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BurgerFi Reports Third Quarter 2023 Results
Conference Call Today, November 15, 2023, at 8:30 a.m. ET
November 15, 2023 07:00 ET
FORT LAUDERDALE, Fla., Nov. 15, 2023 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza and wings concept under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) brand, today reported financial results for the third quarter ended October 2, 2023.
Highlights for the Third Quarter 2023
Total revenue was $39.5 million in the third quarter 2023 compared to $43.3 million in the prior period
Consolidated systemwide sales decreased to $65.3 million compared to $70.6 million in the prior period
Same-store sales decreased 5% at Anthony’s in the third quarter of 2023 compared to the prior period
Systemwide sales for BurgerFi decreased 9% to $35.7 million in the third quarter compared to the prior period
Systemwide same-store sales decrease of 11% at BurgerFi in the third quarter of 2023 compared to the prior period
Opened five BurgerFi franchised locations and acquired four from franchisees year to date, and expects to open an additional nine BurgerFi locations, including the first dual-brand franchise location and a flagship restaurant in New York City with the unveiling of its Better Burger Lab experience.
Hourly turnover declined significantly from the prior period at both brands, with Anthony’s performing better than industry benchmarks, while BurgerFi made considerable progress and is on track to achieve similar improvements. Management turnover improved at BurgerFi, approaching industry benchmarks.
Consolidated food, beverage and paper expense margin improved 220 basis points compared to the prior period
Consolidated restaurant-level operating expenses increased 100 basis points compared to the prior period
Net loss increased to $5.0 million, or $(0.19) per diluted share, in the third quarter 2023 compared to net loss of $3.3 million or $(0.15) per diluted share in the prior period
Adjusted EBITDA1 of $0.8 million in the third quarter 2023 compared to $1.6 million in the prior periodManagement Commentary
Carl Bachmann, Chief Executive Officer of BurgerFi stated, “Our third quarter performance is not reflective of what we believe these brands and the people at this organization can and will accomplish. Having arrived here ten days into the quarter, these results are in no way indicative of our work to date or where we intend to take the business. Using my prior experience at enhancing pizza and burger concepts, BurgerFi is now implementing strategic priorities that should position the Company for long term, profitable growth.”
Bachmann continued, “Many of the initial initiatives we put in place are already taking hold, including the expanded menus at BurgerFi and Anthony’s. Most recently, we successfully executed the biggest enhancement of the BurgerFi menu in company history, adding wings and salad bowls, and the response has been resounding. At the end of the month, we will also launch chicken sandwiches. At Anthony’s, we added a Chicken Alfredo and Artichoke Pizza, and two pasta dishes -- Spaghetti and Meatballs and Italian Fettuccine Alfredo. We have already decreased turnover at both brands and significantly reduced training labor which has resulted in higher consumer satisfaction scores as well as faster throughput and ticket times. These are leading indicators that we are on the right path towards higher sales and margins.”
Christopher Jones, Chief Financial Officer of BurgerFi, added, “Looking forward, with the combination of new unit growth and improving same store sales trends driven by our expanded offering and overall more effective marketing messages, we anticipate BurgerFi returning to positive comps in early 2024 and positive EBITDA by the second half of 2024. Additionally, we are equally confident in the return to positive comps and increased EBITDA at Anthony’s, driven by similar initiatives, including menu modification, an aggressive focus on food cost and the benefits from an updated POS platform. Perhaps most importantly, we are also setting the stage with the franchising of company-owned stores starting as early as the first quarter of 2024.”
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GEN Restaurant Group, Inc. Announces Third Quarter 2023 Financial Results
November 14, 2023 16:05 ET
CERRITOS, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the third quarter ended September 30, 2023.
Highlights for the Third quarter ended September 30, 2023 were as follows:
Revenue increased 7.4% to $45.6 million, compared to $42.4 million in the third quarter of 2022;
Comparable restaurant sales decreased 1.2% as compared to fiscal 2022;
Income from operations was $2.5 million and 5.4% of revenue;
Restaurant-level adjusted EBITDA(1) was $8.4 million and 18.4% of revenue;
Net Income was $2.6 million and 5.8% of revenue;
Adjusted EBITDA(1) was $5.0 million and 11.0% of revenue inclusive of pre-opening expense of approximately $0.4 million;
(1) Adjusted EBITDA and restaurant-level adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and restaurant-level adjusted EBITDA to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below.
David Kim, Co-Chief Executive Officer of GEN Restaurant Group, Inc. stated, “We are pleased with the performance of our four new restaurants in Chandler, Manhattan, Miracle Mile and Webster. These restaurants are collectively generating annualized average unit volumes of approximately $5 million and currently on track for an average payback period of approximately 2.1 years, in-line with our expectations. As we look ahead, we already have 12 leases signed or in final signing stages for new unit and an additional 8 locations in the LOI stage of negotiation for a total of 20 future locations. With leases for the majority of our 2024 locations signed or in final stages of negotiation, we are now in the process of securing our 2025 and 2026 locations, and we remain confident in the long-term trajectory of our unique brand.”
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Carrols Restaurant Group, Inc. Reports Financial Results for the Third Quarter 2023
November 09, 2023 07:00 ET
Comparable restaurant sales growth of 8.2%, including positive traffic growth at our Burger King restaurants
Top-line strength helped deliver another quarter of improved profitability
Board declares regular quarterly dividend
SYRACUSE, N.Y., Nov. 09, 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 third quarter ended October 1, 2023.
Highlights for the Third Quarter of 2023 versus the Third Quarter of 2022 include:
Total restaurant sales increased 7.2% to $475.8 million in the third quarter of 2023, compared to $444.0 million in the third quarter of 2022;
Comparable restaurant sales for the Company’s Burger King® restaurants increased 8.1%;
Comparable restaurant sales for the Company’s Popeyes® restaurants increased 11.7%;
Adjusted EBITDA(1) totaled $41.9 million, compared to $17.7 million in the prior year quarter;
Adjusted Restaurant-Level EBITDA(1) totaled $65.8 million, compared to $37.9 million in the prior year quarter;
Net Income was $12.6 million, or $0.20 per diluted share, compared to a Net Loss of $8.7 million, or $0.17 per diluted share, in the prior year quarter;
Adjusted Net Income(1) was $10.0 million, or $0.16 per diluted share, compared to Adjusted Net Loss of $7.3 million, or $0.14 per diluted share, in the prior year quarter; and
Free Cash Flow(2) was $33.9 million, compared to Free Cash Flow of $14.0 million in the prior year quarter.
