global Strength Resulting in 13% System Sales Growth excluding Russia Impact;

8% Same-Store Sales Growth and Record Digital System Sales With Digital Mix Exceeding 45%

Yum! Brands Reports First-Quarter Results

May 03, 2023 07:00 AM Eastern Daylight Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the first-quarter ending March 31, 2023. Worldwide system sales excluding foreign currency translation grew 13% excluding Russia impact, with 8% same-store sales growth and 5% unit growth. First-quarter GAAP operating profit grew 3%. First-quarter core operating profit grew 11% including a 1 percentage point headwind from Russia. First-quarter GAAP EPS was $1.05 and first-quarter EPS excluding Special Items was $1.06. First-quarter EPS includes a negative $0.07 mark-to-market impact from unrealized investment losses and a negative $0.08 impact from foreign currency translation.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said “Our first-quarter results continue to illustrate the power of our global portfolio and the advantages of our business model. The demand for our iconic brands is evident as our incredible teams and franchise partners delivered another strong quarter with system sales growth of 13% excluding Russia, driven by 8% same-store sales growth and continued development momentum. We're seeing broad-based accelerating digital sales growth leading to a record quarter for both digital system sales of nearly $7 billion and digital sales mix that exceeded 45%. I’m pleased to see the revenue flow through in the quarter translate to 11% core operating profit growth. We're proud of the strong start to the year and confident we'll continue to build on our position as the global franchisor of choice.”

View full version at Yum! Brands

Dine Brands Global, Inc. Reports Q1 Same Store Sales and Profit Growth

Refinanced $500 million of A-2 Long-Term-Debt at 7.824% Following Quarter’s End; Resulting in $200 million Reduced Debt Balance

Re-Affirms 2023 Full-Year Guidance

May 03, 2023 07:00 AM Eastern Daylight Time

PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the first quarter of fiscal 2023.

“Dine Brands has demonstrated resiliency in a challenging operating environment, which reflects the strength of our brands and strong execution,” said John Peyton, chief executive officer, Dine Brands Global. “Looking ahead, we will adapt with agility and a guest-first mindset. Dine remains committed to investing in growth, generating cash and creating value for our shareholders.”

Vance Chang, chief financial officer, added, “We are balancing our focus between current strategy execution and long-term investments. After the end of the first quarter, we were pleased to announce the completed refinancing of our Senior Secured Notes, further evidence of the strength of our steady and strong cash flow generating franchisor model in today’s lending environment.”

View full version at Dine Brands

First Watch Restaurant Group, Inc. Reports Strong Q1 2023 Financial Results

May 02, 2023 07:00 ET

Same-restaurant sales growth of 12.9% driven by same-restaurant traffic growth of 5.1% Income from operations margin of 7.4% and restaurant level operating profit margin of 21.2% Net income of $9.4 million and Adjusted EBITDA of $27.4 million 10 system-wide restaurants opened across 7 states Raises 2023 Adjusted EBITDA guidance

BRADENTON, Fla., May 02, 2023 (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 26, 2023 (“Q1 2023”) and raises certain elements of its fiscal year 2023 guidance.

“First Watch delivered yet another strong quarter. Most notably, we continued to differentiate ourselves by driving traffic share with disciplined operational execution as evidenced by our first quarter Restaurant-Level Operating Profit margin of 21.2% and Adjusted EBITDA of $27.4 million,” said Chris Tomasso, First Watch CEO and President. “Despite an increasingly fragile consumer environment, our first quarter performance reaffirms my continued confidence in First Watch’s leadership position and our strong consumer value proposition.”

View full version at First Watch

Denny’s Corporation Reports Results for First Quarter 2023

Reiterates Full Year 2023 Guidance

May 02, 2023 16:05 ET

SPARTANBURG, S.C., May 02, 2023 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its first quarter ended March 29, 2023 and provided a business update on the Company’s operations.

Kelli Valade, Chief Executive Officer, stated, "We were pleased to see our ongoing efforts to enhance the Denny's brand contribute to a great start in 2023, as we outperformed on many key metrics relative to the prior year. As our business and the entire industry continues to navigate a challenging operating environment, our focus remains steadfast on the long-term brand revitalization strategies at Denny's and expanding the reach of Keke's."

