Carrols Restaurant Group, Inc. Reports Financial Results for the Third Quarter 2022
November 09, 2022 07:00 ET
SYRACUSE, N.Y., Nov. 09, 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 third quarter ended October 2, 2022.
Highlights for the Third Quarter of 2022 versus the Third Quarter of 2021 include:
Total restaurant sales increased 5.3% to $444.0 million compared to $421.7 million in the third quarter of 2021;
Comparable restaurant sales for the Company’s Burger King® restaurants increased 4.9%;
Comparable restaurant sales for the Company’s Popeyes® restaurants increased 6.5%;
Adjusted EBITDA(1) totaled $17.7 million compared to $18.6 million in the prior year quarter;
Adjusted Restaurant-Level EBITDA(1) totaled $37.9 million compared to $35.4 million in the prior year quarter;
Net Loss of $8.7 million, or $0.17 per diluted share, compared to a Net Loss of $9.9 million, or $0.20 per diluted share, in the prior year quarter; and
Adjusted Net Loss(1) of $7.3 million, or $0.14 per diluted share, compared to an Adjusted Net Loss of $7.8 million, or $0.16 per diluted share, in the prior year quarter. (1)Adjusted EBITDA, Adjusted Restaurant-Level EBITDA and Adjusted Net Income (Loss) are non-GAAP financial measures. Refer to the definitions and reconciliation of these measures to net income (loss) or to income (loss) from operations in the tables at the end of this release.
Management Commentary Paulo A. Pena, President and Chief Executive Officer of Carrols, commented, “Our third quarter results reflect our continued top-line momentum with strong comparable sales growth at both our Burger King and Popeyes restaurants. Moreover, we believe our ongoing effort to strengthen our restaurant operations has allowed us to not only improve restaurant-level profitability during the quarter, but also to continue making progress on our growth drivers. This, combined with moderating inflationary pressures on commodities and labor, helps fuel our optimism for coming quarters. While there is still more work to be done, I am proud of the accomplishments our team has made thus far.”
Pena continued, "We generated $14.0 million of free cash flow this past quarter, which reflects the improvements we are making to our business. We believe our ample available liquidity provides us a capital cushion to ensure that we can make, in a disciplined manner, any investments necessary to strengthen our operations and provide a platform for continued growth in coming years. During the quarter, continued improvement in our operating results coupled with our repayment of approximately 60% of our revolver balance reinforced our commitment to driving long-term shareholder value through a combination of organic growth, margin improvements and debt reduction."
Pena concluded, “We are pleased to have been part of a working group of franchisees that worked hand in hand with Burger King to help develop the 'Reclaim the Flame' initiative, which is designed to not only drive traffic but also improve franchisee economics. We believe the benefits to Carrols of this initiative will be multi-faceted. First, the increased marketing spend and menu innovation should serve to boost brand awareness, traffic and sales. Second, refocusing the brand on customer and crew experience should have a positive impact on guest experience, speed of service and employee retention. Finally, the renewed focus on franchisee economics will help ensure that Burger King franchisees and our franchisor are aligned around restaurant profitability and higher returns on restaurant remodels. This, we believe, will enhance franchisees' financial footing and allow the brand to grow from a position of strength for years to come.”
View full version at Carrols Restaurant Group
THE WENDY'S COMPANY REPORTS THIRD QUARTER 2022 RESULTS
Nov 09, 2022, 07:00 ET
DUBLIN, Ohio, Nov. 9, 2022 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended October 2, 2022.
"I am proud of the Wendy's® System for achieving significant one-year global same-restaurant sales acceleration, which allowed us to deliver a fourth consecutive quarter of double digit global same-restaurant sales on a two-year basis," President and Chief Executive Officer Todd Penegor said. "This extends our track record of consistent sales growth while highlighting the strength of our strategic pillars. We expanded our global footprint, held global digital sales mix at approximately 10%, and accelerated our US breakfast daypart over the course of the quarter following our first major menu innovation since launching. Our focus on executing against our priorities, our alignment with the best franchisees in the business, and the continued dedication of our employees give me the confidence that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand."
Third 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
Third Quarter
Year-to-Date
2022
2021
2022
2021
Systemwide Sales Growth(1)
U.S.
7.7 %
3.7 %
4.6 %
12.1 %
International(2)
18.3 %
20.2 %
20.1 %
23.6 %
Global
8.9 %
5.3 %
6.3 %
13.2 %
Same-Restaurant Sales Growth(1)
U.S.
6.4 %
2.1 %
3.3 %
10.2 %
International(2)
10.8 %
14.7 %
13.3 %
17.4 %
Global
6.9 %
3.3 %
4.4 %
10.9 %
Systemwide Sales (In US$ Millions)(3)
U.S.
$3,006
$2,791
$8,719
$8,336
International(2)
$413
$362
$1,192
$1,020
Global
$3,419
$3,154
$9,911
$9,356
Restaurant Openings
U.S. - Total / Net
27 / 14
27 / 6
101 / 59
69 / 20
International - Total / Net
31 / 26
21 / 19
97 / 72
60 / 43
Global - Total / Net
58 / 40
48 / 25
198 / 131
129 / 63
Global Reimaging Completion Percentage
77 %
70 %
(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
Third Quarter
Year-to-Date
2022
2021
B / (W)
2022
2021
B / (W)
(In Millions Except Per Share Amounts)
(Unaudited)
(Unaudited)
Total Revenues
$ 532.6
$ 470.3
13.3 %
$ 1,559.0
$ 1,423.8
9.5 %
Adjusted Revenues(1)
$ 429.0
$ 372.3
15.2 %
$ 1,258.0
$ 1,134.1
10.9 %
Company-Operated Restaurant Margin
14.3 %
14.4 %
(0.1) %
13.5 %
17.4 %
(3.9) %
General and Administrative Expense
$ 62.5
$ 62.8
0.5 %
$ 186.5
$ 178.6
(4.4) %
Operating Profit
$ 98.1
$ 80.2
22.4 %
$ 269.3
$ 290.1
(7.2) %
Net Income
$ 50.5
$ 41.2
22.8 %
$ 136.1
$ 148.3
(8.2) %
Adjusted EBITDA
$ 134.5
$ 112.2
19.9 %
$ 374.3
$ 364.2
2.8 %
Reported Diluted Earnings Per Share
$ 0.24
$ 0.18
33.3 %
$ 0.63
$ 0.66
(4.5) %
Adjusted Earnings Per Share
$ 0.24
$ 0.19
26.3 %
$ 0.65
$ 0.66
(1.5) %
Cash Flows from Operations
$ 182.6
$ 276.7
(34.0) %
Capital Expenditures
$ (50.0)
$ (43.4)
(15.3) %
Free Cash Flow(2)
$ 167.2
$ 273.7
(38.9) %
(1) Total revenues less advertising funds revenue.