Management Commentary
Deborah Derby, President and Chief Executive Officer of Carrols, commented, “We are pleased to report yet another quarter of exceptional performance for Carrols, demonstrated by strong comparable sales growth at our Burger King and Popeyes restaurants, along with a 74% increase in our restaurant-level profitability. We were thrilled to achieve positive traffic growth at our Burger King restaurants earlier than anticipated, with great traction on recent product launches, such as the BK Royal Crispy Wraps, which significantly outperformed expectations in the third quarter. Equally important, we delivered continued improvement in our speed of service and guest satisfaction scores, as our team members worked hard to provide our guests with an excellent experience in our restaurants.”
Derby continued, “During the quarter, we generated free cash flow of over $30 million, driving a reduction in our total net leverage ratio to 2.8 times. As we look to 2024 and beyond, we are focused on continuing the momentum of our strong results and positive traffic growth.”
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Krispy Kreme Reports Third Quarter 2023 Results
Net Revenue grew 7.9% and Organic Revenue grew 9.6% with strong momentum to start Q4 Reaffirms mid-to-high end of Revenue and Adjusted EBITDA guidance
November 09, 2023 06:45 AM Eastern Standard Time
CHARLOTTE, N.C.--(BUSINESS WIRE)--Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme” or the “Company”) today reported financial results for the third quarter ended October 1, 2023. Third Quarter Highlights (vs Q3 2022)
Net Revenue grew 7.9% to $407.4 million
Organic Revenue grew 9.6% to $400.3 million
GAAP Net Loss of $40.3 million primarily driven by non-cash, income tax expense accrual
Adjusted EBITDA grew 13.5% to $43.7 million
Adjusted EBITDA margins improved 50 basis points to 10.7%
Global Points of Access growth accelerated, increasing 1,691, or 14.4%, to 13,394 “Our third quarter results showed the strength of our team, business model, and the power of our brand. We delivered revenue and Adjusted EBITDA growth, while delivering Adjusted EBITDA margin expansion through our hub and spoke model. Our global expansion continued, and our doughnuts became available in two new markets, Switzerland and Kazakhstan, and Insomnia Cookies expanded internationally into Canada and the United Kingdom. Overall, Global Points of Access growth accelerated, increasing by 1,691 or 14.4% year-over-year to 13,394,” stated CEO Mike Tattersfield. “We delivered the joy that is Krispy Kreme through powerful specialty doughnut offerings including the popular M&Ms collection, which was available in 17 countries, our extremely successful limited time offering with Pumpkin Spice, and an innovative new partnership with Hailey Bieber to promote her Krispy Kreme inspired strawberry glazed peptide lip treatment.” Mike continued, “The path forward for Krispy Kreme remains incredibly exciting. Momentum continues into the seasonally strong fourth quarter enhanced by continued growth in global Points of Access, and a robust Halloween Scooby-Doo offering. We expect to open in Ecuador and France in the fourth quarter taking our new market openings to seven in 2023. We are also excited about our continued partnership with McDonald’s, which we believe has validated the attractiveness of the quick-service restaurant channel. While nothing has been finalized, we are in advanced discussions about expanding the partnership and are making investments in the U.S. that reflect our confidence in further scaling our Delivered Fresh Daily network. I could not be more excited to watch Krispy Kreme become the most loved sweet treat brand in the world and follow the Company’s continued success as Josh Charlesworth takes on the CEO position in 2024.”
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Performance Food Group Company Reports First-Quarter Fiscal 2024 Results
Strong Independent Case Growth Drives Solid Profit Results; 1Q24 Adjusted EBITDA Exceeds Previously Announced Guidance RangeFirst-Quarter Fiscal 2024 Highlights
Total case volume grew 2.6%
Net sales increased 1.5% to $14.9 billion
Gross profit improved 5.6% to $1.7 billion
Net income increased 26.1% to $120.7 million
Adjusted EBITDA increased 8.2% to $383.8 million1
Diluted Earnings Per Share (“EPS”) increased 24.2% to $0.77
Adjusted Diluted EPS increased 6.5% to $1.151
Operating Cash Flow of $87.1 million
Free cash flow of $33.9 million1
November 08, 2023 07:00 AM Eastern Standard Time
RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its first-quarter fiscal 2024 business results.
“Our organization had an excellent start to fiscal 2024, closing the first quarter with strong sales and profit momentum,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Our most profitable products and channels led the way to an excellent bottom-line result for our company. Foodservice continues to pick up market share in the independent restaurant segment. Vistar accelerated its growth in new lines of business, producing outstanding sales and profit growth. Our Convenience segment has maintained a strong pipeline of new business opportunities as it leverages PFG’s platform. Our organization has remained resilient through the current operating environment, and I am excited about the significant opportunity we have in fiscal 2024 and the years to come. I am confident in our ability to successfully execute our business strategy and maximize value to our shareholders.”
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Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
November 08, 2023 16:05 ET
IRVINE, Calif., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced financial results for the fiscal fourth quarter and fiscal year ended August 31, 2023.
Fiscal Fourth Quarter 2023 Highlights
Total sales were $54.9 million, compared to $42.0 million in the fourth quarter of 2022;
Comparable restaurant sales increased 6.5% for the fourth quarter of 2023 as compared to the fourth quarter of 2022;
Operating income was $2.2 million, compared to operating income of $1.9 million in the fourth quarter of 2022;
Net income was $2.9 million, or $0.25 per diluted share, compared to net income of $1.9 million, or $0.19 per diluted share, in the fourth quarter of 2022;
Adjusted net income* was $2.9 million, or $0.25 per diluted share, compared to an adjusted net income of $2.1 million or $0.21 per diluted share, in the fourth quarter of 2022;
Restaurant-level operating profit* was $13.4 million, or 24.4% of sales;
Adjusted EBITDA* was $6.3 million; and
Four new restaurants opened during the fiscal fourth quarter of 2023.
* Restaurant-level operating profit, Adjusted net income and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release. See also “Non-GAAP Financial Measures” below.
Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “I’m very pleased to announce that we’ve closed another record-breaking year with a great fiscal fourth quarter. In Q4, we achieved comparable sales growth of 6.5%, against one of our hardest comparisons yet. Traffic growth has continued to be a highlight for Kura Sushi, with 5.6% of our comparable sales growth being driven by increased guest traffic. We also opened four new restaurants during the quarter. Over the course of fiscal 2023, we achieved our three major goals by opening a record ten new units, improving our restaurant-level operating profit margins by 70 basis points, and leveraging our general and administrative expenses by 80 basis points. I could not be prouder of the work that all of our team members have done to achieve this, and am excited for another incredible year of growth for Kura Sushi.”