First Quarter 2023 Highlights

Total operating revenue grew 13.9% to $117.5 million compared to the prior year quarter.
Denny's domestic system-wide same-restaurant sales** grew 8.4% compared to the equivalent fiscal period in 2022, including increases of 8.1% at domestic franchised restaurants and 11.4% at company restaurants.
Opened five Denny's franchised restaurants, including four international locations.
Completed eight Denny's franchised restaurant remodels.
Operating income was $16.1 million compared to $13.3 million in the prior year quarter.
Franchise Operating Margin* was $31.6 million, or 49.4% of franchise and license revenue, and Company Restaurant Operating Margin* was $7.0 million, or 13.0% of company restaurant sales.
Net income was $0.6 million, or $0.01 per diluted share.
Adjusted Net Income* and Adjusted Net Income Per Share* were $7.5 million and $0.13, respectively.
Adjusted EBITDA* was $18.5 million.
Cash provided by (used in) operating, investing, and financing activities was $16.2 million, $(0.6) million, and $10.2 million, respectively.
Adjusted Free Cash Flow* was $12.6 million.
Repurchased $9.0 million of common stock.

First Quarter 2023 Results

Total operating revenue increased 13.9% to $117.5 million compared to $103.1 million in the prior year quarter.

Franchise and license revenue was $64.0 million compared to $59.1 million in the prior year quarter. This increase was primarily driven by Denny's franchised restaurants same-restaurant sales** growth and $1.5 million of Keke's franchise revenue in the current quarter, partially offset by a decline in the number of Denny's franchised equivalent restaurants.

Company restaurant sales were $53.5 million compared to $44.0 million in the prior year quarter. This growth consists of benefits from Denny's price increases compared to the prior year quarter and $3.7 million of Keke's company restaurant sales in the current quarter.

View full version at Denny's

Restaurant Brands International Inc. Reports First Quarter 2023 Results

May 02, 2023, 06:30 ET

Consolidated system-wide sales growth of +15% year-over-year

Global comparable sales of +10%, led by +16% at TH Canada, +12% at BK International and +9% at BK US

Sales momentum translates into strong bottom-line growth for franchisees and the company

TORONTO, May 2, 2023 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2023. Josh Kobza, Chief Executive Officer of RBI commented, "Our teams delivered a solid start to the year, with double-digit comparable sales and system-wide sales growth. Top line sales momentum translated into bottom line growth for our franchisees and our company. I am confident in our plans for future growth and would like to thank our teams who are focused on improving operations and delivering a great guest experience every day at our restaurants."

First Quarter 2023 Highlights:

Consolidated comparable sales increased 10.3% and net restaurants grew 4.2% versus the prior year
System-wide sales increased 14.7% year-over-year
Net Income of $277 million versus $270 million in prior year
Adjusted EBITDA of $588 million increased 15.6% organically versus the prior year
Diluted EPS was $0.61 versus $0.59 in prior year
Adjusted Diluted EPS of $0.75 increased 22.1% organically versus the prior year

Consolidated Operational Highlights

Three Months Ended March 31,

2023

2022

(Unaudited)

System-wide Sales Growth

17.9 %

12.9 %

14.3 %

16.2 %

PLK

14.4 %

4.1 %

FHS

7.5 %

N/A

Consolidated (a)

14.7 %

13.5 %

FHS (a)

N/A

7.4 %

System-wide Sales (in US$ millions)

1,731

1,556

6,241

5,647

PLK

1,568

1,383

FHS

292

272

Consolidated

9,832

8,858

Net Restaurant Growth

5.6 %

6.7 %

2.5 %

2.9 %

PLK

10.8 %

7.9 %

FHS

2.3 %

N/A

Consolidated (a)

4.2 %

4.3 %

FHS (a)

N/A

1.8 %

System Restaurant Count at Period End

5,620

5,320

18,911

18,446

PLK

4,178

3,771

FHS

1,247

1,219

Consolidated

29,956

28,756

Comparable Sales

13.8 %

8.4 %

10.8 %

9.9 %

PLK

5.6 %

(3.0) %

FHS

6.1 %

N/A

Consolidated (a)

10.3 %

7.4 %

FHS (a)

N/A

4.2 %

(a) Consolidated system-wide sales growth, consolidated comparable sales and consolidated net restaurant growth do not include the results of Firehouse Subs for 2022. FHS 2022 growth figures are shown for informational purposes only.

Notes: (1) In our 2022 financial reports, our key business metrics included results from our franchised Burger King restaurants in Russia, with supplemental disclosure provided excluding these restaurants. We did not generate any new profits from restaurants in Russia in 2022 and do not expect to generate any new profits in 2023. Consequently, beginning in the first quarter of 2023, our reported key business metrics exclude the results from Russia for all periods presented. (2) System-wide sales growth and comparable sales are calculated on a constant currency basis and include sales at franchise restaurants and company-owned restaurants. System-wide sales are driven by sales at franchise restaurants, as approximately 100% of current restaurants are franchised. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly comparable sales calculation.