(2) Cash flows from operations minus capital expenditures, the impact of our advertising funds and cash paid for taxes related to the disposition of the New York market in Q2 2021.
Third Quarter Financial Highlights
Total Revenues The increase in revenues resulted primarily from higher sales at Company-operated restaurants driven by the favorable impact of the acquisition of 93 franchise-operated restaurants in Florida during the fourth quarter of 2021 and higher same-restaurant sales. 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. These increases were partially offset by a decrease in franchise fees as a result of decreased franchise transaction activity.
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Sweetgreen, Inc. Announces Third Quarter 2022 Financial Results
November 08, 2022 04:05 PM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its third fiscal quarter ended September 25, 2022.
“We remain relentlessly focused on continuous operational improvement and delivering exceptional service to our customers by adding the sweet touch one customer at a time,” said Co-Founder and CEO Jonathan Neman. “Sweetgreen is in the early stages of building a national brand that leads and defines a category and we are excited about our expansion plans in 2023.”
Added CFO Mitch Reback: “Adjusted EBITDA for the quarter was a loss of $6.8 million, narrowing from a loss of $14.1 million in the third quarter of 2021. With a continued focus on driving profitability and a strong balance sheet, we are well capitalized to execute on our business plan and invest for the long-term.”
Third Quarter 2022 Financial Results
For the third quarter of fiscal year 2022, compared to the third quarter of fiscal year 2021:
Total revenue was $124.0 million versus $95.8 million in the prior year period, an increase of 29%.
Same-Store Sales Change of 6% versus Same-Store Sales Change of 43% in the prior year period.
AUV of $2.9 million versus AUV of $2.5 million in the prior year period.
Total Digital Revenue Percentage of 60% and Owned Digital Revenue Percentage of 40%, versus Total Digital Revenue Percentage of 63% and Owned Digital Revenue Percentage of 43% in the prior year period.
Loss from operations was $(49.3) million and loss from operations margin was (40)% versus loss from operations of $(32.3) million and loss from operations margin of (34)% in the prior year period.
Restaurant-Level Profit(1) was $19.8 million and Restaurant-Level Profit Margin was 16%, versus Restaurant-Level Profit of $13.1 million and Restaurant-Level Profit Margin of 14% in the prior year period.
Net loss was $(47.4) million versus net loss of $(30.1) million in the prior year period.
Adjusted EBITDA(1) was $(6.8) million versus Adjusted EBITDA of $(14.1) million in the prior year period and Adjusted EBITDA Margin was (5)% versus (15)% in the prior year period.
10 Net New Restaurant Openings versus 11 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
First Watch Restaurant Group, Inc. Reports Strong Q3 2022 Financial Results and Raises Certain of Its Full Year Guidance
November 07, 2022 06:00 ET
Total revenues of $186.9 million, up 18.7% compared to prior year Same-restaurant sales growth of 12.0% driven by same-restaurant traffic growth of 3.7% Income from operations margin of 1.4% and restaurant level operating profit margin of 17.3% 11 system-wide restaurants opened across 9 states
BRADENTON, Fla., Nov. 07, 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 September 25, 2022 (“Q3 2022”) and raised certain elements of its fiscal year 2022 guidance.
“We are very pleased with our third quarter results, which demonstrate our broad consumer appeal and the consistency and strength of our business model even in this uncertain economic environment,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “We believe our performance is among the best in our industry with the year-over-year increase in system-wide sales of 19.2%, same-restaurant sales growth of 12.0% and same-restaurant traffic growth of 3.7%. Our customers clearly recognize and appreciate the elevated dining experiences, differentiated offering and value proposition First Watch provides. Looking ahead, we continue to see a long runway for profitable growth as we invest in our people and accelerate our restaurant development.”
Highlights for Q3 2022 compared to Q3 2021*:
System-wide sales increased 19.2% to $235.2 million in Q3 2022 from $197.4 million in Q3 2021
Total revenues increased 18.7% to $186.9 million in Q3 2022 from $157.4 million in Q3 2021
Same-restaurant sales growth of 12.0% (32.7% relative to Q3 2019**)
Same-restaurant traffic growth of 3.7% (7.0% relative to Q3 2019**)
Income from operations margin of 1.4% in Q3 2022 compared to 4.6% in Q3 2021
Restaurant level operating profit margin*** of 17.3% in Q3 2022 compared to 19.5% in Q3 2021
Net income of $46.0 thousand in Q3 2022 compared to $0.8 million in Q3 2021
Adjusted EBITDA*** of $17.0 million in Q3 2022 was flat compared to Q3 2021
Opened 11 system-wide restaurants (7 company-owned and 4 franchise-owned) across 9 states, resulting in a total of 459 system-wide restaurants (356 company-owned and 103 franchise-owned) across 29 states
___________________ * Thirteen weeks ended September 26, 2021 (“Q3 2021”) ** Comparison to the thirteen weeks ended September 29, 2019 (“Q3 2019”) is presented for enhanced comparability due to the economic impact of COVID-19 *** See “Non-GAAP Financial Measures” below
Outlook Fiscal Year 2022
As a result of our continued strong financial results, the Company updated certain elements of its previous guidance for fiscal year 2022:
Same-restaurant sales growth at the top end of the 13.0% to 15.0% range with continued positive traffic
Total revenues growth of 20.0% to 22.0% relative to 2021
Total of 44 new restaurant openings (30 new company-owned restaurants and 14 new franchise-owned restaurants)
Capital expenditures of $60.0 million to $63.0 million, which includes investments in new restaurant projects, planned remodels and new in-restaurant technology
Blended tax rate of 40.0% to 41.0%
The Company confirms certain elements of its previous guidance for fiscal year 2022:
Adjusted EBITDA* in the range of $70.0 million to $72.0 million
______________________ * We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
View full version at First Watch
Ruth’s Hospitality Group, Inc. Reports Third Quarter 2022 Financial Results
– Declares $0.14 Per Share Quarterly Dividend –
November 04, 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 third quarter ended September 25, 2022 and provided a business update.
Third Quarter Highlights (1)
Total restaurant sales in the third quarter increased 8.5% compared to 2021 driven by comparable sales growth and incremental sales from six new restaurants that opened over the last 12 months.
Third quarter comparable sales increased 2.9% versus 2021 and 11.2% versus 2019.