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CAVA Group Reports Third Quarter 2023 Results
YEAR OVER YEAR CAVA REVENUE GROWTH OF 49.5% DRIVEN BY CAVA SAME RESTAURANT SALES GROWTH OF 14.1%
THIRD QUARTER 2023 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 25.1%
11 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER
November 07, 2023 04:10 PM Eastern Standard Time
WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal third quarter ended October 1, 2023. "CAVA’s results in the third quarter clearly demonstrate the strength and portability of our category-defining brand and highly differentiated offering. We once again delivered strong top-line growth and impressive unit economics while successfully opening new restaurants across the country. Revenue was up 49.5% over last year, driven by 14.1% CAVA Same Restaurant Sales Growth including 7.6% traffic growth. We now have 290 restaurants across 24 states and the District of Columbia and in the face of consumer headwinds, we are positioned to gain market share and deliver on our extraordinary, long-term potential," said Brett Schulman, Co-Founder and CEO. Fiscal Third Quarter 2023 Highlights:
CAVA Revenue grew 49.5% to $173.8 million as compared to $116.2 million in the prior year quarter.
Net New CAVA Restaurant Openings of 11, bringing total CAVA Restaurants to 290, a 35.5% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 14.1%.
CAVA AUV of $2.6 million as compared to $2.4 million in the prior year quarter.
CAVA Restaurant-Level Profit of $43.6 million or growth of 72.8% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 25.1%, a 340 basis point increase over the prior year quarter.
CAVA Digital Revenue Mix was 35.5%.
CAVA Group Net Income of $6.8 million compared to net loss of $11.9 million in the prior year quarter.
CAVA Group Adjusted EBITDA of $19.8 million compared to $4.8 million in the prior year quarter.CAVA Fiscal Third Quarter 2023 Review: CAVA Revenue was $173.8 million, an increase of 49.5% compared to the fiscal third quarter of 2022. The increase was driven by 95 Net New CAVA Restaurant Openings during or subsequent to the fiscal third quarter of 2022 and CAVA Same Restaurant Sales Growth of 14.1%. CAVA Same Restaurant Sales Growth consists of 7.6% from guest traffic and 6.5% from menu price and product mix. CAVA Restaurant-Level Profit Margin was 25.1%, an increase of 340 basis points compared to the fiscal third quarter of 2022. CAVA Restaurant-Level Profit Margin increased due to lower food, beverage, and packaging as a percentage of revenue, driven by lower input costs and higher incidence of premium menu items driving favorable product mix, as well as sales leverage on labor and occupancy. CAVA Group Fiscal Third Quarter 2023 Review: General and administrative expenses were $24.5 million, or 13.9% of revenue, as compared to $16.5 million, or 11.9% of revenue, in the fiscal third quarter of 2022. General and administrative expenses, excluding equity-based compensation1, were $21.3 million, or 12.1% of revenue, as compared to $15.4 million, or 11.1% of revenue, in the fiscal third quarter of 2022. The increase of 1.0% was primarily due to recurring public company costs and higher performance based accruals, partially offset by leverage from higher sales. Net income was $6.8 million, or 3.9% of revenue, as compared to net loss of $11.9 million in the fiscal third quarter of 2022. Adjusted EBITDA1 was $19.8 million, or 11.3% of revenue, an increase of $15.0 million compared to the fiscal third quarter of 2022. The increase was primarily driven by CAVA Same Restaurant Sales Growth, improved CAVA Restaurant-Level Profit Margin, and the productivity of Net New CAVA Restaurant Openings. These increases were partially offset by increased general and administrative expenses in the third quarter of 2023 compared with the prior year quarter, as previously noted.
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Noodles & Company Announces Third Quarter 2023 Financial Results
November 07, 2023 16:05 ET
BROOMFIELD, Colo., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended October 3, 2023.
Key highlights for the third quarter of 2023 versus the third quarter of 2022 include:
Total revenue decreased 1.2% to $127.9 million from $129.4 million in the third quarter of 2022.
Comparable restaurant sales decreased 3.7% system-wide, comprised of a 4.3% decrease at company-owned restaurants and a 1.2% decrease at franchise restaurants.
Net income was $0.7 million, or $0.02 per diluted share, compared to net income of $0.8 million, or $0.02 per diluted share, in the third quarter of 2022.
Operating margin was 1.6% compared to 1.2% in the third quarter of 2022.
Restaurant contribution margin(1) was 16.4% compared to 14.4% in the third quarter of 2022.
Adjusted EBITDA(1) was $11.7 million, an increase of $1.9 million compared to the third quarter of 2022.
Adjusted net income(1) was $1.6 million, or $0.04 per diluted share, compared to adjusted net income of $1.6 million, or $0.04 per diluted share, in the third quarter of 2022.
Four new company-owned restaurants opened in the third 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 made meaningful traction during the third quarter, evidenced by 200 bps of restaurant contribution margin expansion to 16.4% and nearly 20% growth in Adjusted EBITDA relative to the third quarter of the prior year,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In the third quarter, we made tangible progress in improving the Company’s economic model, while being opportunistic in completing our previously announced $5 million share repurchase program.”
“We continue to aggressively execute strategies to improve upon our comparable restaurant sales trend,” Boennighausen continued. “Our introduction of Chicken Parmesan in September has been one of our most successful new product launches in history and serves as an excellent foundation as we focus on enhancing and optimizing our menu with the help of an industry leading culinary consulting firm. Additionally, we have made progress on our efforts towards price optimization and leveraging our robust digital guest engagement capabilities, supported by digital menu boards, which we anticipate will be installed at all company restaurants by the end of 2023.”
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Dutch Bros Inc. Reports Third Quarter 2023 Financial Results and Announces Two New Directors
Opened 39 New Systemwide Shops in Q3 2023
Record Revenue of $265 million, a 33% Increase Year-over-Year
Updates 2023 Guidance, Increases Range for Adjusted EBITDA
November 07, 2023 04:05 PM Eastern Standard 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 third quarter ended September 30, 2023.
Joth Ricci, Chief Executive Officer of Dutch Bros, stated, “By all accounts, Q3 was a fantastic quarter, and we are extremely pleased with our unit openings, same shop sales, revenue, and profitability results. I am very proud of the team for their accomplishments, and I am encouraged by the strength of the underlying business as we execute on our plan. In Q3, we opened 39 shops systemwide and entered two new states: Alabama and Kentucky. Despite a difficult consumer backdrop, we drove a 4.0% increase in systemwide same shop sales and delivered 33% growth in our top-line revenue.”
Ricci continued, “Even as we demonstrate our commitment to profitable growth, it is vital that we continue investing in the business. Our focus will therefore remain on recruiting and retaining top talent and keeping our operations efficient and competitive long-term. This way, we can ensure that our people pipeline and systems stay strong while preserving and amplifying our culture.”