View full version at RBI

Bloomin’ Brands Announces 2023 Q1 Financial Results

Q1 Diluted EPS of $0.93 and Adjusted Diluted EPS of $0.98 Q1 Combined U.S. Comparable Restaurant Sales Growth of 5.1% Reaffirms All Fiscal Year 2023 Guidance

April 28, 2023 07:00 AM Eastern Daylight Time

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2023 (“Q1 2023”) compared to the first quarter 2022 (“Q1 2022”).

CEO Comments “The first quarter was a strong start to the year, and I am pleased with the progress of all our brands,” said David Deno, CEO. “Our Q1 results reflected the work we are doing to elevate the customer experience and drive healthy top-line growth. These efforts have resulted in enhanced sales and profits, which set us up well to achieve our 2023 goals.”

Diluted EPS and Adjusted Diluted EPS The following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated:

2023

2022

CHANGE

Diluted earnings per share

0.93

0.73

0.20

Adjustments (1)

0.05

0.07

(0.02

)

Adjusted diluted earnings per share (1)

0.98

0.80

0.18

___________________

(1) Adjustments for the periods presented reflect consideration of our convertible note hedge, which offsets the dilutive impact of the shares underlying the 2025 Notes. There were no adjustments to Net income during the periods presented. See Non-GAAP Measures later in this release.

View full version at Bloomin' Brands

BJ’s Restaurants, Inc. Reports Fiscal First Quarter 2023 Results

April 27, 2023 16:03 ET

HUNTINGTON BEACH, Calif., April 27, 2023 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2023 first quarter ended Tuesday, April 4, 2023.

Fiscal First Quarter 2023 Compared to Fiscal First Quarter 2022

Total revenues increased 14.2% to $341.3 million
Comparable restaurant sales increased 9.0%
Total restaurant operating weeks increased 2.6%
Net income of $3.5 million, compared to $1.5 million; diluted net income per share of $0.15, compared to $0.06
Adjusted EBITDA of $25.0 million, compared to $13.2 million

“Our strong performance in the first quarter demonstrates that we are making tangible progress on our sales and productivity initiatives and that our commitment to gold standard service and gracious hospitality is resonating with guests,” commented Greg Levin, Chief Executive Officer and President. “First quarter restaurant margins improved year-over-year by 280 basis points to 12.6%, driven by our solid sales performance, improving operational execution and additional benefits from our cost-savings initiatives. Generating profitable sales growth and expanding our restaurant margins remain our top priorities in 2023, and we are encouraged by the progress made against these goals to date,” continued Levin.

BJ’s plans to open five new restaurants in 2023, including one relocation. In the first quarter, we opened a new restaurant in Orland Park, Illinois, our first restaurant in the state, and one in San Antonio, Texas early in the second quarter. “To complement our 2023 new restaurant openings, we plan to remodel more than 30 restaurants this year, or approximately 15% of our restaurant base. Following the nine restaurants we remodeled last year, we have already completed 14 restaurant remodels this year, and the early results continue to demonstrate attractive financial returns driven by guest traffic gains. We are excited about the opportunities to expand and enhance the BJ’s concept in the near-term and remain confident in the long-term potential to grow to at least 425 restaurants, while delivering an attractive margin profile and creating significant shareholder value,” concluded Levin.

View full version at BJ's Restaurants

Domino's Pizza® Announces First Quarter 2023 Financial Results

Apr 27, 2023, 07:30 ET

Global retail sales growth (excluding foreign currency impact) of 5.9%

U.S. same store sales growth of 3.6%

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

Global net store growth of 128

Diluted EPS up 17.2% to $2.93

ANN ARBOR, Mich., April 27, 2023 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the first quarter of 2023. Global retail sales grew 5.9% in the first quarter of 2023, excluding the negative impact of foreign currency. Without adjusting for the impact of foreign currency, global retail sales grew 2.2% in the first quarter of 2023.

U.S. same store sales grew 3.6% during the first quarter of 2023. International same store sales (excluding foreign currency impact) grew 1.2% during the first quarter of 2023. The Company had first quarter global net store growth of 128 stores, comprised of 22 net U.S. store openings and 106 net international store openings. The Company had 168 gross store openings and 40 closures during the first quarter of 2023. Diluted EPS for the first quarter of 2023 was $2.93, an increase of 17.2% over the prior year quarter.