Third quarter average weekly sales were $107.5 thousand in 2022 compared to $102.8 thousand in 2021 and $93.4 thousand in 2019. (2)
Franchise income in the third quarter of 2022 was $4.9 million compared to $4.7 million in the third quarter of 2021. Third quarter 2022 comparable restaurant sales at franchisee-owned restaurants increased 4.1% compared to 2021.
Food and beverage costs, as a percentage of restaurant sales, decreased 257 basis points to 31.7% compared to the third quarter of 2021. Total beef costs decreased 14% compared to the third quarter of 2021.
Net income in the third quarter of 2022 was $5.5 million, or $0.16 per diluted share, compared to net income of $6.9 million, or $0.20 per diluted share, in the third quarter of 2021.
- Net income in the third quarter of 2022 included a $270 thousand income tax benefit related to the impact of discrete income tax items. Net income in the third quarter of 2021 included a $16 thousand employee retention payroll tax credit, which reduced restaurant operating expenses, and a $29 thousand income tax expense related to the impact of discrete income tax items. - Excluding these items, non-GAAP adjusted earnings per common share was $0.16 in the third quarter of 2022, compared to a non-GAAP adjusted earnings per common share of $0.20 in the third quarter of 2021. The Company believes that non-GAAP adjusted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.
(1) In order to assist with the review of our quarterly 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 the Company commented, “Our solid third quarter performance is a direct testament to the hard work and dedication of our team members, supported by early benefits from our digital transformation.” Henry added, “We believe the demand for the Ruth’s Chris experience remains strong, as exhibited by our three successful new restaurant openings in the quarter. Looking to the future, our capital position is secure and we remain committed to investing in the long-term growth of the business.”
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The ONE Group Reports Third Quarter 2022 Financial Results
Revenue and Comparable Sales Increase vs. 2021 and Comparable Sales Increase 45.6% vs. 2019
Opened Company-owned STK San Francisco
Repurchases $3.5 Million in Shares Under $10 Million Buyback Authorization
November 03, 2022 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 third quarter ended September 30, 2022.
Highlights for the third quarter compared to the same period in 2021 are as follows:
Total GAAP revenues increased 1.6% to $73.0 million from $71.9 million;
GAAP net income attributable to The ONE Group was $0.5 million, or $0.01 per share ($0.07 adjusted net income per share) ****, compared to GAAP net income of $11.7 million, or $0.34 per share ($0.11 adjusted net income per share)****
Restaurant Operating Profit*** decreased 21.3% to $9.1 million from $11.6 million; and
Adjusted EBITDA** decreased 29.0% to $7.1 million from $10.0 million.
Comparable sales* for the third quarter compared to the same periods in 2021 and 2019:
Compared to 2021:
Consolidated comparable sales* increased 0.5%;
Comparable sales* for STK increased 3.5%; and
Comparable sales* for Kona Grill decreased 3.6%.
Compared to 2019:
Consolidated comparable sales* increased 45.6%;
Comparable sales* for STK increased 70.6%; and
Comparable sales* for Kona Grill increased 22.3%.
“Our comparable sales results reflect strong comparisons from 2019 as we are generating industry leading average unit volumes across both STK and Kona Grill. This quarter, we decided to take modest price increases knowing it would not offset the historic high inflation affecting our industry. Instead, we will be taking additional pricing in the fourth quarter, which is traditionally our strongest, as guests come to celebrate the holidays. As we look ahead, the investments we’ve made in being fully staffed should pay dividends and we will continue to remain laser focused on delivering exceptional and unforgettable guest experiences to drive top-line momentum as we continue to navigate this challenging cost environment,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
Hilario continued, “During the third quarter, we opened STK San Francisco which is averaging over $350,000 per week and is performing extremely well. Over a 90-day period, we will have opened STK San Francisco, STK Dallas and STK Stratford, a 13% increase in our STK unit count. In addition, we believe we are early in our growth strategy with significant whitespace ahead and our pipeline is the strongest in our history. Looking ahead, we foresee a total addressable market of at least 400 restaurants including 200 STK restaurants globally and at least 200 Kona Grills domestically, and we are targeting best-in-class ROIs between 40% and 50% for new Company-Owned STKs and for Company-Owned Kona Grills.”
View full version at The ONE Group
Restaurant Brands International Inc. Reports Third Quarter 2022 Results
Nov 03, 2022, 06:30 ET
Consolidated system-wide sales grow 14%, including 12% at Popeyes, 13% at Tim Hortons and 14% at Burger King
Global comparable sales accelerate to 9%, led by 11% growth at Tim Hortons Canada and 15% at Burger King International
Digital sales grow 26% year-over-year to approximately $3.4 billion, representing a third of system-wide sales
RBI continues to return capital through its industry-leading dividend while investing in its brands and reducing net leverage
TORONTO, Nov. 3, 2022 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the third quarter ended September 30, 2022.
José Cil, Chief Executive Officer of RBI commented, "Our strong results this quarter, including 9% consolidated comparable sales growth and 4% net restaurant growth, reflects the strength of our diversified, global business model, strong free cash flow generation and benefits from our focused investments in key areas including operations, technology, marketing, franchising, and people."
"Tim Hortons remains a loved destination, with strong sales momentum driven by quality new menu items and great value for money, resulting in accelerated comparable sales growth versus 2019 levels.
Additionally, we are proud that our Burger King franchisees are behind our Reclaim the Flame plan to accelerate growth by engaging existing and new guests, with important investments in marketing, operations, digital, and remodels. Internationally, the Burger King business is driving strong results with over 20% system-wide sales growth for the quarter and remains a great example of the power of being guest-led in everything we do.
From a development standpoint, our compelling unit economics and years spent building quality partnerships with franchisees around the world continues to fuel our ability to expand our footprint alongside dedicated, well-capitalized franchisees," continued Cil.
"We are fortunate to own iconic brands that offer great value for money with menu offerings that are loved by our guests. We will continue to provide guests with the value they love while driving results in a profitable way for our franchisees. I am incredibly proud of the hard work from our franchisees, team members and employees as they execute against our plans and work towards our big dream to build the most loved restaurant brands in the world," concluded Cil.
View source version at RBI
Noodles & Company Announces Third Quarter 2022 Financial Results
November 03, 2022 16:05 ET
Company Comparable Restaurant Sales of 3.4%; Sales Trends Accelerate Through the Quarter; Company Comparable Sales of 10.5% During Fiscal October
BROOMFIELD, Colo., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended September 27, 2022.
Key highlights for the third quarter of 2022 versus the third quarter of 2021 include:
Total revenue increased 3.4% to $129.4 million from $125.1 million in the third quarter of 2021.