He concluded, “During Q3 in a span of less than 45 days, we executed two transactions, an upgrade of our credit facility and a follow-on equity offering, that unlocked a total of almost $500 million in incremental liquidity and positioned our balance sheet to support a long runway of growth. We intend to continue confidently pursuing high-quality investments in new shops on our path to 4,000.”
Director Appointments
The Company welcomed two new members of the Board of Directors, C. David Cone and Sean Sullivan, who were recently added to fill vacancies on the Board resulting from the resignations of Shelley Broader and Charles Esserman. Mr. Cone will serve on the Audit and Risk Committee.
Mr. Cone served as Chief Financial Officer and Executive Vice President at Taylor Morrison Home Corporation (NYSE: TMHC), a residential homebuilding business and land developer, from October 2012 to December 2021. Prior to that, he held various roles at PetSmart, Inc. from 2003 to 2012, while the company was publicly-listed, most recently as Vice President, Finance Planning and Analysis. Mr. Cone previously served on the board of directors for Urbi Desarrollos Urbanos SAB DE CV. He received a B.A. in Business Economics with an emphasis in Accounting from the University of California at Santa Barbara.
Mr. Sullivan has served as Executive Vice President, Chief Strategy and Legal Officer of The Duckhorn Portfolio, Inc. (NYSE: NAPA), a producer of luxury wines in North America, since February 2019. Prior to that, he served as an attorney at Gibson, Dunn & Crutcher LLP, a multinational law firm, from 2012 to 2019. Mr. Sullivan previously worked as an investment banker at Credit Suisse Group AG. He received a J.D. from Columbia Law School, and a B.A. in Economics and Politics from St. Mary’s College of California.
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The ONE Group Reports Third Quarter 2023 Financial Results
November 07, 2023 04:05 PM Eastern Standard 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, 2023. Highlights for the third quarter compared to the same quarter in 2022 are as follows:
Total GAAP revenues increased 5.3% to $76.9 million from $73.0 million;
Consolidated comparable sales* decreased 3.0% and increased 41.7% compared to 2019;
GAAP net loss attributable to The ONE Group was $3.1 million, or $0.10 per share ($0.08 adjusted net loss per share)****, compared to GAAP net income of $0.5 million, or $0.01 per share ($0.07 adjusted net income per share)****
Restaurant Operating Profit*** was $9.1 million in both quarters; and
Adjusted EBITDA** was $6.2 million compared to $7.1 million. “Over the last 120 days, we have made significant progress on our long-term growth strategy and opened Kona Grill Riverton, STK Charlotte and Kona Grill Phoenix, all of which are off to strong starts. In addition, we anticipate opening five additional STK locations within the next six months, positioning us to capture great returns on already deployed capital for these locations. We are laser-focused on cost initiatives to improve restaurant-level margins and leverage our G&A while also delivering exceptional and unforgettable guest experiences to drive top-line momentum as we navigate this challenging environment. Our comparable sales and traffic results are significantly outperforming the industry when compared to the 2019 pre-pandemic base levels and our industry leading average unit volumes across both STK and Kona Grill provide us with great confidence in our long-term investment model,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group. Hilario continued, “We finished the quarter with over $22.0 million in cash, and we are entering our peak sales quarter for the year. We have deployed much of the capital for our upcoming pipeline and completed our $15.0 million share repurchase program, which we anticipate being accretive to our shareholders as we continue to execute on our strategies. We expect to self-fund and execute our growth plan for 2024 and beyond, and over the long term, we see a total addressable market of 400 total venues including 200 STKs globally and 200 Kona Grills domestically with best-in-class ROIs between 40% and 50%.”
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Restaurant Brands International Inc. Reports Third Quarter 2023 Results
03 Nov, 2023, 06:30 ET
Consolidated system-wide sales growth of 10.9% year-over-year, up $1.1 billion year-over-year
Global comparable sales of 7.0% driven by 8.1% at TH Canada, 7.6% at BK International and 6.6% at BK US
Double digit year-over-year growth in home market franchisee profitability
Over $360 million of capital returned to shareholders in Q3 while investing for growth and reducing net leverageTORONTO, Nov. 3, 2023 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the third quarter ended September 30, 2023. Josh Kobza, Chief Executive Officer of RBI commented, "I am proud of the strength we're seeing across our brands due to the efforts of our franchisees and our teams which helped drive another quarter of double-digit system-wide sales growth and home market franchisee profitability growth. These results reflect our focus on enhancing operations, delivering great guest and team member experiences, and providing great value with the best quality products in each of our brands' respective categories. I am confident we are well positioned to enter 2024 with momentum." Third Quarter 2023 Highlights:
Consolidated comparable sales increased 7.0% and net restaurants grew 4.2% versus the prior year
System-wide sales increased 10.9% year-over-year
Net Income of $364 million versus $530 million in prior year
Adjusted EBITDA of $698 million increased 9.3% organically versus the prior year
Diluted EPS was $0.79 versus $1.17 in prior year
Adjusted Diluted EPS of $0.90 decreased (5.6)% organically versus $0.96 in the prior yearConsolidated Operational Highlights
Three Months Ended September 30,
2023
2022
(Unaudited)
System-wide Sales Growth
TH
9.7 %
13.4 %
BK
10.3 %
13.6 %
PLK
16.1 %
12.3 %
FHS
6.9 %
N/A
Consolidated (a)
10.9 %
13.4 %
FHS (a)
N/A
3.8 %
System-wide Sales (in US$ millions)
TH
$
2,088
$
1,945
BK
$
7,063
$
6,346
PLK
$
1,764
$
1,532
FHS
$
308
$
289
Consolidated
$
11,223
$
10,112
Net Restaurant Growth
TH
5.5 %
5.2 %
BK
2.4 %
2.5 %
PLK
11.3 %
8.9 %
FHS
2.6 %
N/A
Consolidated (a)
4.2 %
3.9 %
FHS (a)
N/A
2.5 %
System Restaurant Count at Period End
TH
5,701
5,405
BK
19,035
18,581
PLK
4,373
3,928
FHS
1,266
1,234
Consolidated
30,375
29,148
Comparable Sales
TH
6.8 %
9.8 %
BK
7.2 %
9.6 %
PLK
7.0 %
3.1 %
FHS
3.4 %
N/A
Consolidated (a)
7.0 %
8.6 %
FHS (a)
N/A
0.0 %
(a) Consolidated system-wide sales growth, consolidated comparable sales and consolidated net restaurant growth do not include the results of Firehouse Subs (FHS) 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 Q3 2023 Financial Results
Q3 Diluted EPS of $0.45, up 32% from Q3 2022Q3 Adjusted Diluted EPS of $0.44, up 26% from Q3 2022Updates 2023 Guidance for U.S. Comparable Restaurant Sales and EPS
November 03, 2023 06:45 AM Eastern Daylight Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2023 (“Q3 2023”) compared to the third quarter 2022 (“Q3 2022”).
