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Craveworthy Brands Adds California-Based Fresh Brothers into its Robust Portfolio
Nov 18, 2024, 09:00 ET
Multi-Brand Restaurant Platform Acquires Midwest-Style Pizza Concept with Over 20 Locations, Plans to Launch Nationwide Expansion Through Franchising
CHICAGO, Nov. 18, 2024 /PRNewswire/ -- Craveworthy Brands ("Craveworthy") – the innovative multi-brand restaurant company and franchisor – announced today that it has acquired Fresh Brothers Pizza ("Fresh Brothers,") a California-based pizza brand which has over 20 existing locations throughout the state of California.
Founded in 2008, Fresh Brothers brings a Midwest-style with a California twist, emphasizing quality and freshness at each location in Los Angeles, Orange County and San Diego. Known for its handmade dough crafted daily, vine-ripened tomato sauce, pure cheese without additives and premium meats, Fresh Brothers also offers inclusive options for vegan, vegetarian and gluten-free guests, pioneering the use of plant-based protein on pizza. The menu extends beyond pizza to include salads, baked wings, fresh knots and sliders.
"Fresh Brothers is a perfect fit for Craveworthy as we expand our roots from the Midwest to the West Coast"
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Backed by a deep understanding of market dynamics and a commitment to operational excellence, Craveworthy is uniquely positioned to guide Fresh Brothers' journey from its Southern California foundation to nationwide expansion, using a franchise model that balances consistency with local appeal. This program will empower franchise partners with the tools and support needed to succeed in the evolving restaurant landscape.
The acquisition of Fresh Brothers follows Craveworthy's recent launch of Global Taste Brands, a joint venture designed to introduce and franchise international QSR and fast casual concepts in the U.S. With Fresh Brothers joining Craveworthy's portfolio, these strategic moves underscore a growth path rooted in true value, innovation and enriched guest experiences across various culinary segments.
LEADERSHIP COMMENTARY
"Fresh Brothers is a perfect fit for Craveworthy as we expand our roots from the Midwest to the West Coast with our first brick-and-mortar pizza brand," said Gregg Majewski, CEO and Founder of Craveworthy Brands. "With over 20 locations and a commitment to the best quality ingredients, Fresh Brothers puts a unique spin on an all-time favorite consumer category by offering inclusive menu options that appeal to today's diverse dining preferences."
"We're incredibly proud to have been stewards of such an iconic Southern California brand," said Peter J. Nolan of Nolan Capital, Investment Partner in Fresh Brothers. "With Craveworthy's expertise and resources, we're confident Fresh Brothers will continue to expand and deliver a best-in-class experience to its customers. We look forward to cheering them on as they enter this next chapter of growth."
"This acquisition not only diversifies our brand portfolio but strengthens our commitment to thoughtful growth, bringing something truly special to our guests and future franchise partners," concluded Majewski.
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CRACKER BARREL REPORTS PRELIMINARY FIRST QUARTER FISCAL 2025 RESULTS AND REAFFIRMS FISCAL 2025 OUTLOOK
Nov 14, 2024, 08:00 ET
Strategic Transformation Plan on Track
LEBANON, Tenn., Nov. 14, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its preliminary unaudited financial results for the first quarter of fiscal 2025 ended November 1, 2024 and reaffirmed its fiscal 2025 outlook. The Company plans to report final first quarter fiscal 2025 financial results on December 4, 2024.
Preliminary First Quarter Fiscal 2025 Financial Highlights
First quarter total revenue is expected to be approximately $845.1 million. Compared to the prior year first quarter, total revenue increased 2.6%.
Comparable store restaurant sales increased 2.9%, outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points.
Comparable store retail sales decreased 1.6%.
GAAP earnings per diluted share are expected to be approximately $0.22, and adjusted1 earnings per diluted share are expected to be approximately $0.45.
GAAP net income for the first quarter is expected to be approximately $4.8 million. Adjusted EBITDA1 is expected to be approximately $45.8 million, a 4.3% increase compared to the prior year quarter adjusted EBITDA1 of $43.9 million, or 5.3% of total revenue.
Commenting on the preliminary first quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Our fiscal year is off to a strong start, as our strategic transformation plan continues to take hold and helped deliver financial results that were in line with our expectations. Additionally, we are pleased that our comparable store sales and traffic results outperformed the Casual Dining industry. We are building momentum across our operations, and while we have more work to do, we are encouraged and energized by the early favorable results of our strategic initiatives. We are highly confident that we are on the right path to drive growth and deliver meaningful value creation for our shareholders."
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Wonder Announces Acquisition of Grubhub
NEW YORK and CHICAGO, Nov. 13, 2024 /PRNewswire/ -- Wonder, a new kind of food hall that is revolutionizing the food industry by creating the super app for mealtime, announced that it is acquiring Grubhub, a leading food ordering and delivery platform with more than 375,000 merchants and 200,000 delivery partners across the United States. Integrating Grubhub with Wonder is the next step in Wonder's mission to make great food more accessible, bringing together the convenience, speed and selection of first-party and third-party restaurants, groceries and meal kits in a single app order. Additionally, all Wonder locations will be available on Grubhub for third-party delivery.
Wonder will acquire Grubhub from Just Eat Takeaway.com for an enterprise value of $650 million, including $500 million of senior notes and $150 million cash. Completion is expected during Q1 2025, subject to customary closing conditions including regulatory approvals. Jefferies served as Wonder's exclusive financial advisor on the transaction.
Wonder has also announced an additional $250 million in capital raised exclusively from new investors to further its mission and growth.
Founded by serial entrepreneur Marc Lore, Wonder is making great food more accessible while pioneering a new category of "Fast Fine" dining. Wonder offers Multi-Restaurant Ordering, a first in the industry where customers can order from upwards of 30 restaurants in a single order, with each item being made-to-order in a sequenced fashion so that they finish simultaneously and can be delivered to the customer together.
The platform features exclusive offerings from the world's best chefs–including Bobby Flay, Marcus Samuelsson and José Andrés–and the country's best restaurants–including Maydan, Tejas Barbecue, Di Fara Pizza and Fred's Meat and Bread. Wonder currently has 28 locations in the Northeastern U.S., with seven additional locations slated to open by the end of the year. Leveraging its proprietary technology, Wonder is able to differentiate itself from every other restaurant or food delivery concept by offering exceptionally high-quality food, with order-to-delivery times below 30 minutes.
For 20 years, Grubhub has connected merchants with nearby customers looking for takeout and delivery. Its logistics network covers the vast majority of the U.S. population with on-demand delivery from independent restaurants, leading national restaurant brands, and convenience, grocery, pet and office supply retailers. The company's loyalty program, Grubhub+, provides members with $0 delivery fees, lower service fees and 5 percent back on pickup orders. Beyond its consumer delivery marketplace, Grubhub has a Campus Dining business that powers online ordering at more than 360 universities and a Corporate Accounts business that provides flexible meal perks platforms for more than 10,000 companies.