Comparable restaurant sales increased 2.1% system-wide, comprised of a 3.4% increase at company-owned restaurants and a 3.8% decrease at franchise restaurants.
Company Average Unit Volumes (“AUV”) of $1.39 million, a 16.8% increase versus the third quarter of 2019.
Net income was $0.8 million, or $0.02 per diluted share, compared to $4.7 million, or $0.10 per diluted share in the third quarter of 2021.
Operating margin was 1.2% compared to 4.3% in the third quarter of 2021.
Restaurant contribution margin(1) was 14.4% compared to 18.1% in the third quarter of 2021, which was inclusive of an approximately 300 bps increase in cost of goods sold.
Adjusted EBITDA(1) was $9.8 million, a decrease of $3.4 million compared to the third quarter of 2021.
Adjusted net income(1) was $1.6 million, or $0.04 per diluted share compared to adjusted net income of $5.3 million, or $0.12 per diluted share, in the third quarter of 2021.
Three new company-owned restaurants and one new franchise location opened in the third 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 our third quarter sales performance, as Noodles strong value proposition and on trend innovation continues to resonate with our guests,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “Our sales trends accelerated throughout the quarter and we continue to see strong momentum thus far in the fourth quarter, resulting in company comparable restaurant sales of 10.5% during fiscal October.”
Boennighausen continued, “Moreover, while it remains a difficult inflationary environment, particularly concerning wage pressure, we are seeing meaningful improvements in some of our key input costs, notably chicken. As we finalize a fixed cost contract for chicken for next year we believe COGS will improve meaningfully from our third quarter results as we enter 2023. Our brand has proven resilient in the face of a challenging economic environment, and our upcoming investments in labor efficiency and technology, including our newly launched rollout of digital menu boards across our system, have the potential to yield tangible upside to both the top and bottom line. Finally, as we accelerate new unit growth, this year we have already opened more new restaurants than any year since 2016, which combined with strong performance of new restaurants and a robust pipeline gives us further confidence in our ability to become a premier growth story in the restaurant industry.”
View full version at Noodles & Company
Farmer Bros. Co. Reports Fiscal First Quarter 2023 Financial Results
November 03, 2022 16:05 ET
NORTHLAKE, Texas, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its first fiscal quarter ended September 30, 2022.
First Quarter Fiscal 2023 Highlights:
Net sales were $121.4 million, an increase of $13.0 million, or 12.0%, from the prior year period
Gross margin in the period was 22% compared to 29% in the prior year period,
Net loss was $7.4 million compared to a net loss of $2.4 million in the prior year period
Adjusted EBITDA loss of $4.9 million compared to adjusted EBITDA income of $3.5 million in the prior year period
As of September 30, 2022, total debt outstanding was $114.0 million and cash and equivalents were $7.6 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, “Sales momentum continued in our fiscal first quarter, with revenue up 12% year-over-year despite a worsening economic backdrop,” said Deverl Maserang, Chief Executive Officer. “Profitability levels reflect an unusual combination of pricing-related, seasonal and inflationary pressures on our sales and gross margins, a number of which are short-term in nature and beginning to reverse in the current second fiscal quarter, with substantial margin recovery already underway.”
“As we navigate the current headwinds, we continue to make good progress on our growth strategy, including delivering new customer wins and renewals, executing on our alternative beverage platform with key new partnerships and building momentum with our espresso programs at Revive. While we are mindful of the highly uncertain macroeconomic environment and are managing spending and our balance sheet carefully, our streamlined operating platform combined with multiple growth opportunities in a normalizing post-COVID business environment position Farmer to rebuild performance momentum looking ahead.”
View full version at Farmer Bros.
Chuy’s Holdings, Inc. Announces Third Quarter 2022 Financial Results
Approves a New $50 Million Share Repurchase Program
November 03, 2022 16:05 ET
AUSTIN, Texas, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the third quarter ended September 25, 2022.
Highlights for the third quarter ended September 25, 2022 were as follows:
Revenue increased 4.7% to $106.7 million compared to $101.9 million in the third quarter of 2021.
Comparable restaurant sales increased 2.6% as compared to fiscal 2021 and increased 0.5% as compared to fiscal 2019.
Net income was $5.0 million, or $0.27 per diluted share, as compared $6.0 million, or $0.30 per diluted share, in the third quarter of 2021. Net income increased $6.8 million from pre-pandemic net loss of $1.8 million, or $0.11 per diluted share, in the third quarter of 2019.
Adjusted net income(1) was $5.9 million, or $0.31 per diluted share, as compared to $9.1 million, or $0.45 per diluted share, in the third quarter of 2021. Adjusted net income(1) increased $2.1 million from pre-pandemic adjusted net income(1) of $3.8 million, or $0.23 per diluted share, in the third quarter of 2019.
Restaurant-level operating profit(1) was $18.7 million and restaurant-level operating margin(1) was 17.5%, compared to $23.7 million and 23.3%, respectively, in the third quarter of 2021. Restaurant-level operating profit(1) increased 18.1% from pre-pandemic restaurant-level operating profit(1) of $15.8 million in the third quarter of 2019 and restaurant-level operating margin(1) increased 300 basis points from pre-pandemic restaurant-level operating margin(1) of 14.5% in the third quarter of 2019.
The Company repurchased 557,576 shares of its common stock for a total of $12.8 million in the third quarter of 2022.
Cash and cash equivalents were $84.1 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 are pleased with our third quarter results, which included strong comparable sales growth and top line momentum in August and September following a softer July as a result of record high temperatures in Texas. I am very proud of our team and their constant focus on cost management and operating efficiencies in this challenging macroeconomic environment, including 21% food inflation. Their perseverance and dedication resulted in a 17.5% restaurant-level operating margin, a 300 basis-point improvement over 2019. We believe the initiatives, we’ve put in place, have put us on the right path for continued growth. Nevertheless, we will remain prudent and continue to do what we do best – providing our guests with the unique Chuy’s experience through high-quality, made-from-scratch food and drinks, offered at an incredible value.”
Hislop added “We are also pleased with the Board’s decision to authorize a new share repurchase program. This not only demonstrates the strength of our financial position and our commitment to long-term shareholder value, but also re-affirms our confidence in the fundamental growth opportunities we have in the Chuy’s brand."
View full version at Chuy's
El Pollo Loco Holdings, Inc. Announces Third Quarter 2022 Financial Results
November 03, 2022 16:05 ET
COSTA MESA, Calif., Nov. 03, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended September 28, 2022
Highlights for the third quarter ended September 28, 2022 compared to the third quarter ended September 29, 2021 were as follows:
Total revenue was $119.9 million compared to $115.7 million.
System-wide comparable restaurant sales(1) increased 3.8%.