CEO Comments
“We saw strong earnings per share growth in the quarter,” said David Deno, CEO. “We remain focused on driving traffic and maintaining margins as we navigate the near-term sales environment. We are confident that the investments we made in food, service and technology will elevate the guest experience and lead to sustainable, long-term sales and profit growth.”
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
2023
2022
CHANGE
Diluted earnings per share
$
0.45
$
0.34
$
0.11
Adjustments (1)
(0.01
)
0.01
(0.02
)
Adjusted diluted earnings per share (1)
$
0.44
$
0.35
$
0.09
___________________
(1) See non-GAAP Measures later in this release. Also see Tables Four, Six and Seven for details regarding the nature of diluted earnings per share adjustments for the periods presented.Third Quarter Financial Results
(dollars in millions, unaudited)
Q3 2023
Q3 2022
CHANGE
Total revenues
$
1,079.8
$
1,055.8
2.3
%
GAAP operating income margin
5.4
%
4.9
%
0.5
%
Adjusted operating income margin (1)
5.3
%
4.9
%
0.4
%
Restaurant-level operating margin (1)
13.8
%
13.1
%
0.7
%
Adjusted restaurant-level operating margin (1)
14.0
%
13.1
%
0.9
%
___________________
(1) See non-GAAP Measures later in this release. Also see Tables Four and Six for details regarding the nature of Q3 2023 restaurant-level operating income margin adjustments and operating income margin, respectively.
View full version at Bloomin' Brands
El Pollo Loco Holdings, Inc. Announces Third Quarter 2023 Financial Results
Approves a New $20 Million Share Repurchase
November 02, 2023 16:06 ET
COSTA MESA, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended September 27, 2023.
Highlights for the third quarter ended September 27, 2023 compared to the third quarter ended September 28, 2022 were as follows:
Total revenue was $120.4 million compared to $119.9 million.
System-wide comparable restaurant sales(1) increased 0.8%.
Income from operations was $13.7 million compared to $6.9 million.
Restaurant contribution(1) was $14.8 million, or 14.4% of company-operated restaurant revenue, compared to $12.8 million, or 12.4% of company-operated restaurant revenue.
Gain on disposition of restaurants was $4.9 million in connection with the sale of 17 restaurants.
Net income was $9.2 million, or $0.28 per diluted share, compared to net income of $5.0 million, or $0.14 per diluted share.
Adjusted net income(1) was $6.4 million, or $0.19 per diluted share, compared to $5.0 million, or $0.14 per diluted share.
Adjusted EBITDA(1) was $15.0 million, compared to $11.6 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.”
Third Quarter 2023 Financial Results
Company-operated restaurant revenue in the third quarter of 2023 decreased to $102.7 million, compared to $103.2 million in the third quarter of 2022, mainly due to a $1.6 million decrease in revenue primarily from the four company-operated restaurants in the Orange County area sold by the Company to existing franchisees during the prior quarters and a $0.2 million decrease in revenue recognized for our loyalty points program. This company-operated restaurant revenue decrease was partially offset by $1.0 million of additional sales from restaurants opened during or after the third quarter of 2022. In addition, the decrease in company-operated restaurant sales was offset by an increase in company-operated comparable restaurant revenue of $0.3 million, or 0.3%. The company-operated comparable restaurant sales increase consisted of a 1.3% increase in average check size due to increases in menu prices, partially offset by an approximately 0.9% decrease in transactions.
Franchise revenue in the third quarter of 2023 increased 7.5% to $10.3 million. This increase was primarily due to a franchise comparable restaurant sales increase of 1.1%, seven franchise-operated restaurant openings and four company-operated restaurants sold by the Company to existing franchisees in each case, during the prior quarters.
View full version at El Pollo Loco
Portillo’s Inc. Announces Third Quarter 2023 Financial Results
November 02, 2023 08:00 ET
OAK BROOK, Ill., Nov. 02, 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 third quarter ended September 24, 2023. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “We delivered another quarter of profitable growth, highlighting the strength of our brand. Our new restaurants continue to perform well, and we’re delivering solid results. With our consistent restaurant operations and ongoing execution of a disciplined development strategy, we feel great about our future. We’re a growth company. We will continue to build fantastic restaurants, staffed with our amazing Team Members who create an unrivaled experience for our guests. It’s that experience that sets Portillo’s apart and keeps guests coming back.” Financial Highlights for the Third Quarter 2023 vs. Third Quarter 2022:
Total revenue increased 10.4% or $15.7 million to $166.8 million;
Same restaurant sales increased 3.9%;
Operating income increased $4.5 million to $15.1 million;
Net income increased $3.3 million to $6.5 million;
Restaurant-Level Adjusted EBITDA* increased $7.8 million to $41.9 million; and
Adjusted EBITDA* increased $5.7 million to $27.3 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
Beyond Meat® Provides Select Third Quarter Financial Results, Revises 2023 Full Year Outlook, and Plans for Expense Reductions
November 02, 2023 08:34 ET
Company is Pursuing Significant Operating Expense Reductions Beginning with a 19% Reduction in Non-Production Headcount
Third Quarter Earnings Conference Call Scheduled for November 8, 2023
EL SEGUNDO, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”) provided a business update today.
Select Third Quarter 2023 Financial Results
The Company is providing the following select third quarter financial results.
Net revenues are expected to be approximately $75 million.
Gross profit is expected to be a loss of approximately $7 million to $8 million.
The Company is expected to achieve positive free cash flow, defined as cash flows from operating activities less capital expenditures, of approximately $7.6 million in the third quarter of 2023. While this milestone reflects ongoing measures the Company is taking to reduce cash consumption, management does not expect to sustain free cash flow positive operations in the fourth quarter of 2023.
Beyond Meat President and CEO Ethan Brown commented, “We anticipated a modest return to growth in the third quarter of 2023 that did not occur, reflecting further sector-specific and consumer headwinds. Even as we implement measures to address those headwinds that are within our sphere of influence, we intend to pursue a further, sizable reduction of operating expenses to improve our cost structure.”
Brown added, “We intend to pursue five main actions to improve our cost structure and overall operating performance. One, we are executing an approximate 19% reduction in our global non-production workforce, an immediate step in a broader program to reduce expenses; two, we are reviewing our pricing strategy to support gross margin expansion; three, we are continuing to utilize inventory management to reduce working capital; four, we are intensifying focus on channels and geographies that are exhibiting revenue growth; and five, in U.S. retail, we are using our portfolio and marketing to directly counter misinformation about our products and category.”