"Wonder's acquisition of Grubhub continues our mission to make great food more accessible. As we enhance our customer experience with selection, speed, and variety, we're excited to soon offer a curated selection of Grubhub's restaurant partners directly in the Wonder app, alongside our owned and operated restaurants and meal kits," said Marc Lore, Founder and CEO of Wonder. "Bringing Wonder and Grubhub together is the next step in our vision to create the super app for meal time, re-envisioning the future of food delivery."
"I am incredibly excited for Grubhub to join forces with Wonder and bring more value to our diners, merchants and delivery partners," said Howard Migdal, Grubhub CEO. "Since our earliest days, Grubhub has helped restaurants open their doors to new customers, while introducing diners to new cuisines. That's why I'm confident that Grubhub will complement Wonder's mission to make great food more accessible and that together we will create remarkable dining experiences for more customers across the country."
About Wonder Wonder is a new kind of food hall that is revolutionizing the food industry by creating the super app for mealtime, operating a collection of delivery-first restaurants and pioneering a new category of "Fast Fine" dining.
Featuring some of the world's best chefs including Bobby Flay, Jose Andres, Nancy Silverton and Marcus Samuelsson, along with award-winning restaurants from across the country including Tejas Barbeque and Di Fara Pizza, customers can experience any combination of these chefs and restaurants all together in one order for the first time. In 2023, Wonder acquired meal kit pioneer Blue Apron.
About Grubhub Grubhub is a leading U.S. food ordering and delivery marketplace. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms, and an improved delivery experience. Grubhub features 375,000 merchants in over 4,000 U.S. cities.
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CAVA Group Reports Third Quarter 2024 Results
Year Over Year CAVA Revenue Growth of 39.0% Including CAVA Same Restaurant Sales Growth of 18.1%
11 Net New CAVA Restaurant Openings During Quarter
Third Quarter 2024 CAVA Restaurant-Level Profit Margin of 25.6%
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 6, 2024.
“Our third quarter results demonstrate the strength of our Mediterranean category-defining brand and the broad appeal of our unique value proposition, creating what is quickly becoming the next major cultural cuisine category,” said Brett Schulman, Co-Founder and CEO. “Third quarter traffic grew 12.9%, we opened 11 net new restaurants and, driven by the power of our unit economic engine, we generated average unit volume of $2.8 million. In addition, we continued to execute across our strategic initiatives, completing the national launch of our reimagined loyalty program and rolling out our new labor model ahead of schedule.”
Fiscal Third Quarter 2024 Highlights:
CAVA Revenue grew 39.0% to $241.5 million as compared to $173.8 million in the prior year quarter.
Net New CAVA Restaurant Openings of 11, bringing total CAVA Restaurants to 352, a 21.4% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 18.1%, including guest traffic growth of 12.9%.
CAVA AUV of $2.8 million as compared to $2.6 million in the prior year quarter.
CAVA Restaurant-Level Profit of $61.8 million or growth of 41.9% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 25.6%.
CAVA Digital Revenue Mix was 35.8%.
CAVA Group Net Income of $18.0 million compared to net income of $6.8 million in the prior year quarter.
CAVA Group Adjusted EBITDA(1) of $33.5 million compared to $19.8 million in the prior year quarter.
Net cash provided by operating activities of $43.9 million with Free Cash Flow(1) of $23.4 million.
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GEN Restaurant Group, Inc. Announces Third Quarter 2024 Financial Results
November 12, 2024 16:05 ET
CERRITOS, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing casual dining concept with an extensive menu and signature “grill at your table” experience, is announcing financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial and Recent Operational Highlights
Opened one new location during the third quarter and two more locations in October 2024.
Launched GEN Korean BBQ gift cards at participating Costco locations, which are within five miles of most of the Company’s regions across the U.S.
Total revenue increased 7.8% to $49.1 million compared to the third quarter of 2023.
Maintained restaurant-level adjusted EBITDA(1) margin above 18% of revenue.
Adjusted EBITDA(1) was $3.4 million and 7.0% of revenue inclusive of pre-opening expense of approximately $1.8 million.
Net income was $0.2 million or $0.01 per diluted share of Class A common stock.
Adjusted net income(1) was $0.9 million or $0.03 per diluted share of Class A common stock.
Cash and cash equivalents at September 30, 2024 was $22.1 million.
The Company is maintaining its expectation to open a total of 10 to 11 new locations in 2024.
Management Commentary
“Our third quarter results reflect GEN's commitment to maintaining robust operational performance as we prepared our organization for a slate of new openings to close out the year,” said David Kim, Co-Chief Executive Officer of GEN. “We delivered an 8% increase year-over-year in total revenue with restaurant-level adjusted EBITDA margin above 18%, reflecting strong performance across our new restaurants. Furthermore, our premium menu is continuing to gain traction as we drive up-selling at the restaurant level. We also launched GEN gift cards at Costco, which have been selling exceptionally well, demonstrating the heightened demand for not only Korean BBQ but also the high-quality value we provide consumers.
“As we approach the end of 2024, our focus remains on executing our growth strategy while providing unparalleled customer value. With the addition of our three most recently opened restaurants, we remain on pace to reach our goal of opening a total of 10 to 11 new locations in 2024 and generating restaurant-level adjusted EBITDA margin of approximately 18%. Backed by over $22 million in cash and cash equivalents, we’re confident we can achieve our expansion and operational goals that will drive sustained growth and profitability, ensuring long-term value creation for our shareholders as we continue to scale GEN Korean BBQ into new markets.”
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Bloomin’ Brands Announces 2024 Q3 Financial Results
Q3 Diluted EPS of $0.08 and Q3 Adjusted Diluted EPS of $0.21
Updates Full Year 2024 Guidance
Announces Strategic Re-Franchise of Brazil Operations
November 08, 2024 07:00 AM Eastern Standard Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2024 (“Q3 2024”) compared to the third quarter 2023 (“Q3 2023”).
CEO Comments“In my first 60 days, I have been impressed with the resiliency and capabilities of our team during two hurricanes, as well as the potential that I see in our iconic brands,” said Mike Spanos, CEO. “As I continue listening and learning during this evaluative period, it is clear to me that our path to sustainable sales and profit growth will be enabled by our team members executing a consistent and elevated guest experience, focusing first on Outback Steakhouse. Our full year guidance has been updated to reflect our results and near term trends. We are committed to improving our performance.”
Spanos continued, “I am excited to announce our Brazil franchise partnership with Vinci Partners. I am confident that our scale and brand leadership in Brazil, combined with Vinci’s local expertise, will maximize future growth potential.”