Income from operations was $6.9 million compared to $14.2 million.
Restaurant contribution(1) was $12.8 million, or 12.4% of company-operated restaurant revenue, compared to $20.4 million, or 20.4% of company-operated restaurant revenue.
Net income was $5.0 million, or $0.14 per diluted share, compared to net income of $10.2 million, or $0.28 per diluted share.
Pro forma net income(1) was $5.0 million, or $0.14 per diluted share, compared to $10.0 million, or $0.27 per diluted share.
Adjusted EBITDA(1) was $11.6 million, compared to $18.9 million.
In the third quarter of 2021, under the CARES Act, the Company recognized a $3.2 million employee retention credit that positively impacted earnings in the prior year.(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 of El Pollo Loco Holdings, Inc., stated, “Food and labor inflation continue to pressure margins; however, we are very pleased with the progress we made on a number of initiatives during the third quarter. Our top-line momentum continued, resulting in system-wide comparable restaurant sales growth of 3.8%. Moreover, four-wall execution at company-operated restaurants continued to improve during the quarter with almost all restaurants fully open across all channels and key performance metrics achieving the highest levels in years. Finally, our franchisee recruiting program continues to gain traction with a new development agreement signed for northern California and southern Oregon, and an expanding list of candidates interested in developing in new markets. We believe that these, along with an innovative marketing calendar, set us up well as we look ahead to 2023.”
View full version at El Pollo Loco
RAVE Restaurant Group, Inc. Reports First Quarter Results
November 03, 2022 09:00 ET
DALLAS, Nov. 03, 2022 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the first quarter of fiscal 2023 ended September 25, 2022.
First Quarter Highlights:
The Company recorded net income of $0.3 million for the first quarter of fiscal 2023 compared to net income of $0.3 million for the same period of the prior year.
Income before taxes was $0.4 million for the first quarter of fiscal 2023 compared to income before taxes of $0.3 million for the same period of the prior year.
Adjusted EBITDA increased by $0.1 million to $0.5 million for the first quarter of fiscal 2023 compared to the same period of the prior year.
Total revenue increased by $0.5 million to $3.0 million for the first quarter of fiscal 2023 compared to the same period of the prior year.
The Company used $1.4 million to repurchase shares of its common stock in the first quarter of fiscal 2023.
Pizza Inn domestic comparable store retail sales increased 12.5% in the first quarter of fiscal 2023 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales increased 7.6% in the first quarter of fiscal 2023 compared to the same period of the prior year.
On a fully diluted basis, net income was unchanged at $0.02 per share for the first quarters of both fiscal 2023 and fiscal 2022.
Cash and cash equivalents decreased $0.3 million during the first quarter of fiscal 2023 to $7.4 million at September 25, 2022.
Pizza Inn domestic unit count finished at 128.
Pizza Inn international unit count finished at 33.
Pie Five domestic unit count finished at 31.
“Our first quarter results mark 10 consecutive quarters of profitability for RAVE as we transition from a turnaround to a stable company primed for growth,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. “Our first quarter shows continued significant same store sales growth at both Pizza Inn and Pie Five, net income stability, EBITDA growth and strong operating cash performance.”
View full version at RAVE Restaurant Group
Portillo’s Inc. Announces Third Quarter 2022 Financial Results
November 03, 2022 08:00 ET
CHICAGO, Nov. 03, 2022 (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 third quarter ended September 25, 2022.
Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “Our third-quarter results confirm that our strong value proposition resonates with our guests. Our ongoing commitment to operational excellence continues to result in unrivaled guest experiences. This can only be achieved with our dedicated team members who are consistently delivering that experience.”
Financial Highlights for the Third Quarter 2022 vs. Third Quarter 2021:
Total revenue increased 9.5% or $13.1 million to $151.1 million;
Same restaurant sales increased 5.8%;
Operating income decreased $6.6 million to $10.6 million;
Net income decreased $3.3 million to $3.2 million;
Restaurant-Level Adjusted EBITDA* decreased $0.2 million to $34.1 million; and
Adjusted EBITDA* decreased $2.6 million to $21.6 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.
View full version at Portillo's
Papa Johns Announces Third Quarter 2022 Financial Results
November 03, 2022 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 third quarter ended September 25, 2022.
Highlights
Total revenues of $511 million in the third quarter 2022 were down $2 million, or less than one percent, from a record third quarter 2021.
North America comparable sales were down less than one percent from a year ago and up 30% on a three-year stack. International comparable sales were down 10% and up 19% on a three-year stack.
Global system-wide restaurant sales were $1.20 billion(a), a 0.5% increase over the prior year third quarter.
18 net unit openings in the third quarter primarily within International markets; net unit openings in 2022 now expected to be between 240 and 260 units.
Earnings per diluted share of $0.23; non-GAAP adjusted diluted earnings per share of $0.54 excluding Special items, compared with $0.83 a year ago.
“Our team at Papa Johns continued to execute on our plan to create the world’s best pizza company, despite facing macroeconomic and seasonal headwinds during the quarter,” said Rob Lynch, Papa Johns President and Chief Executive Officer. “Coming off a record third quarter in 2021, our North American comparable sales were down less than one percent, but more importantly, our track record of industry outperformance continued as evidenced by our 30% three-year stacked growth. This is a true testament to our culture of innovation and the increasing strength of the Papa Johns brand.
“Although the third quarter is typically the slowest period for pizza delivery, this year was especially challenging as the demand for travel was amplified coming out of the pandemic. In addition, commodity and labor costs reached all-time highs, impacting profit. These are all short-term challenges that we navigated well and I am pleased to say we are off to a solid start in the fourth quarter. While we expect some near-term headwinds to continue, particularly in the UK market, we continue to build global excitement behind our brand, reinforcing our confidence in our multi-year development outlook,” continued Lynch. “I am extremely proud of our team members and franchisees for their continued improvements across our operations, marketing, technology and development capabilities in this challenging business environment. We’re well-positioned to drive continued growth in the long-term and to take advantage of the tremendous global whitespace available to Papa Johns.”
View full version at Papa Johns
BRINKER INTERNATIONAL REPORTS FIRST QUARTER OF FISCAL 2023 RESULTS
Nov 02, 2022, 07:47 ET
DALLAS, Nov. 2, 2022 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the first quarter of fiscal 2023 ended September 28, 2022.
"I'm encouraged by our quick progress to grow topline sales and simplify operations," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "And now that we've defined our key areas of focus, we are moving quickly to execute strategies designed to strengthen our position in casual dining and grow our core business over time."