Relative to its previous expectation of modest year-over-year top-line growth in the third quarter of 2023, the Company believes net revenues in the quarter were primarily impacted by:
Weaker than expected sales volumes in U.S. retail and U.S. foodservice channels, primarily reflecting ongoing and further demand softness in the plant-based meat category;
Lower than anticipated promotional effectiveness, which was exacerbated by flat fee promotional programs that did not deliver the anticipated volume lifts; and
Unfavorable changes in product sales mix, primarily reflecting weaker than expected sales of the Company’s core products, namely, Beyond Burger, Beyond Beef, and Beyond Sausage, relative to certain non-core products, including Beyond Steak, Beyond Chicken Tenders, Beyond Popcorn Chicken, and Beyond Chicken Nuggets.
Preliminary results remain subject to the completion of quarter-end accounting procedures and adjustments and are subject to change.
View full version at Beyond Meat
Chuy’s Holdings, Inc. Announces Third Quarter 2023 Financial Results
November 02, 2023 16:05 ET
AUSTIN, Texas, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the third quarter ended September 24, 2023.
Highlights for the third quarter ended September 24, 2023 were as follows:
Revenue increased 6.4% to $113.5 million compared to $106.7 million in the third quarter of 2022.
Comparable restaurant sales increased 2.0% as compared to the third quarter of 2022.
Net income increased $2.1 million, or 41.8%, to $7.1 million, or $0.39 per diluted share, as compared to $5.0 million, or $0.27 per diluted share, in the third quarter of 2022.
Adjusted net income(1) increased $2.0 million, or 33.0%, to $7.9 million, or $0.44 per diluted share, as compared to $5.9 million, or $0.31 per diluted share, in the third quarter of 2022.
Restaurant-level operating margin(1) increased $3.3 million, or 17.6%, to $22.0 million as compared to $18.7 million in the third quarter of 2022. Restaurant-level operating margin(1) as a percentage of revenue increased 190 points to 19.4% as compared to 17.5% in the third quarter of 2022.
Cash and cash equivalents were $69.9 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, “Our solid third quarter performance was a direct result of our team’s continued progress in executing our initiatives to drive sustainable top-line growth and profitability. For the quarter, we grew revenue by over 6% and posted a comparable sales increase of 2%. We were also able to achieve one of the best restaurant-level operating margins in the casual dining industry segment at 19.4% through our continued focus on four-wall operational excellence. Overall, we believe our business fundamentals remain strong and our team is eager and energized to provide our customers with the unique Chuy’s experience they have come to expect when they visit our restaurants.”
Hislop added, “During the quarter, we opened our third restaurant of the year in Harker Heights, TX, bringing our total to 100 restaurants. We are pleased with the performance of our recent openings and remain excited about the organic growth opportunities ahead for the brand.”
View full version at Chuy's
The Wendy's Company Reports Third Quarter 2023 Results
02 Nov, 2023, 07:00 ET
DUBLIN, Ohio, Nov. 2, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended October 1, 2023. "We continued to make meaningful progress across our strategic growth pillars during the third quarter," President and Chief Executive Officer Todd Penegor said. "Global same-restaurant sales accelerated on a 2-year basis and digital sales grew 30% versus the prior year, driving another quarter of Company-operated restaurant margin expansion. Additionally, we have now opened 152 new restaurants across the globe this year and further solidified our development pipeline through significant new agreements in key growth markets. This success drives best in class franchisee satisfaction and alignment. We remain relentlessly focused on delivering meaningful global growth, supported by compelling restaurant economic model improvement and acceleration across our strategic pillars." Third Quarter 2023 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
2023
2022
2023
Systemwide Sales Growth(1)
U.S.
7.7 %
3.6 %
4.6 %
6.0 %
International(2)
18.3 %
13.6 %
20.1 %
15.6 %
Global
8.9 %
4.8 %
6.3 %
7.2 %
Same-Restaurant Sales Growth(1)
U.S.
6.4 %
2.2 %
3.3 %
4.7 %
International(2)
10.8 %
7.8 %
13.3 %
9.4 %
Global
6.9 %
2.8 %
4.4 %
5.2 %
Systemwide Sales (In US$ Millions)(3)
U.S.
$3,006
$3,113
$8,719
$9,242
International(2)
$413
$467
$1,192
$1,347
Global
$3,419
$3,580
$9,911
$10,589
Restaurant Openings
U.S. - Total / Net
27 / 14
27 / 17
101 / 59
66 / 16
International - Total / Net
31 / 26
45 / 34
97 / 72
86 / 55
Global - Total / Net
58 / 40
72 / 51
198 / 131
152 / 71
Global Reimaging Completion Percentage
77 %
83 %
(1)Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants.
(2)Excludes Argentina.
(3)Systemwide sales include sales at both Company-operated and franchise restaurants.
Financial Highlights
Third Quarter
Year-to-Date
2022
2023
B / (W)
2022
2023
B / (W)
($ In Millions Except Per Share Amounts)
(Unaudited)
(Unaudited)
Total Revenues
$ 532.6
$ 550.6
3.4 %
$ 1,559.0
$ 1,640.9
5.3 %
Adjusted Revenues(1)
$ 429.0
$ 441.6
2.9 %
$ 1,258.0
$ 1,320.8
5.0 %
U.S. Company-Operated Restaurant Margin
14.8 %
15.6 %
0.8 %
14.0 %
15.9 %
1.9 %
General and Administrative Expense
$ 62.5
$ 59.3
5.1 %
$ 186.5
$ 184.3
1.2 %
Operating Profit
$ 98.1
$ 101.6
3.6 %
$ 269.3
$ 295.4
9.7 %
Reported Effective Tax Rate
26.9 %
25.5 %
1.4 %
26.6 %
25.8 %
0.7 %
Net Income
$ 50.5
$ 58.0
14.9 %
$ 136.1
$ 157.5
15.7 %
Adjusted EBITDA
$ 134.5
$ 139.2
3.5 %
$ 374.3
$ 409.3
9.4 %
Reported Diluted Earnings Per Share
$ 0.24
$ 0.28
16.7 %
$ 0.63
$ 0.74
17.5 %
Adjusted Earnings Per Share
$ 0.24
$ 0.27
12.5 %
$ 0.65
$ 0.76
16.9 %
Cash Flows from Operations
$ 182.6
$ 269.5
47.6 %
Capital Expenditures
$ (50.0)
$ (55.7)
(11.3) %
Free Cash Flow(2)
$ 167.2
$ 226.4
35.4 %
(1) Total revenues less advertising funds revenue.
(2) Cash flows from operations minus capital expenditures and the impact of our advertising funds.