Subsequent to the end of the first quarter of 2023, on April 25, 2023, the Company's Board of Directors declared a $1.21 per share quarterly dividend on its outstanding common stock for shareholders of record as of June 15, 2023, to be paid on June 30, 2023.

"As I reflect on the first quarter, I can't help but be encouraged by the resilience of our business model and the competitive advantage our franchisees and team members bring to Domino's Pizza," said Russell Weiner, Domino's Chief Executive Officer. "We grew by doing what we said we were going to do: drive value and step up our pace of innovation. Our continued evolution from a U.S. delivery business to a global pizza company with strength in both delivery and carryout keeps me bullish on our future."

View full version at Domino's

SPB Hospitality Completes Merger with Krystal Restaurants

Transaction builds on the success of SPB Hospitality’s extensive portfolio with addition of nearly 300 quick-service restaurants

April 27, 2023 08:30 AM Eastern Daylight Time

HOUSTON--(BUSINESS WIRE)--SPB Hospitality, an industry-leading operator and franchisor of casual, upscale, and brewery restaurants, today announced the completion of its merger with Krystal Restaurants, adding one of the nation’s most iconic restaurants to its growing portfolio of independently operated hospitality brands.

Founded in 1932 in a single Chattanooga, Tennessee location, Krystal today operates nearly 300 restaurants across 10 states, powered by a team of over 3,500 employees. For 90 years, Krystal has maintained its unwavering focus on delivering a one-of-a-kind taste experience through unique menu items offered at a great price. To support its team in maintaining a consistent brand experience across its growing portfolio of locations, Krystal created its Atlanta-based Restaurant Support Center, which provides real-time support and service for Krystal team members nationwide.

“We are thrilled to welcome Krystal to the SPB Hospitality family,” said Josh Kern, SPB Hospitality Interim Chief Executive Officer. “Krystal’s innovative approach to their menu, marketing, and overall strategy is inspiring, and over its 90-year history, Krystal has demonstrated its commitment to SPB’s overriding vision of providing a truly exceptional guest experience.”

Each brand in the SPB portfolio will continue to operate independently, allowing brands to enhance their unique identity to build affinity with consumers. The team will collaborate to share strategic thinking and best practices across brands, taking advantage of shared services and systems to enable restaurants to run more smoothly. With the addition of Krystal, SPB Hospitality supports a work force of 18,500 individuals.

“We continue to have enormous confidence in SPB Hospitality and the work the team is doing to build the most successful restaurant group in the industry,” said Morgan McClure, President of SPB Hospitality and Managing Director at Fortress Investment Group LLC. Funds managed by affiliates of Fortress own SPB, which was created in 2020 to manage its growing portfolio of hospitality brands. “Krystal’s time-honored brand, and dynamic team, are significant additions to the SPB portfolio and a major step forward in achieving SPB’s vision.”

About SPB Hospitality

SPB Hospitality is a leading operator and franchisor of full-service dining restaurants, spanning a national footprint of hundreds of restaurants and breweries in 35 states and the District of Columbia. The Company’s diverse portfolio of restaurant brands includes Logan’s Roadhouse, Old Chicago Pizza & Taproom, and a collection of high-end restaurant brands including J. Alexander’s, Merus Grill, Redlands Grill and Stoney River Steakhouse and Grill. SPB Hospitality is also one of the largest operators of craft brewery restaurants in the country, including Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, ChopHouse & Brewery, Big River Grille & Brewing Works, AIA Ale Works Restaurant & Taproom, Ragtime Tavern Seafood & Grill and Seven Bridges Grille & Brewery.

About Krystal Restaurants LLC

Headquartered in Atlanta, GA, Krystal Restaurants LLC is the original quick-service restaurant chain in the South. Krystal hamburgers have been served fresh and hot off the grill on the iconic square bun since 1932. The company proudly sticks to the classics, but they've never been afraid to innovate.

Krystal has expanded to 10 states with nearly 300 restaurants and continues to deliver a one-of-a-kind taste experience through unique menu items offered at a great price. The company's Atlanta-based Restaurant Support Center serves a team of more than 3,500 employees. In 2019, the company was selected to USA Today's Top-10 Best Regional Fast Food List. Krystal has also been named one of the "Most Craveable Burgers" and in 2022 was named a "Breakout Brand."

About Fortress

Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $45.8 billion of assets under management as of December 31, 2022. Founded in 1998, Fortress manages assets on behalf of approximately 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity, and permanent capital investment strategies.