Diluted EPS and Adjusted Diluted EPSThe following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):
| Q3 |
|
| |||||||
| 2024 |
| 2023 |
| CHANGE | |||||
Diluted earnings per share | $ | 0.08 |
| $ | 0.45 |
|
| $ | (0.37 | ) |
Adjustments (1) |
| 0.13 |
|
| (0.04 | ) |
|
| 0.17 |
|
Adjusted diluted earnings per share (1) | $ | 0.21 |
| $ | 0.41 |
|
| $ | (0.20 | ) |
|
|
|
|
|
| |||||
_______________(1) Adjusted diluted earnings per share for Q3 2023 has been recast to remove the previously included non-GAAP adjustment of 5.4 million diluted weighted average common shares outstanding related to the convertible note hedge contracts entered into at the issuance of the 2025 Notes. 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 2024 |
| Q3 2023 |
| CHANGE | |||||
Total revenues | $ | 1,038.8 |
|
| $ | 1,079.8 |
|
| (3.8 | )% |
|
|
|
|
|
| |||||
GAAP operating income margin |
| 1.7 | % |
|
| 5.4 | % |
| (3.7 | )% |
Adjusted operating income margin (1) |
| 3.0 | % |
|
| 5.3 | % |
| (2.3 | )% |
|
|
|
|
|
| |||||
Restaurant-level operating margin (1) |
| 12.5 | % |
|
| 13.8 | % |
| (1.3 | )% |
Adjusted restaurant-level operating margin (1) |
| 12.5 | % |
|
| 14.0 | % |
| (1.5 | )% |
_______________ (1) See non-GAAP Measures later in this release. Also see Tables Four and Six for details regarding the nature of restaurant-level operating margin and operating income margin adjustments, respectively. |
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The ONE Group Reports Third Quarter 2024 Financial Results
Increased Revenue by 152% to $194 Million Supported by Effective Cost Management
Implemented $19 Million in Annual Savings to be Realized Over Next Year, Total of $20 Million Over Next Two Years
Focused on Next Phase of Company-Owned Growth and Asset Light Development
Prioritizing Free Cash Flow Generation, Balance Sheet Flexibility, and Maximizing Shareholder Returns
November 07, 2024 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, 2024.
Highlights for the third quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):
Total GAAP revenues increased 152.3% to $194.0 million from $76.9 million;
Comparable sales* decreased 8.8%;
Operating loss was $3.0 million vs. $2.0 million and includes $7.1 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
Restaurant Operating Profit** increased 175.6% to $25.1 million from $9.1 million; and
Restaurant Operating Profit Margin** increased 90 basis points to 13.2% from 12.3%
“With the addition of Benihana and RA Sushi, we increased our revenue $117 million to a record $194 million as we continue to grow a scalable platform with exciting VIBE and entertainment centric dining brands. During the quarter, I was encouraged by our team’s ability to manage costs effectively. Operating profit growth exceeded revenue growth as we improved year-over-year margins at Benihana through supply chain synergies, benefitted from their higher margin contribution, and exhibited tight cost management within our preexisting business. Within the last sixty days we opened three Company-owned locations, all of which are off to terrific starts,” said Emanuel “Manny” Hilario, President and Chief Executive Officer.
“We are pleased with our progress in integrating Benihana and RA Sushi and have already implemented $19 million in annual savings between eliminating duplicate administrative costs and leveraging operational and supply chain synergies that will be realized over the next year. Over the next two years, we expect additional efficiencies, bringing our total savings to at least $20 million,” Hilario added.
“We are laser focused on our balance sheet, finishing the quarter with strong liquidity of over $70 million. Looking ahead, we are beginning the next phase of growth and plan to open five to six Company-owned locations annually while focusing on the asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas. We are prioritizing free cash flow generation, balance sheet flexibility and maximizing shareholder returns,” Hilario concluded.
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Sweetgreen, Inc. Announces Third Quarter 2024 Financial Results
November 07, 2024 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 29, 2024.
Third quarter 2024 financial highlights
For the third quarter of fiscal year 2024, compared to the third quarter of fiscal year 2023:
Total revenue was $173.4 million, versus $153.4 million in the prior year period, an increase of 13%.
Same-Store Sales Change of 6%, up from Same-Store Sales Change of 4% in the prior year period.
AUV of $2.9 million was consistent with the prior year period.
Total Digital Revenue Percentage of 55% and Owned Digital Revenue Percentage of 29%, versus Total Digital Revenue Percentage of 58% and Owned Digital Revenue Percentage of 37% in the prior year period.
Loss from operations was $(21.2) million and loss from operations margin was (12)%, versus loss from operations of $(26.5) million and loss from operations margin of (17)% in the prior year period.
Restaurant-Level Profit(1) was $34.9 million and Restaurant-Level Profit Margin was 20%, versus Restaurant-Level Profit of $29.1 million and Restaurant-Level Profit Margin of 19% in the prior year period.
Net loss was $(20.8) million and net loss margin was (12)%, versus net loss of $(25.1) million and net loss margin of (16)% in the prior year period.
Adjusted EBITDA(1) was $6.8 million, versus Adjusted EBITDA of $2.5 million in the prior year period; and Adjusted EBITDA Margin was 4%, versus 2% in the prior year period.
5 Net New Restaurant Openings, versus 15 Net New Restaurant Opening in the prior year period.
“Our strong third-quarter performance demonstrates that our focus on menu innovation showcasing seasonal ingredients and driving operational execution is working. Top line revenue grew 13% with positive traffic and mix contributing to same store sales growth of 6% - a testament to the dedication of our teams, the continued loyalty of our guests, and the strength of our brand as we continue to redefine fast food,” said Jonathan Neman, Co-Founder and Chief Executive Officer. “Our expanded menu together with the performance of our 2024 class of new restaurant openings, growth in emerging markets and our successful deployment of the Infinite Kitchen gives us confidence in the reacceleration of our 2025 unit growth.”
“In the third quarter, we reported a 20.2% restaurant-level margin, a more than 100 basis point improvement from the third quarter of 2023 and marking our 7th consecutive quarter of year-over-year restaurant-level margin expansion. Adjusted EBITDA for the quarter was $6.8 million, up from $2.5 million from the third quarter of 2023. Our year-to-date Adjusted EBITDA of $19.3 million versus a $1 million loss this time last year continues to demonstrate our focus on profitability,” said Mitch Reback, Chief Financial Officer. “We are encouraged by our performance nine months into the year on both the top and bottom line, which is why we are raising our fiscal year 2024 guidance.”
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Papa Johns Announces Third Quarter 2024 Financial Results
November 07, 2024 07:00 AM Eastern Standard Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the third quarter ended September 29, 2024.
Highlights
North America comparable sales(a) were down 6% from a year ago as Domestic Company-owned restaurants were down 7% and North America franchised restaurants were down 5%; International comparable sales(a) were down 3% compared with the prior year period.
25 net restaurant openings in the third quarter; North America remains on track for more than 100 gross restaurant openings in fiscal year 2024, while International anticipated gross openings increases to between 170 and 190 restaurants.
Global system-wide restaurant sales were $1.19 billion, a 3%(b) decrease compared with the prior year third quarter, driven by lower comparable sales partially offset by trailing twelve month net restaurant growth.
Total revenues of $507 million were down 3% compared with a year ago driven by lower International revenues resulting from the refranchising and closure of Company-owned restaurants and lower sales at our Domestic Company-owned restaurants.
Operating income increased to $65 million compared with $32 million a year ago, while Adjusted operating income(c) decreased $4 million to $29 million primarily related to lower Domestic Company-owned restaurant-level margins, as anticipated, in the third quarter.
Diluted earnings per common share of $1.27 compared with $0.48 for the third quarter of 2023; Adjusted diluted earnings per common share(c) was $0.43 compared with $0.53 for the third quarter a year ago.