View full version at Wendy's
Papa Johns Announces Third Quarter 2023 Financial Results
November 02, 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 third quarter ended September 24, 2023. Highlights
North America comparable sales were up 3% compared with the third quarter of 2022 as transaction growth delivered 6% comparable sales at Domestic Company-owned restaurants and 2% comparable sales at North America franchised restaurants; International comparable sales were down less than 1% from a year ago.
45 net unit openings in the third quarter driven by International growth; North America outlook remains solid but lowering 2023 development expectations to 245 to 260 net new units due to the dynamic geopolitical environment.
Global system-wide restaurant sales were $1.23 billion, a 5%(a) increase from the prior year third quarter.
Total revenues of $523 million were up 2% from the third quarter a year ago driven by higher Domestic Company-owned restaurant sales and higher International revenues resulting from the consolidation of recently acquired restaurants in the UK.
Operating income of $32 million increased 64% from the third quarter of 2022, while adjusted operating income of $34 million was in line with the prior year period.
Diluted earnings per common share was $0.48, compared with $0.23 for the third quarter of 2022; Adjusted diluted earnings per common share(b) was $0.53, compared with $0.54 for the third quarter a year ago. “Strong execution by our teams and franchisees led to solid system-wide restaurant sales growth, transaction-led North America comp growth and improving North America restaurant-level margin in the third quarter,” said Rob Lynch, Papa Johns president and CEO. “Our ability to grow transactions in an ongoing challenging environment, while maintaining average ticket, confirms the strong consumer demand for our product offerings. Menu innovation, revenue management enhancements, and continued growth in our third-party aggregator channel contributed to our year-over-year sales growth this quarter.” “Despite this strong sales growth in North America, our adjusted operating income was just in line with the third quarter last year due to the dilutive impact of our recently acquired restaurants in the UK,” continued Lynch. “Importantly, our North America company-owned restaurant margins improved approximately 130 basis points and revenues from our North America franchise segment grew 4%. We have a resilient business model that can thrive in all economic cycles and we’re confident we’ll build sustainable long-term value for all stakeholders.” Commenting on its North America Commissary segment, Lynch said, “Papa Johns is uniquely positioned in the QSR industry with a vertically integrated supply chain that operates on a fixed operating margin basis. Although the margins on this business are lower than our other revenue channels, it is a consistent way for us to provide our system with the fresh ingredients necessary to deliver the level of quality that we demand. This channel is our largest source of company revenue and, as our business continues to scale, we believe there are additional margin expansion opportunities for both Papa Johns and our growing North American franchisees. Our goal is to deliver profitable growth and overall supply chain productivity that drives cost savings and incremental profit for our system, without compromising our best-in-class quality.” “As we evolve our commissary business model, we will be increasing our fixed operating margin by 100 basis points in each of the next four years, from 4% in 2023 to 8% in 2027. Concurrently, we will be offering new opportunities for our franchisees to earn annual incentive-based rebates as they increase volume and open new restaurants, which will drive even more continued productivity for our system.”
View full version at Papa Johns
Sweetgreen, Inc. Announces Third Quarter 2023 Financial Results
November 02, 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 third fiscal quarter ended September 24, 2023. Third quarter 2023 financial highlights For the third quarter of fiscal year 2023, compared to the third quarter of fiscal year 2022:
Total revenue was $153.4 million, versus $124.0 million in the prior year period, an increase of 24%.
Same-Store Sales Change of 4%, versus Same-Store Sales Change of 6% in the prior year period.
AUV of $2.9 million was consistent with the prior year period.
Total Digital Revenue Percentage of 58% and Owned Digital Revenue Percentage of 37%, versus Total Digital Revenue Percentage of 60% and Owned Digital Revenue Percentage of 40% in the prior year period.
Loss from operations was $(26.5) million and loss from operations margin was (17)%, versus loss from operations of $(52.9) million and loss from operations margin of (43)% in the prior year period.
Restaurant-Level Profit(1) was $29.1 million and Restaurant-Level Profit Margin was 19%, versus Restaurant-Level Profit of $19.9 million and Restaurant-Level Profit Margin of 16% in the prior year period.
Net loss was $(25.1) million and net loss margin was (16)%, versus net loss of $(51.0) million and net loss margin of (41)% in the prior year period.
Adjusted EBITDA(1) was $2.5 million, versus Adjusted EBITDA of $(7.2) million in the prior year period; and Adjusted EBITDA Margin was 2%, versus (6)% in the prior year period.
15 Net New Restaurant Openings, versus 10 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.” “We delivered another solid quarter that included 20%+ revenue growth, 300 basis points of restaurant level margin expansion from the prior year period, and positive Adjusted EBITDA,” said Jonathan Neman, Co-Founder and Chief Executive Officer. “We are pleased with our results and remain focused on driving long-term, profitable growth so that we can capture a massive market opportunity. I could not be more excited about the future of Sweetgreen and the progress we are making to redefine fast food.”
View full version at Sweetgreen
Shake Shack Announces Third Quarter 2023 Financial Results
Total revenue of $276.2 million, up 21.2% versus 2022, including $265.0 million of Shack sales and $11.2 million of Licensing revenue.
System-wide sales of $438.9 million, up 24.3% versus 2022.
Same-Shack sales up 2.3% versus 2022.
Operating income of $5.7 million, versus an operating loss of $4.8 million in 2022.
Shack-level operating profit(1) of $54.0 million, or 20.4% of Shack sales.
Net income of $8.1 million versus a net loss of $2.3 million in 2022.
Adjusted EBITDA(1) of $35.8 million, up 80.7% versus 2022.
Net income attributable to Shake Shack Inc. of $7.6 million, or earnings of $0.19 per diluted share.
Adjusted pro forma net income(1) of $7.5 million, or earnings of $0.17 per fully exchanged and diluted share.
Opened 10 new domestic Company-operated Shacks. Opened 15 new licensed Shacks, including locations in the Bahamas and China.
November 02, 2023 07:00 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the third quarter of 2023 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q3 2023 Shake Shack Shareholder Letter.
Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Randy Garutti, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until November 09, 2023 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13740704.