View source version at SPB Hospitality

CHIPOTLE ANNOUNCES FIRST QUARTER 2023 RESULTS

Apr 25, 2023, 16:10 ET

OPERATING INCOME INCREASES 93.3% AND COMPARABLE RESTAURANT SALES INCREASE 10.9% AS MARGINS EXPAND

NEWPORT BEACH, Calif., April 25, 2023 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2023.

First quarter highlights, year over year:

Total revenue increased 17.2% to $2.4 billion
Comparable restaurant sales increased 10.9%
In-restaurant sales increased 22.9%, while digital sales represented 39.3% of food and beverage revenue
Operating margin was 15.5%, an increase from 9.4%
Restaurant level operating margin was 25.6% 1, an increase of 490 basis points
Diluted earnings per share was $10.50. Adjusted diluted earnings per share also was $10.50 as there were no adjustments this quarter, an 84.2% increase compared to $5.70 in the prior year 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 1
Opened 41 new restaurants with 34 locations including a Chipotlane

"Our strong performance in the first quarter confirms that our focus on getting back to the basics and re-establishing Chipotle's standards of excellence is beginning to drive results," said Brian Niccol, Chairman and CEO, Chipotle. "We will continue to develop exceptional people and prepare exceptional food while treasuring each guest to further strengthen our foundation for sustained long-term growth."

View full version at Chipotle

McDONALD'S REPORTS FIRST QUARTER 2023 RESULTS

Apr 25, 2023, 07:00 ET

Comparable sales increased nearly 13% for the quarter, both globally and across each segment
Digital Systemwide sales* in our top six markets were nearly $7.5 billion for the quarter, representing almost 40% of their Systemwide sales

CHICAGO, April 25, 2023 /PRNewswire/ -- McDonald's Corporation today announced results for the first quarter ended March 31, 2023.

"Our strong first quarter results demonstrate that our Accelerating the Arches strategy is working, as comparable sales grew 12.6% through a healthy balance of strategic menu price increases and positive traffic growth," said Chris Kempczinski, McDonald's President and Chief Executive Officer. "Running great restaurants is fundamental to our business momentum. We have refocused on operational excellence through our global Performance and Customer Excellence (PACE) initiative, and we've seen significant customer satisfaction improvement around the world. Amidst a challenging operating environment, customer demand for McDonald's Brand remains strong."

First quarter financial performance:

Global comparable sales increased 12.6%, reflecting strong comparable sales of 12.6% across each segment.
Consolidated revenues increased 4% (8% in constant currencies).
Systemwide sales increased 9% (13% in constant currencies).
Consolidated operating income increased 10% (14% in constant currencies).
Diluted earnings per share was $2.45, an increase of 66% (72% in constant currencies). Excluding $0.18 per share of current year restructuring charges related to the Company's internal effort to modernize ways of working (Accelerating the Organization), diluted earnings per share was $2.63, an increase of 15% (19% in constant currencies) when also excluding prior year charges.**

*Refer to page 3 for a definition of Systemwide sales. **Refer to page 2 for additional details on charges for the first quarter 2023 and 2022.

View full version at McDonald's

Meritage Reports First Quarter 2023 Results; Strong Sales Growth Ahead

April 14, 2023 16:19 ET

GRAND RAPIDS, Michigan, April 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the first quarter ended April 2, 2023.

First Quarter Highlights

Sales increased 8.7% to $157.7 million compared to $145.1 million for the same period last year.
Earnings from Operations were $0.9 million compared to $2.5 million for the same period last year.
Net Earnings (Loss) were $(1.5) million compared to $2.0 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) was $5.4 million compared to $8.4 million for the same period last year.
The Company entered into a definitive agreement to acquire 25 Wendy’s restaurants, scheduled to close in the second quarter, subject to standard due diligence.

“Our sales increased $12.6 million in the first quarter and continue to experience strong momentum into the second quarter. We believe margins are starting to improve as inflation stabilizes.”, stated Meritage CEO, Robert E. Schermer, Jr.

“The Company is under a definitive agreement to acquire 25 Wendy’s restaurants. Acquisitions, renovations, and new restaurant development are integral parts of our restaurant business model, as we grow into new, expandable market areas. Newly built Wendy’s restaurants continue to provide the Company with a strong return on investment, as guests reward us for contemporary restaurant designs and digital enhancements,” added Schermer.

View full version at Meritage Hospitality

Call Us Today: 888-875-9993

Financials - May 2023

Reiterates Full Year 2023 Guidance

Recent Posts

Comments

GET IN TOUCH