“In my first few months at Papa Johns, I have been impressed with the disciplined execution of our teams. During the third quarter, we delivered earnings in line with our expectations in what continues to be a very challenging consumer environment,” said Todd Penegor, Papa Johns President and CEO.
“I joined Papa Johns because I could see the potential in this company. With our leadership team, we continue to evaluate the business and refine our key strategic initiatives. We are encouraged by the early progress we are making to improve our value perception along with our digital and loyalty experience. Reigniting our track record of innovation and prioritizing the customer experience and franchisee profitability, we’re confident Papa Johns can return to sustainable, profitable growth,” added Penegor. “We are excited about the opportunities ahead of us and look forward to sharing our progress with our investors and other key stakeholders.”
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Farmer Brothers Coffee reports first quarter fiscal 2025 financial results
November 07, 2024 16:15 ET
First quarter fiscal 2025 net sales of $85.1 million, up 4% on a year-over-year basis
First quarter fiscal 2025 gross margin increase of 630 basis points year-over-year to 43.9%Reported net loss of $5 million and improved adjusted EBITDA1 of $1.4 million
FORT WORTH, Texas, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) today reported its first quarter fiscal 2025 financial results for the period ended Sept. 30, 2024. The company filed its Form 10-Q, which can be found on the Investor Relations section of the company’s website.
“We are encouraged by the improvements we saw during the first quarter, particularly in terms of gross margins and adjusted EBITDA on a year-over-year basis, as well as positive trends related to sales and customer growth and retention,” said Farmer Brothers President and Chief Executive Officer John Moore. “Our focus is on driving top-line growth and sustainable profitability improvements while proactively navigating the near-term macroeconomic and commodity pricing environments. Overall, we believe this quarter’s performance provides a glimpse into the long-term potential of Farmer Brothers.”
First quarter 2025 business highlights
Completed additional milestones related to its SKU rationalization initiative, which is on track to be completed in the third quarter of fiscal 2025.
Continued progress related to its brand pyramid initiative, including the completion of the refresh of its premiere, premium Boyd’s Coffee brand.
Made marked progress related to its branch and direct store delivery (DSD) route optimization efforts.
First quarter fiscal 2025 financial results
Net sales increased $3.2 million, or 4%, to $85.1 million compared to $81.9 million in the first quarter of fiscal 2024.
Gross profit was $37.3 million, or 43.9%, compared to $30.8 million, or 37.6%, in the prior year period. The increase in gross profit was primarily due to improved pricing compared to the same period in the prior fiscal year.
Operating expenses were $40.1 million or 47.2% of net sales. This was a $7.3 million increase compared to the prior year period, which saw an operating expense of $32.9 million, or 40.1% of net sales. This increase was primarily due to a $8.5 million decrease in asset sales, as there were no branch sales during the first quarter of fiscal 2025.
Net loss was $5 million compared to a net loss of $1.3 million for the first quarter of fiscal 2024. This was primarily driven by a $1.7 million loss associated with the disposal of assets and $500,000 of non-cash stock compensation. The $1.3 million net loss for the first quarter of fiscal 2024 included a $6.8 million gain from the disposal of assets and $1.6 million of non-cash stock compensation.
Adjusted EBITDA was $1.4 million, an increase of almost $2 million, compared to a loss of $452,000 in the first quarter of fiscal 2024.
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RAVE Restaurant Group, Inc. Reports First Quarter 2025 Results
November 07, 2024 09:01 ET
DALLAS, Nov. 07, 2024 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the first quarter of fiscal 2025 ended Sept. 29, 2024.
First Quarter Highlights:
The company recorded net income of $0.5 million for the first quarter of fiscal 2025, a 36.3% increase from the same period of the prior year.
Income before taxes increased by $0.2 million to $0.7 million for the first quarter of fiscal 2025 compared to the same period of the prior year.
Total revenue was $3.1 million for the first quarter of fiscal 2025, the same as it was in the same period of the prior year.
Adjusted EBITDA increased by $0.1 million to $0.7 million for the first quarter of fiscal 2025 compared to the same period of 2024.
On a fully diluted basis, net income increased by 33% to $0.04 per share for the first quarter of fiscal 2025 compared to $0.03 in the same period of the prior year.
Pizza Inn domestic comparable store retail sales decreased 2.1% in the first quarter of fiscal 2025 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales decreased 8.7% in the first quarter of fiscal 2025 compared to the same period of the prior year.
Cash and cash equivalents were $1.4 million on Sept. 29, 2024.
Short-term investments were $7.1 million on Sept. 29, 2024.
Pizza Inn domestic unit count finished at 102.
Pizza Inn international unit count finished at 26.
Pie Five domestic unit count finished at 20.
“We have started the new fiscal year by hitting our 18th consecutive quarter of profitability and are poised for continued financial success,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. “During the quarter, we signed another four-unit development agreement, bringing the total domestic sites contracted for development to 25. Additionally, the new online ordering platform rolled out to the Pizza Inn system at the end of last fiscal year has led to a double-digit increase in online sales.”
“While we are proud of our recent financial performance, we are even more excited about our upcoming innovation and growth initiatives," said Solano. “Not only will our new online sales platform, reimage program and new store openings fuel our growth, but we also expect innovation to be key in driving sales. Our recently introduced Sandworm Pizzert - with colorful gummy worms sitting atop green Bavarian cream and sprinkled with green sugar - saw a spike in our dessert sales, attracting the attention of guests of all ages. We plan to follow the Sandworm Pizzert with another major dessert innovation in early December, before introducing main course innovations early next calendar year.”
Solano concluded, “Food improvements aren’t the only innovation in the works. At Pie Five, we’ve designed the ordering flow to reduce the time from when a guest walks in the door until they receive their pizza. In initial testing, the process improvements have increased throughput during peak hours, boosting sales and enhancing the guest experience. We expect this to encourage more frequent visits to Pie Five, especially at lunch, when time is often limited.”
Chief Financial Officer Jay Rooney added, “We are off to a solid start to fiscal year 2025. Pizza Inn comparable store sales improved incrementally throughout the quarter. General and Administrative and franchise support expenses continued to be lower than the previous year due to our reorganized corporate structure, delivering an increase in earnings per share. We continue to operate at a cash surplus and our balance sheet remains strong with $8.4 million in cash and liquid short-term investments, which is more than ample to fund the repurchase of shares proposed in our proxy under the reverse/forward split if approved by a shareholder vote in December and then enacted by our board of directors.”
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First Watch Restaurant Group, Inc. Reports Q3 2024 Financial Results
November 07, 2024 07:00 ET
Total revenues increased 14.8%Net income of $2.1 million and Adjusted EBITDA growth of 18% to $25.6 million9 new system-wide restaurants opened in 8 states
BRADENTON, Fla., Nov. 07, 2024 (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 29, 2024 (“Q3 2024”).