Fiscal 2023 Highlights - First Quarter
Brinker International reported Company sales(1) of $946.1 million in the first quarter of fiscal 2023 as compared to $865.6 million in the first quarter of fiscal 2022.
Operating loss in the first quarter of fiscal 2023 was $19.8 million as compared to Operating income of $25.6 million in the first quarter of fiscal 2022. Operating loss, as a percentage of Total revenues, in the first quarter of fiscal 2023 was 2.1% as compared to Operating income, as a percentage of Total revenues, of 2.9% in the first quarter of fiscal 2022. The primary driver of the operating loss in the first quarter was the significant increase in Food and beverage costs due mainly to chicken and beef pricing.
Restaurant operating margin(1), as a percentage of Company sales, in the first quarter of fiscal 2023 was 6.0% as compared to 11.0% in the first quarter of fiscal 2022. The decline in restaurant operating margin was primarily driven by commodity price inflation of approximately 24% as compared to the first quarter of fiscal 2022.
Net loss per diluted share, on a GAAP basis, in the first quarter of fiscal 2023 was $0.69 as compared to Net income per diluted share of $0.28 in the first quarter of fiscal 2022.
Net loss per diluted share, excluding special items, in the first quarter of fiscal 2023 was $0.57 as compared to Net income per diluted share of $0.34 in the first quarter of fiscal 2022.
Adjusted EBITDA in the first quarter of fiscal 2023 was $27.1 million as compared to $69.4 million in the first quarter of fiscal 2022.
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
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 2, 2022
November 02, 2022 04:05 PM Eastern Daylight Time
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal third quarter ended October 2, 2022.
Results for the third quarter, as compared to the prior year as applicable, included the following:
Restaurant revenue of $282.4 million increased 4.5% compared to 2021;
Tenth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;
Red Robin Royalty® membership now exceeding 11 million, an increase of 0.4 million;
Comparable restaurant revenue increased 5.3% and 5.9% compared to 2021 and 2019, respectively;
Continued acceleration of comparable restaurant revenue outperformance at restaurants with Donatos®, now offered at over half of our Company locations, with comparable restaurant revenue growth compared to 2019 of 9.8% versus comparable restaurant revenue growth compared to 2019 for restaurants without Donatos® of (0.3)%;
Net loss of 12.6 million decreased $2.4 million compared to 2021;
Restaurant level operating profit margin increased by 10 basis points driven primarily by sales leverage, partially offset by commodity and wage rate inflation; and
Adjusted EBITDA(1) (a non-GAAP metric) of $4.0 million decreased $4.3 million compared to 2021.
G.J. Hart, Red Robin’s President and Chief Executive Officer, “While operating costs were higher than expected, we once again outpaced the category in comparable restaurant sales and traffic as measured by Black Box Intelligence, and net value sentiment on social media channels. Our topline outperformance was driven by our barbell strategy, anchored by our popular Steakhouse Summer limited time product offers. Stabilized staffing and lower turnover have resulted in improved guest satisfaction scores. Finally, our targeted digital marketing is driving profitable traffic and we hit a new high mark for engagement among our more than 11 million Red Robin Royalty® members.”
Hart concluded, “Since starting as CEO eight weeks ago, my excitement about the exceptional potential of Red Robin has only grown. While steady progress has been made in a difficult environment, my immediate focus is on accelerating the delivery of an extraordinary Red Robin restaurant experience, fulfilling our brand promise. We are moving with purpose to improve key aspects of the restaurant experience and being more relevant to our guests. Priorities include strengthening the restaurant management structure and service model, improving food quality to ensure we serve the very best gourmet burgers and American favorites, and elevating our dine-in atmosphere, creating a fun and playful environment where guests can connect with friends and family. Finally, we are committed to prudent cost management and capital allocation that includes refreshing our restaurants which will provide long-term shareholder value.”
View full version at Red Robin
Yum! Brands Reports Third-Quarter Results
10% System Sales Growth Excluding Russia Impact;
Led by 5% Same-Store Sales Growth with 979 Gross Unit Openings
Yum! Brands Reports Third-Quarter Results
November 02, 2022 07:00 AM Eastern Daylight Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2022. Worldwide system sales excluding foreign currency translation grew 7%, with 5% same-store sales growth and 4% unit growth. Third quarter GAAP operating profit grew 4%. Third quarter core operating profit grew 8% including a 3-point headwind from Russia. Third quarter GAAP EPS was $1.14 and third quarter EPS excluding Special Items was $1.09. Our year-over-year EPS excluding Special Items results reflect a $0.23 negative impact from a higher current year tax rate, lower investment gains and the removal of Russia-based profits. Foreign currency translation also unfavorably impacted our EPS by $0.10.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “I’m pleased to report another strong quarter for Yum!, with system sales growth of 10% excluding Rus,sia, driven by strong demand for our iconic brands, increased digital adoption and continued momentum on unit development. Our three global brands delivered widespread system sales growth, once again demonstrating that our globally diversified business, led by our world-class teams and franchisees, can thrive in any environment.”
View full version at Yum! Brands
Dine Brands Global, Inc. Reports Third Quarter 2022 Results
Applebee’s and IHOP Post Seventh & Sixth Consecutive Positive Comparable Restaurants Sales Quarters, Respectively
November 02, 2022 07:00 AM Eastern Daylight Time
GLENDALE, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the third quarter of fiscal 2022.
“The third quarter reflected Dine’s collective strength and resiliency. Despite persistent economic headwinds, our performance demonstrated outstanding execution of our plan and our deep commitment to deliver on our strategy and create shareholder value,” said John Peyton, chief executive officer of Dine Brands Global, Inc.
Vance Chang, chief financial officer, added, “Our results continued to display the strength of our asset-light business model. With less than one quarter remaining in 2022, we have narrowed our EBITDA and G&A guidance to better incorporate our year-to-date progress and our prospects for the remainder of the year.”
Domestic Restaurant Sales for the Third Quarter of 2022
Applebee’s year-over-year comparable same-restaurant sales increased 3.8% for the third quarter of 2022. Off-premise sales accounted for 24.2% of sales mix, representing per restaurant average weekly sales of approximately $12,800.
IHOP’s year-over-year comparable same-restaurant sales increased 1.9% for the third quarter of 2022. Off-premise sales accounted for 20.4% of sales mix, representing per restaurant average weekly sales of approximately $7,700.
Third Quarter of 2022 Summary
Total revenues for the third quarter of 2022 were $233.2 million compared to $228.7 million for the third quarter of 2021. The increase was primarily due to positive comparable same restaurant sales growth at both brands.