The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
View full version at Shake Shack
Yum! Brands Reports Third-Quarter Results
10% System Sales Growth Driven by 6% Same-Store Sales Growth and 6% Unit Growth;
12% GAAP Operating Profit Growth and 16% Core Operating Profit Growth
Yum! Brands Reports Third-Quarter Results
November 01, 2023 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, 2023. Worldwide system sales, excluding foreign currency translation, grew 10%, with 6% same-store sales growth and 6% unit growth. Third-quarter GAAP operating profit grew 12% and third-quarter core operating profit grew 16%. Third-quarter GAAP EPS was $1.46 and third-quarter EPS excluding Special Items was $1.44. Third-quarter EPS includes a favorable $0.05 mark-to-market impact from the remeasurement of the Company's investment in Devyani International Ltd. and a negative $0.01 impact from foreign currency translation.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “We're incredibly pleased to report yet another excellent quarter with 10% system sales growth driven by 6% same-store sales growth and 6% unit growth with a Q3 record of over 1,100 gross new units. Our twin growth engines, KFC International and Taco Bell U.S., led the way, with KFC showing broad-based strength across both developed and emerging markets. With our strong year-to-date performance, we continue to expect that our full-year 2023 results will outperform on all aspects of our long-term growth algorithm. We set another digital sales record this quarter, with the next leg of our digital growth planned through enhancements of our customer insights platforms and expansions of our global loyalty programs. The exceptional performance of our teams and franchisees gives us confidence in sustaining our top and bottom line momentum in the years ahead.”
View full version at Yum! Brands
First Watch Restaurant Group, Inc. Reports Strong Q3 2023 Financial Results and Surpasses 500 System-Wide Restaurants
November 01, 2023 07:00 ET
Same-restaurant sales growth of 4.8% and total revenue growth of 17.3% Income from operations margin of 3.6% and Restaurant level operating profit margin of 18.7% Net income of $5.4 million and Adjusted EBITDA of $21.6 million 13 system-wide restaurants opened across 10 states Raising 2023 same-restaurant sales growth, total revenue growth and Adjusted EBITDA guidance
BRADENTON, Fla., Nov. 01, 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 September 24, 2023 (“Q3 2023”) and updates its fiscal year 2023 guidance.
“First Watch delivered impressive Q3 revenue and earnings results,” said Chris Tomasso, First Watch CEO and President. “We grew share while delivering total revenue growth of 17.3%, same-restaurant sales growth of 4.8% and Adjusted EBITDA growth of more than 25.0%. The ability of our teams to consistently execute at a high level, coupled with our strong brand positioning, underpins my confidence in our potential to quadruple our restaurant count and successfully navigate within virtually any economic environment.”
Highlights for Q3 2023 compared to Q3 2022*:
Total revenues increased 17.3% to $219.2 million in Q3 2023 from $186.9 million in Q3 2022
System-wide sales increased 14.9% to $270.3 million in Q3 2023 from $235.2 million in Q3 2022
Same-restaurant sales growth of 4.8% (+38.8% relative to the third quarter of 2019**)
Same-restaurant traffic decline of 1.9% (+6.5% relative to the third quarter of 2019**)
Income from operations margin increased to 3.6% during Q3 2023 from 1.4% in Q3 2022
Restaurant level operating profit margin*** increased to 18.7% in Q3 2023 from 17.3% in Q3 2022
Net income increased to $5.4 million, or $0.09 per diluted share, in Q3 2023 from $46.0 thousand in Q3 2022
Adjusted EBITDA*** increased to $21.6 million in Q3 2023 from $17.0 million in Q3 2022
Opened 13 system-wide restaurants (10 company-owned and 3 franchise-owned) across 10 states and acquired 11 operating franchise-owned restaurants, resulting in a total of 505 system-wide restaurants (402 company-owned and 103 franchise-owned) across 29 states
___________________ * Thirteen weeks ended September 25, 2022 (“Q3 2022”)** 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 Reconciliations” below
For additional financial information related to the thirteen weeks ended September 24, 2023, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 1, 2023, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.
View full version at First Watch
Wingstop Inc. Reports Fiscal Third Quarter 2023 Financial Results
01 Nov, 2023, 08:01 ET
Increases Same-Store Sales Outlook to Approximately 16% for Fiscal Year 2023DALLAS, Nov. 1, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal third quarter ended September 30, 2023. Highlights for the fiscal third quarter 2023 compared to the fiscal third quarter 2022:
System-wide sales increased 26.5% to $885.0 million
53 net new openings in the fiscal third quarter 2023
Domestic same store sales increased 15.3%
Domestic restaurant AUVs increased to $1.8 million
Digital sales increased to 66.9%
Total revenue increased 26.4% to $117.1 million
Net income increased 46.0% to $19.5 million, or $0.65 per diluted share
Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 53.3% to $20.5 million, or $0.69 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 36.7% to $38.5 millionAdjusted 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 third quarter results showcase the multi-year strategies we are executing against, delivering 15.3% domestic same-store sales growth in the quarter, primarily driven by transaction growth. We are measuring record levels in brand health metrics, demonstrating the underlying momentum at Wingstop, and putting us on a path to deliver our 20th consecutive year of domestic same-store sales growth," said Michael Skipworth, President and Chief Executive Officer. "This consistent growth, coupled with the strength of our unit economics, gives us the confidence in our 2023 global development outlook and our long-term vision of scaling Wingstop into a Top 10 Global Restaurant Brand."
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Brinker International Reports First Quarter of Fiscal 2024 Results; and Updates Fiscal 2024 Guidance
01 Nov, 2023, 06:45 ET
DALLAS, Nov. 1, 2023 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the first quarter ended September 27, 2023.
First Quarter Fiscal 2024 Financial Highlights
Brinker International reported net income per diluted share of $0.16, in the first quarter of fiscal 2024, compared to a net loss per diluted share of $0.69 in the first quarter of fiscal 2023. Net income per diluted share, excluding special items (non-GAAP), was $0.28 in the first quarter of fiscal 2024, compared to a net loss per diluted share, excluding special items (non-GAAP), of $0.57 in the first quarter of fiscal 2023.
Our results for the first quarter of fiscal 2024 were primarily driven by an increase in Company sales and favorable food and beverage costs as a percentage of Company sales. Comparable restaurant sales increased 5.8%, with an increase in comparable restaurant sales of 6.1% for Chili's and 2.6% for Maggiano's. Comparable restaurant sales improved primarily due to increased menu pricing and favorable item mix. A strategic decision to de-emphasize our virtual brands: It's Just Wings® and Maggiano's Italian Classics®, contributed approximately 4.0% of an overall 5.8% traffic decline. Operating income margin increased to 2.4% and restaurant operating margin (non-GAAP) increased to 10.4% for the first quarter.
"The first quarter results are a great start to the fiscal year and indicate our strategy is working and building momentum," said Kevin Hochman, Chief Executive Officer and President of Brinker International, Inc. "Our investments in guest and team member experiences are paying off, and I am confident we are rebuilding the business in a way that will deliver sustainable top and bottom-line growth over the long term."
First Quarter Financial Results
First Quarter
2024
2023
Variance
Company sales
$ 1,002.0
$ 946.1
$ 55.9
Total revenues
$ 1,012.5
$ 955.5
$ 57.0
Operating income (loss)
$ 24.2
$ (19.8)