“We are pleased with our performance in Q3 as it reflects our teams’ superb restaurant-level operations, especially considering an uneven consumer backdrop. Traffic picked up through the quarter, our employee turnover once again improved and remains favorable relative to the industry as a whole and Adjusted EBITDA grew 18%,” said Chris Tomasso, First Watch CEO and President. “We are committed to ensuring our people and real estate pipelines are in place to support our growth to 2,200 locations.”
Highlights:
Total revenues increased 14.8% to $251.6 million in Q3 2024 from $219.2 million in Q3 2023
System-wide sales increased 8.0% to $291.8 million in Q3 2024 from $270.3 million in Q3 2023
Same-restaurant sales growth of negative 1.9% and same-restaurant traffic growth of negative 4.4%*
Income from operations margin decreased to 2.5% in Q3 2024 from 3.6% in Q3 2023
Restaurant level operating profit margin** increased to 18.9% in Q3 2024 from 18.7% in Q3 2023
Net income decreased to $2.1 million, or $0.03 per diluted share, in Q3 2024 from $5.4 million, or $0.09 per diluted share, in Q3 2023
Adjusted EBITDA** increased to $25.6 million in Q3 2024 from $21.6 million in Q3 2023
Opened 9 system-wide restaurants in 8 states, resulting in a total of 547 system-wide restaurants (466 company-owned and 81 franchise-owned) across 29 states
Update regarding Hurricane Milton: All company-owned First Watch restaurants were fully operational shortly after Hurricane Milton and, as such, the storm is not expected to have a material impact on same-restaurant sales in the fourth quarter. As a result of associated construction-related disruptions, five company-owned new restaurant openings, previously expected in December 2024, have been rescheduled to January 2025.
The Company experienced no check management in the third quarter, though planned, targeted marketing campaigns had a small impact on net per person average.
View full version at First Watch
Nathan's Famous, Inc. Reports Second Quarter Results
Declares Quarterly Cash Dividend Of $0.50 Per Share
November 07, 2024 06:30 ET
JERICHO, N.Y., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its second fiscal quarter ended September 29, 2024.
For the thirteen-week period ended September 29, 2024 (“second quarter fiscal 2025”):
Revenues were $41,109,000 as compared to $38,744,000 during the thirteen weeks ended September 24, 2023;
Income from operations was $9,632,000 as compared to $9,104,000 during the thirteen weeks ended September 24, 2023;
Adjusted EBITDA1, a non-GAAP financial measure, was $10,350,000 as compared to $9,774,000 during the thirteen weeks ended September 24, 2023;
Income before provision for income taxes was $8,099,000 as compared to $7,864,000 during the thirteen weeks ended September 24, 2023;
Net income was $6,030,000 as compared to $5,711,000 during the thirteen weeks ended September 24, 2023; and
Earnings per diluted share was $1.47 per share as compared to $1.40 per share during the thirteen weeks ended September 24, 2023.
For the twenty-six weeks ended September 29, 2024 (“fiscal 2025”):
Revenues were $85,876,000 as compared to $80,729,000 during the twenty-six weeks ended September 24, 2023;
Income from operations was $23,377,000 as compared to $20,567,000 during the twenty-six weeks ended September 24, 2023;
Adjusted EBITDA1, a non-GAAP financial measure, was $24,631,000 as compared to $21,810,000 during the twenty-six weeks ended September 24, 2023;
Income before provision for income taxes was $20,883,000 as compared to $17,996,000 during the twenty-six weeks ended September 24, 2023;
Net income was $15,307,000 as compared to $13,099,000 during the twenty-six weeks ended September 24, 2023; and
Earnings per diluted share was $3.74 per share as compared to $3.20 per share during the twenty-six weeks ended September 24, 2023.
View full version at Nathan's
Dine Brands Global, Inc. Reports Third Quarter 2024 Results
November 06, 2024 07:00 AM Eastern Standard Time
PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the third quarter of fiscal year 2024.
“During the third quarter, we continued to experience consumer pullback and the pressures of a highly promotional operating environment. We know we need to do more in the near term to drive traffic and get back to better top-line performance. For the fourth quarter, we are enhancing our value proposition for guests and remain focused on executing our plans across our brands,” said John Peyton, chief executive officer, Dine Brands Global, Inc.
Vance Chang, chief financial officer, Dine Brands Global, Inc., added, “Our third quarter results demonstrated the resiliency of our business model despite the challenges to our top line. Our cash flow generation ability through market cycles is supported by our asset-lite model and the scale of our platform. We are confident in our ability to drive long-term value for our stakeholders.”
Domestic Restaurant Sales for the Third Quarter of 2024
Applebee’s year-over-year domestic comparable same-restaurant sales declined 5.9% for the third quarter of 2024. Off-premise sales mix accounted for 21.7% in the third quarter of 2024 compared to 21.5% in the third quarter of 2023.
IHOP’s year-over-year domestic comparable same-restaurant sales declined 2.1% for the third quarter of 2024. Off-premise sales mix accounted for 19.3% in the third quarter of 2024 compared to 19.5% in the third quarter of 2023.
Third Quarter of 2024 Summary
Total revenues for the third quarter of 2024 were $195.0 million compared to $202.6 million for the third quarter of 2023. The decrease was primarily due to the negative comparable same-restaurant sales growth at Applebee’s and IHOP, partially offset by increases in the number of effective franchise restaurants and proprietary product sales at IHOP.
General and Administrative (“G&A”) expenses for the third quarter of 2024 were $45.4 million compared to $48.6 million for the third quarter of 2023. The variance was primarily attributable to lower compensation-related expenses offset by an increase in depreciation expense.
GAAP net income available to common stockholders was $18.5 million, or earnings per diluted share of $1.24, for the third quarter of 2024 compared to net income available to common stockholders of $18.0 million, or earnings per diluted share of $1.19 for the third quarter of 2023. The increase was primarily due to a decrease in G&A expenses and a decrease in closure and impairment charges, partially offset by a decrease in segment profit.
Adjusted net income available to common stockholders was $21.4 million, or adjusted earnings per diluted share of $1.44, for the third quarter of 2024 compared to adjusted net income available to common stockholders of $22.3 million, or adjusted earnings per diluted share of $1.46, for the third quarter of 2023. The decline was primarily due to a decrease in segment profit, partially offset by a decrease in G&A expenses. (See “Non-GAAP Financial Measures” for definition and reconciliation of GAAP net income available to common stockholders to adjusted net income available to common stockholders.)
Consolidated adjusted EBITDA for the third quarter of 2024 was $61.9 million compared to $60.6 million for the third quarter of 2023. (See “Non-GAAP Financial Measures” for definition and reconciliation of GAAP net income to consolidated adjusted EBITDA.)
Development activity by Applebee’s and IHOP franchisees for the third quarter of 2024 resulted in 10 new restaurant openings and 19 restaurant closures.
View full version at Dine Brands
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 6, 2024
Nov 06, 2024, 16:05 ET
Delivers Comparable Restaurant Sales Increase
Relaunched Loyalty Program Continues Growth
Announces Credit Agreement Amendment
ENGLEWOOD, Colo., Nov. 6, 2024 /PRNewswire/ -- 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 6, 2024.