Consolidated adjusted EBITDA for the third quarter of 2022 was $63.6 million, slightly ahead of the $63.3 million for the third quarter of 2021. The increase in revenues was offset by ongoing inflation across our company restaurants and higher franchise-level expenses. (See “Non-GAAP Financial Measures” and reconciliation of GAAP net income to consolidated adjusted EBITDA.)
General and Administrative (“G&A”) expenses for the third quarter of 2022 were $46.3 million compared to $43.7 million for the third quarter of 2021. The variance was primarily due to continued strategic growth investments and a return to normalized operations, including higher professional services expenses and travel-related costs to support franchisees.
GAAP earnings per diluted share of $1.32 for the third quarter of 2022 compared to earnings per diluted share of $1.33 for the third quarter of 2021. The variance was primarily due to higher franchise, company restaurant and G&A expenses, offset by increased revenues and lower share count.
Adjusted earnings per diluted share of $1.66 for the third quarter of 2022 compared to adjusted earnings per diluted share of $1.55 for the third quarter of 2021. The variance was primarily due to lower share count. (See “Non-GAAP Financial Measures” and reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share.)
Development activity by Applebee’s and IHOP franchisees for the third quarter of 2022 resulted in the opening of 10 new restaurants and the closure of 11 restaurants.
View full version at Dine Brands
Denny’s Corporation Reports Results For Third Quarter 2022
November 01, 2022 16:05 ET
SPARTANBURG, S.C., Nov. 01, 2022 (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 third quarter ended September 28, 2022 and provided a business update on the Company’s operations.
Kelli Valade, Chief Executive Officer, stated, "We were pleased with our solid performance as our long-standing commitment to everyday value resonated in this complex and challenging environment. The positive consumer response to our Summer Slamcation and recently launched All Day Diner Deals value menus drove incremental traffic at Denny's in the quarter and induced new customer trial."
Third Quarter 2022 Highlights
Acquired Keke's on July 20, 2022 for $82.5 million.
Total operating revenue grew 13.2% to $117.5 million compared to the prior year quarter.
Denny's domestic system-wide same-store sales** grew 1.5% compared to the equivalent fiscal period in 2021, including a 1.1% increase at domestic franchised restaurants and a 7.1% increase at company restaurants.
Opened eight franchised restaurants, including one international location and one Keke's location.
Completed 19 remodels, including 16 franchised restaurants.
Operating income was $15.8 million compared to $17.7 million in the prior year quarter.
Franchise Operating Margin* was $30.7 million, or 47.0% of franchise and license revenue, and Company Restaurant Operating Margin* was $3.8 million, or 7.2% of company restaurant sales.
Net income was $17.1 million, or $0.29 per diluted share.
Adjusted Net Income* and Adjusted Net Income Per Share* were $7.1 million and $0.12, respectively.
Adjusted EBITDA* was $19.2 million, which included $1.6 million in legal settlement expense.
Cash provided by (used in) operating, investing, and financing activities was $15.3 million, ($77.3) million, and $64.9 million, respectively.
Adjusted Free Cash Flow* was $8.7 million.
Repurchased $7.9 million of common stock.
Third Quarter Results
Total operating revenue increased 13.2% to $117.5 million compared to $103.8 million in the prior year quarter.
Franchise and license revenue was $65.2 million compared to $57.3 million in the prior year quarter. This increase was primarily driven by $5.6 million related to the kitchen modernization rollout and $1.1 million of Keke's franchise revenue in the current quarter.
Company restaurant sales were $52.2 million compared to $46.5 million in the prior year quarter. This increase is comprised of benefits from Denny's price increases and changes in product mix compared to the prior year quarter and $2.7 million of Keke's company restaurant sales in the current quarter.
View full version at Denny's
The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2022 and Provides Business Update
November 01, 2022 04:15 PM Eastern Daylight Time
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2022, which ended on September 27, 2022.
Total revenues were $784.0 million in the third quarter of fiscal 2022 compared to $754.5 million in the third quarter of fiscal 2021. Net loss and diluted net loss per share were $2.4 million and $0.05, respectively, in the third quarter of fiscal 2022.
Excluding the after-tax impact of a $0.8 million charge recorded by the Company primarily associated with FRC acquisition-related items, adjusted net loss and adjusted net loss per share for the third quarter of fiscal 2022 were $1.6 million and $0.03, 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 1.1% year-over-year in the third quarter of fiscal 2022. Relative to fiscal 2019, third quarter comparable restaurant sales at The Cheesecake Factory restaurants increased 9.5%. Through October 25th, fourth quarter-to-date comparable sales for The Cheesecake Factory restaurants increased approximately 2.8% year-over-year and 14.0% as compared to the same period in fiscal 2019.
“Our revenue results for the third quarter were within our expected range, and sales trends across our portfolio of concepts remained solid, strengthening throughout the quarter and into the fourth quarter,” said David Overton, Chairman and Chief Executive Officer. “Our operators remain focused on delivering delicious and memorable guest experiences and effectively managing what is in their control. In fact, labor productivity and food efficiency results for the quarter exceeded our expectations and pre-pandemic levels.”
“While our operational performance has been solid and core cost inputs have become more stable and predictable, we continue to face a dynamic and challenging inflationary environment in some areas. As a result, our profit margins in the quarter reflected higher than anticipated operating expenses particularly in utilities and building maintenance. However, we remain highly focused on returning restaurant margins to pre-pandemic levels in the near-term supported by appropriate pricing actions to offset the higher costs while also managing the business for the long-term including increasing market share.”
View full version at The Cheesecake Factory
Bloomin’ Brands Announces 2022 Q3 Financial Results
Q3 Combined U.S. Comparable Restaurant Sales Growth of 1.4%
Q3 Diluted EPS of $0.34 and Adjusted Diluted EPS of $0.35
Reiterates Full Year Adjusted EPS Expectations
Declares Quarterly Cash Dividend of $0.14 per share
October 28, 2022 07:00 AM Eastern Daylight Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2022 (“Q3 2022”) compared to the third quarter 2021 (“Q3 2021”).
CEO Comments
“We are pleased with the consistent performance of our brands as Q3 represented another quarter of strong results. U.S. comparable sales improved throughout the quarter while our margins remain well above pre-pandemic levels” said David Deno, CEO. “Importantly, we achieved this performance despite persistent inflationary pressures that were well ahead of menu price increases. We remain focused on executing our strategy to elevate the customer experience and drive innovation while achieving sustainable sales and profits.”
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):
Q3
2022
2021
CHANGE
Diluted earnings per share
$
0.34
$
0.03
$
0.31
Adjustments (1)
0.01
0.54
(0.53
)
Adjusted diluted earnings per share (1)
$
0.35
$
0.57
$
(0.22
)
___________________
(1) Q3 2021 includes a $61.9 million charge in connection with the Carrabba’s Italian Grill royalty termination. See Non-GAAP Measures later in this release.