Highlights for the Third Quarter of Fiscal 2024, Compared to the Third Quarter of Fiscal 2023:
Total revenues are $274.6 million, a decrease of $2.9 million.
Comparable restaurant revenue(1) increased 0.6%.
Net loss is $18.9 million, compared to a net loss of $8.2 million last year.
Adjusted EBITDA(2) is $2.1 million compared to $6.8 million last year.
Relaunched loyalty program increased to 14.5 million members compared to 13.1 million last year.
Subsequent to the close of the third quarter, executed an amendment to the credit agreement that extends the adjustments to the financial covenants and expanded revolver capacity through the first quarter of fiscal 2026.
Highlights for the Year to Date Period of Fiscal 2024, Compared to the Year to Date Period of Fiscal 2023:
Total revenues are $963.3 million, a decrease of $30.7 million.
Comparable restaurant revenue(1) declined 2.6% excluding a deferred revenue benefit led by the change in the Company's loyalty program. Including this benefit, Comparable restaurant revenue(1) declined 2.1%.
Net loss is $37.8 million, compared to a net loss of $7.5 million last year.
Adjusted EBITDA(2) is $26.1 million compared to $58.3 million last year.
Completed a sale-leaseback transaction for ten restaurants in the first quarter of fiscal 2024, generating net proceeds of approximately $23.3 million and a gain, net of expenses of $7.4 million.
(1) Comparable restaurant revenue represents revenue from Company-owned restaurants that have operated 18 months as of the beginning of the period presented. |
(2) See "Reconciliation of Non-GAAP Results to GAAP Results" below for more details. |
G.J. Hart, Red Robin's President and Chief Executive Officer said, "Our third quarter results were largely in-line with our expectations and we continue to make progress against our North Star Plan."
Hart continued, "Our North Star Plan is working with our comparable restaurant revenue exceeding the industry average, as measured by BlackBox, and our traffic returning to in line with the industry as we moved through the third quarter. With our guest satisfaction scores continuing to improve and at levels not seen since 2016, our guests are beginning to reward us for the investments we have made to revitalize Red Robin. Importantly, we are capitalizing on this momentum through our re-launched loyalty program and believe we are only scratching the surface of our potential."
Hart concluded, "Despite the macroeconomic backdrop that has made our comeback journey more challenging, our team has remained focused on what we can control through effective execution of our strategic plan. Ultimately, we believe we are on the right path to drive sustainable long-term growth and return this beloved brand to prominence in the industry."
View full version at Red Robin
Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results
IRVINE, Calif., Nov. 06, 2024 (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, 2024.
Fiscal Fourth Quarter 2024 Highlights
Total sales were $66.0 million, compared to $54.9 million in the fourth quarter of 2023;
Comparable restaurant sales decreased 3.1% for the fourth quarter of 2024 as compared to the fourth quarter of 2023;
Operating loss was $5.8 million, compared to operating income of $2.2 million in the fourth quarter of 2023;
Net loss was $5.2 million, or $(0.46) per diluted share, compared to net income of $2.9 million, or $0.25 per diluted share, in the fourth quarter of 2023;
Adjusted net income* was $1.0 million, or $0.09 per diluted share, compared to an adjusted net income of $2.9 million or $0.25 per diluted share, in the fourth quarter of 2023;
Restaurant-level operating profit* was $13.8 million, or 20.9% of sales;
Adjusted EBITDA* was $5.5 million; and
One new restaurant opened during the fiscal fourth quarter of 2024.
* Adjusted net income, Restaurant-level operating profit, 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, “In fiscal 2024, we succeeded on our key goals of achieving over 20%-unit growth and maintaining best-in-class restaurant-level operating profit margins. I am tremendously excited for this fiscal year 2025 and what we can achieve in respect to these goals. Fiscal year 2025 is an opportunity to demonstrate the next level of Kura Sushi’s potential, and I am incredibly grateful for the excellent work by our team members who have positioned us so well for the new year.”
Review of Fiscal Fourth Quarter 2024 Financial Results
Total sales were $66.0 million compared to $54.9 million in the fourth quarter of 2023. Comparable restaurant sales decreased 3.1% for the fourth quarter of 2024 as compared to the fourth quarter of 2023.
Food and beverage costs as a percentage of sales were 28.5% compared to 29.5% in the fourth quarter of 2023. The decrease is primarily due to increase in menu prices and supply chain initiatives.
Labor and related costs as a percentage of sales were 31.1% compared to 28.8% in the fourth quarter of 2023. The increase is primarily due to sales deleverage and increases in wage rates.
Occupancy and related expenses were $4.6 million compared to $3.6 million in the fourth quarter of 2023. The increase is primarily due to fourteen new restaurants opening since the fourth quarter of 2023.
Other costs as a percentage of sales increased to 14.7% compared to 13.8% in the fourth quarter of 2023. The increase was primarily driven by utilities, delivery fees, software licenses and operating supplies.
General and administrative expenses were $13.4 million compared to $7.3 million in the fourth quarter of 2023. This increase was primarily due to litigation costs, compensation-related costs and professional fees. As a percentage of sales, general and administrative expenses increased to 20.3%, which includes $4.7 million in litigation costs, as compared to 13.2% in the fourth quarter of 2023.
Impairment of long-lived assets were $1.6 million in the fourth quarter of 2024 due to impairment charges related to the property and equipment on one underperforming restaurant location.
Operating loss was $5.8 million compared to operating income of $2.2 million in the fourth quarter of 2023.
Income tax expense was $19 thousand compared to $167 thousand in the fourth quarter of 2023.
Net loss was $5.2 million, or $(0.46) per diluted share, compared to net income of $2.9 million, or $0.25 per diluted share, in the fourth quarter of 2023.
Adjusted net income* was $1.0 million, or $0.09 per diluted share, compared to adjusted net income* of $2.9 million or $0.25 per diluted share, in the fourth quarter of 2023.
Restaurant-level operating profit* was $13.8 million, or 20.9% of sales, compared to $13.4 million, or 24.4% of sales, in the fourth quarter of 2023.
Adjusted EBITDA* was $5.5 million compared to $6.3 million in the fourth quarter of 2023.
View full version at Kura Sushi
Noodles & Company Announces Third Quarter 2024 Financial Results
November 06, 2024 16:05 ET
BROOMFIELD, Colo., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended October 1, 2024.
Key highlights for the third quarter of 2024 versus the third quarter of 2023 include:
Total revenue decreased 4.0% to $122.8 million from $127.9 million in the third quarter of 2023.
Comparable restaurant sales decreased 3.3% system-wide, comprised of a 3.4% decrease at company-owned restaurants and a 2.9% decrease at franchise restaurants.
Net loss was $6.8 million, or $0.15 loss per diluted share, compared to net income of $0.7 million, or $0.02 earnings per diluted share, in the third quarter of 2023.
Operating margin was (3.9)% compared to 1.6% in the third quarter of 2023.
Restaurant contribution margin(1) was 12.8% compared to 16.4% in the third quarter of 2023.
Adjusted EBITDA(1) was $4.9 million compared to $10.9 million in the third quarter of 2023.
Three new company-owned restaurants and one new franchise restaurant opened in the third quarter of 2024.
Subsequent to the end of the third quarter, the Company amended its credit agreement to provide for more flexible financial covenants.
_____________________
Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “In the third quarter, we continued to face a challenging consumer environment with a significant level of industry-wide promotional and discount activity coupled with a marked and unexpected decline in our third-party delivery sales. As we continue our focus on driving guest experience improvements and evolving our new menu innovations into test markets, we pivoted late in September and October to increase our promotional activity and identify promising new third-party pricing strategies. In early October, we also rolled out nationally the first dishes from our menu transformation. All of this has resulted in noticeable improvement in our fourth quarter traffic trends to date relative to the third quarter. Although we are seeing variability in our near-term results, largely due to a challenging consumer environment, our team remains focused on executing against all five of our strategic priorities to achieve sustained profitable growth and drive long-term shareholder value.”
View full version at Noodles & Company
Yum! Brands Reports Third-Quarter Results
Taco Bell U.S. Same-Store Sales Growth +4%; KFC International Unit Growth +9%Digital Sales Mix Exceeding 50%
Yum! Brands Reports Third-Quarter Results
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2024. Worldwide system sales, excluding foreign currency translation, grew 1% reflecting 5% unit growth. Third-quarter GAAP operating profit grew 1% and third-quarter core operating profit grew 3%. Third-quarter GAAP EPS was $1.35 and third-quarter EPS excluding Special Items was $1.37. Third-quarter EPS excluding Special Items reflects a $0.14 negative impact from a higher current year tax rate and lower investment income year-over-year.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “I'm incredibly proud of how our teams have navigated such a complex consumer environment to deliver 3% Core Operating Profit growth this quarter. The strengths of our twin growth engines were evident: Taco Bell U.S. significantly outperformed QSR competition with 4% same-store sales growth, and KFC International grew units an impressive 9% year-over-year. KFC International's unit openings spanned 64 countries this quarter, and year-to-date gross openings are up nearly 150 units year-over-year. While sales have been impacted by pressures relating to geopolitical conflicts and challenged consumer sentiment, our iconic brands which are led by our world-class talent and enabled by Yum!'s unmatched scale and cutting-edge, proprietary tech, are positioned for unstoppable growth.”
THIRD-QUARTER HIGHLIGHTS
Worldwide system sales grew 1%, excluding foreign currency translation, with KFC at 1%, Taco Bell at 5%, and Pizza Hut (1)%.
Unit count increased 5% including 1,029 gross new units in the quarter.
Robust digital system sales exceeding $8 billion, with digital mix over 50%.
GAAP operating profit grew 1% and core operating profit grew 3%.
Foreign currency translation unfavorably impacted divisional operating profit by $3 million.
View full version at Yum! Brands
Portillo’s Inc. Announces Third Quarter 2024 Financial Results
November 05, 2024 08:00 ET
CHICAGO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the third quarter ended September 29, 2024.
Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “While our top line results for the quarter fell short of expectations, I’m proud of how our team protected margins and drove cash flow. We’re profitable, we’re controlling the levers we can, and we’re positioned for lasting, long-term growth.”
Financial Highlights for the Third Quarter 2024 vs. Third Quarter 2023:
Total revenue increased 6.9% or $11.4 million to $178.3 million;
Same-restaurant sales* decreased 0.9%;
Operating income increased $0.9 million to $16.0 million;
Net income increased $2.2 million to $8.8 million;
Restaurant-Level Adjusted EBITDA** increased $0.1 million to $41.9 million; and
Adjusted EBITDA** increased $0.6 million to $27.9 million.
View full version at Portillo's
FAT Brands Files Form 10 Registration Statement for Planned Listing of Twin Hospitality Group
Operating Unit Led by Twin Peaks Restaurants Takes Next Step in Becoming Standalone Public Company
LOS ANGELES, Nov. 04, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc., (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands, is pleased to announce that Twin Hospitality Group Inc., the operating unit for its Twin Peaks and Smokey Bones restaurant brands, has filed a Form 10 Registration Statement with the Securities and Exchange Commission (SEC). The Form 10 contains a preliminary information statement about the planned distribution to FAT Brands’ common shareholders of approximately 5% of the Class A Common Stock of Twin Hospitality Group and its planned listing on Nasdaq as an independent publicly traded company. The remaining 95% of the Class A Common Stock of Twin Hospitality Group will continue to be held by FAT Brands immediately following the distribution.
The preliminary information statement also includes information about Twin Hospitality Group as a standalone company, including financial, capital structure, business, risk factor, and management and governance information. The filing of the Form 10 Registration Statement will be updated with additional information in subsequent amendments as further information is finalized prior to the distribution, which is expected to be completed by year-end. The Form 10 Registration Statement is available on the SEC's website at http://www.sec.gov.
"The filing of the Form 10 Registration Statement is an important milestone in unlocking value and growth opportunities for Twin Hospitality Group and the Twin Peaks brand, while continuing to generate long-term value for FAT Brands shareholders," said Ken Kuick, Co-Chief Executive Officer of FAT Brands. “We look forward to completing the separation later this year, realizing significant benefits for both companies."
Completion of the potential transaction remains subject to various conditions, including effectiveness of the Form 10 Registration Statement, final approval of the Nasdaq listing, and completion of the refinancing transaction described in the preliminary information statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks franchises and owns 115 restaurants in the United States and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. For more information, visit twinpeaksrestaurant.com.
View source version at FAT Brands
THE WENDY'S COMPANY REPORTS THIRD QUARTER 2024 RESULTS
Oct 31, 2024, 07:00 ET
DUBLIN, Ohio, Oct. 31, 2024 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 29, 2024.
"Wendy's restaurants continued to deliver sales growth during the third quarter, maintaining overall traffic and dollar share in the QSR burger category," said Kirk Tanner, President and Chief Executive Officer. "We continued to strengthen the relationship with our customers through our digital and loyalty platforms while driving growth for the breakfast and late-night dayparts. We expect to build on this progress into the close of this year with exciting new programming to showcase our craveable core, impactful innovation, and relevant value offerings."