Third Quarter Financial Results
(dollars in millions, unaudited)
Q3 2022
Q3 2021
CHANGE
Total revenues
$
1,055.8
$
1,010.5
4.5
%
GAAP Operating income margin
4.9
%
1.5
%
3.4
%
Adjusted operating income margin (1)(2)
4.9
%
8.2
%
(3.3
) %
Restaurant-level operating margin (1)
13.1
%
10.3
%
2.8
%
Adjusted restaurant-level operating margin (1)(2)
13.1
%
16.8
%
(3.7
) %
___________________ (1) See Non-GAAP Measures later in this release. (2) Adjusted operating income and restaurant-level operating margins are lower year-over-year due to elevated inflationary pressures that were partially offset by moderate pricing increases to maintain consumer value equation.
The increase in Total revenues was primarily due to higher comparable restaurant sales and the net impact of restaurant openings and closures.
Operating income margin increased primarily due to an increase in restaurant-level operating margin as described below and lower share-based and incentive compensation.
Restaurant-level operating margin increased primarily due to: (i) lapping the Carrabba’s Italian Grill royalty termination, (ii) increases in average check per person and (iii) lapping the impact of COVID-19 in Brazil. These increases were partially offset by: (i) commodity inflation, (ii) increased labor costs primarily due to wage rate inflation, (iii) higher operating expenses including utilities and (iv) higher advertising expense.
Adjusted operating income and adjusted restaurant-level operating margins for Q3 2021 exclude the impact of the Carrabba’s Italian Grill royalty termination.
View full version at Bloomin' Brands
McDONALD'S REPORTS THIRD QUARTER 2022 RESULTS
Oct 27, 2022, 07:00 ET
Global comparable sales increased nearly 10%, with growth across all segments
U.S. comparable sales increased more than 6% for the quarter, marking the ninth consecutive quarter of comparable sales growth for the segment
Digital Systemwide sales* in our top six markets were nearly $7 billion for the quarter, representing over a third of total Systemwide sales in those markets
CHICAGO, Oct. 27, 2022 /PRNewswire/ -- McDonald's Corporation today announced results for the third quarter ended September 30, 2022.
"Our third quarter 2022 performance demonstrated broad-based business momentum as global comparable sales increased nearly 10%. I remain confident in our Accelerating the Arches strategy as our teams around the world continue to execute at a high level," said McDonald's President and Chief Executive Officer, Chris Kempczinski. "As the macroeconomic landscape continues to evolve and uncertainties persist, we are operating from a position of competitive strength. I also want to thank our franchisees, who have done a tremendous job navigating this environment, while providing great value to our customers."
Third quarter financial performance:
Global comparable sales increased 9.5%, reflecting positive comparable sales across all segments:
U.S. increased 6.1%
International Operated Markets segment increased 8.5%
International Developmental Licensed Markets segment increased 16.7%
Consolidated revenues decreased 5% (increased 2% in constant currencies).
Systemwide sales increased 2% (9% in constant currencies).
Consolidated operating income decreased 7% (increased 1% in constant currencies). Excluding $106 million of prior year gains related to the sale of McDonald's Japan stock, consolidated operating income decreased 4% (increased 4% in constant currencies).
Diluted earnings per share was $2.68, a decrease of 6% (flat in constant currencies). Excluding the prior year gains described above of $0.10 per share, diluted earnings per share decreased 3% (increased 4% in constant currencies).
The Company declared a 10% increase in its quarterly cash dividend to $1.52 per share.
*Refer to page 4 for a definition of Systemwide sales.
View full version at McDonald's
Texas Roadhouse, Inc. Announces Third Quarter 2022 Results
October 27, 2022 16:03 ET
LOUISVILLE, Ky., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 weeks ended September 27, 2022.
Financial Results
Financial results for the 13 and 39 weeks ended September 27, 2022 and September 28, 2021 were as follows:
Third QuarterYear to Date ($000's)20222021% change20222021% change Total revenue$993,298$868,94314.3%$3,005,390$2,568,36017.0%Income from operations75,28861,69822.0%251,344232,3538.2%Net income62,32852,60618.5%209,949192,2369.2%Diluted earnings per share$0.93$0.7523.7%$3.08$2.7412.4%
Results for the third quarter, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 8.2% at company restaurants and increased 6.7% at domestic franchise restaurants;
Average weekly sales at company restaurants were $129,278 of which 12.6% were to-go sales as compared to average weekly sales of $120,094 of which 15.1% were to-go sales in the prior year;
Restaurant margin, as a percentage of restaurant and other sales, decreased 26 basis points to 15.4%. Restaurant margin was negatively impacted by commodity inflation of 8.8% and wage and other labor inflation of 7.7% partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 12.5% to $152.0 million from $135.1 million in the prior year;
Diluted earnings per share increased 23.7% to $0.93 from $0.75 in the prior year as higher restaurant margin dollars were partially offset by higher income tax expense. Diluted earnings per share also benefitted from increased share repurchases;
Five company restaurants and two international franchise restaurants were opened; and,
The Company ended the quarter with $185.3 million of cash on hand and debt of $75.0 million.
Results for the year-to-date period, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 10.5% at company restaurants and increased 10.1% at domestic franchise restaurants;
Average weekly sales at company restaurants were $132,356 of which 13.5% were to-go sales as compared to average weekly sales of $120,271 of which 18.0% were to-go sales in the prior year;
Restaurant margin, as a percentage of restaurant and other sales, decreased 115 basis points to 16.1%. Restaurant margin was negatively impacted by commodity inflation of 12.4% partially offset by the benefit of an increase in comparable restaurant sales. Restaurant margin dollars increased 9.3% to $481.9 million from $440.9 million in the prior year;
Diluted earnings per share increased to $3.08 from $2.74 in the prior year as higher restaurant margin dollars were partially offset by higher general and administrative expenses. Diluted earnings per share also benefitted from increased share repurchases;
13 company restaurants and five international franchise restaurants were opened; and,
The Company repurchased 2,734,005 shares of common stock for $212.9 million.
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We are pleased to announce another profitable quarter as our operators continue to focus on providing a legendary guest experience in spite of higher costs in this inflationary environment. This focus, along with our value proposition, keeps us well positioned to continue to grow both our top and bottom lines.”
Morgan continued, “As we transition into 2023, we are excited about the systemwide store growth we expect to see for all three brands. This store growth along with our planned franchise acquisitions and a disciplined approach to capital allocation reflects our commitment to driving shareholder value.”
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