Third Quarter 2024 SummarySee "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 | |||||
2023 | 2024 | 2023 | 2024 | ||||
Systemwide Sales Growth(1) | |||||||
U.S. | 3.6 % | 0.9 % | 6.0 % | 1.4 % | |||
International(2) | 13.6 % | 7.7 % | 15.6 % | 8.3 % | |||
Global | 4.8 % | 1.8 % | 7.2 % | 2.3 % | |||
Same-Restaurant Sales Growth(1) | |||||||
U.S. | 2.2 % | 0.2 % | 4.7 % | 0.5 % | |||
International(2) | 7.8 % | 0.7 % | 9.4 % | 2.1 % | |||
Global | 2.8 % | 0.2 % | 5.2 % | 0.7 % | |||
Systemwide Sales (In US$ Millions)(3) | |||||||
U.S. | $3,113 | $3,141 | $9,242 | $9,375 | |||
International(2) | $467 | $495 | $1,347 | $1,439 | |||
Global | $3,580 | $3,636 | $10,589 | $10,813 | |||
Restaurant Openings | |||||||
U.S. - Total / Net | 27 / 17 | 22 / (2) | 66 / 16 | 65 / (19) | |||
International - Total / Net | 45 / 34 | 42 / 33 | 86 / 55 | 98 / 71 | |||
Global - Total / Net | 72 / 51 | 64 / 31 | 152 / 71 | 163 / 52 | |||
Quarter End Restaurant Count | |||||||
U.S. | 6,010 | 6,011 | |||||
International | 1,156 | 1,281 | |||||
Global | 7,166 | 7,292 | |||||
Global Reimaging Completion Percentage | 83 % | 89 % | |||||
(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants. | |||||||
(2) Excludes Argentina. | |||||||
(3) Systemwide sales include sales at both Company-operated and franchise restaurants. |
Financial Highlights | Third Quarter | Year-to-Date | |||||||||
2023 | 2024 | B / (W) | 2023 | 2024 | B / (W) | ||||||
($ In Millions Except Per Share Amounts) | (Unaudited) | (Unaudited) | |||||||||
Total Revenues | $ 550.6 | $ 566.7 | 2.9 % | $ 1,640.9 | $ 1,672.2 | 1.9 % | |||||
Adjusted Revenues(1) | $ 441.6 | $ 443.6 | 0.5 % | $ 1,320.8 | $ 1,329.1 | 0.6 % | |||||
U.S. Company-Operated Restaurant Margin | 15.6 % | 15.6 % | — % | 15.9 % | 15.8 % | (0.1) % | |||||
General and Administrative Expense | $ 59.3 | $ 62.8 | (5.9) % | $ 184.3 | $ 188.0 | (2.0) % | |||||
Operating Profit | $ 101.6 | $ 94.7 | (6.8) % | $ 295.4 | $ 275.3 | (6.8) % | |||||
Reported Effective Tax Rate | 25.5 % | 27.9 % | (2.4) % | 25.8 % | 27.3 % | (1.5) % | |||||
Net Income | $ 58.0 | $ 50.2 | (13.4) % | $ 157.5 | $ 146.9 | (6.7) % | |||||
Adjusted EBITDA | $ 139.2 | $ 135.2 | (2.9) % | $ 409.3 | $ 406.1 | (0.8) % | |||||
Reported Diluted Earnings Per Share | $ 0.28 | $ 0.25 | (10.7) % | $ 0.74 | $ 0.71 | (4.1) % | |||||
Adjusted Earnings Per Share | $ 0.27 | $ 0.25 | (7.4) % | $ 0.76 | $ 0.75 | (1.3) % | |||||
Cash Flows from Operations | $ 269.5 | $ 286.7 | 6.4 % | ||||||||
Capital Expenditures | $ (55.7) | $ (52.4) | 6.0 % | ||||||||
Free Cash Flow(2) | $ 226.4 | $ 234.1 | 3.4 % | ||||||||
(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
BJ’s Restaurants, Inc. Reports Fiscal Third Quarter 2024 Results
October 31, 2024 16:03 ET
HUNTINGTON BEACH, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 third quarter ended Tuesday, October 1, 2024.
Fiscal Third Quarter 2024 Compared to Fiscal Third Quarter 2023
Total revenues increased 2.2% to $325.7 million
Comparable restaurant sales increased 1.7%
Total restaurant operating weeks increased 0.2%
Net loss of $2.9 million, compared to $3.8 million; diluted net loss per share of $0.13, compared to $0.16
Third quarter 2024 net loss includes a $0.4 million pretax, or $0.02 per share, net leadership transition benefit.
Adjusted EBITDA of $18.5 million, compared to $19.6 million
“Our third quarter results mark progress with our sales building initiatives, which drove positive comparable restaurant sales and guest traffic that accelerated through the quarter,” commented Brad Richmond, Interim Chief Executive Officer. “In the current competitive environment, BJ’s value programs are resonating with guests, demonstrated by our third quarter traffic exceeding the industry by approximately 570 basis points. We did not fully leverage our strong traffic growth due to higher than anticipated restaurant costs, which we are addressing. As a result, we generated modestly higher dollar restaurant level operating margin but lower percentage margin compared to a year ago. As our sales momentum continues to build behind the Pizookie Meal Deal, successful product launches, and a large party initiative going into the holiday season, we are focused on delighting our guests while delivering meaningful profit growth. Restoring higher restaurant level margins is a top priority, which we will accomplish through a disciplined financial approach. As a result, we expect to demonstrate favorable profit momentum in the fourth quarter,” continued Richmond.
“Our new President and Chief Concept Officer, Lyle Tick, and I have been immersed in onboarding and spending significant time in our restaurants with BJ’s fantastic team members and loyal guests. We are undertaking a comprehensive assessment of BJ’s underlying strengths and the opportunities in front of us as we usher in a chapter of renewed growth. We are confident that the strength of our brand and teams, combined with a refined business strategy, will lay the foundation for future sales and earnings growth. We are focused on driving greater awareness of the BJ’s brand, while adhering to strict operational and financial discipline to drive improved profitability and position the Company for accelerated new unit restaurant openings in the future. Success on these initiatives will unlock BJ’s potential thereby elevating its trajectory as a restaurant growth company and driving long-term shareholder value creation,” continued Richmond.
“In the third quarter, we opened two new restaurants for a total of three new restaurants in 2024. Our 2024 restaurant class is off to an encouraging start and demonstrating the strength of the BJ’s brand with new and existing guests,” continued Richmond. “Our capital allocation strategy will continue to prioritize high-return investments including a mix of new restaurant growth and remodels, as well as returning capital to shareholders through our share repurchase program. The pace of these programs will be shaped by further and ongoing evaluation of unit productivity, financial return performance and future concept refinement,” concluded Richmond.
During the third quarter of 2024, the Company repurchased and retired approximately 268,000 shares of its common stock at a cost of approximately $8.2 million. The Company currently has approximately $44 million available under its authorized $550 million share repurchase program.
View full version at BJ's Restaurants
El Pollo Loco Holdings, Inc. Announces Third Quarter 2024 Financial Results
October 31, 2024 16:05 ET
COSTA MESA, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended September 25, 2024.
Highlights for the third quarter ended September 25, 2024 compared to the third quarter ended September 27, 2023 were as follows:
Total revenue was $120.4 million in both periods.
System-wide comparable restaurant sales(1) increased by 2.7%.
Income from operations was $10.1 million compared to $13.7 million.
Restaurant contribution(1) was $16.9 million, or 16.7% of company-operated restaurant revenue, compared to $14.8 million, or 14.4% of company-operated restaurant revenue.
Net income was $6.2 million, or $0.21 per diluted share, compared to net income of $9.2 million, or $0.28 per diluted share.
Adjusted net income(1) was $6.3 million, or $0.21 per diluted share, compared to $6.4 million, or $0.19 per diluted share.
Adjusted EBITDA(1) was $15.5 million, compared to $15.0 million.
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Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “Our third quarter results reflect yet another step toward capturing the opportunity ahead of us to become the national fire-grilled chicken brand. More specifically, we drove top-line growth through a 2.7% increase in system-wide comparable sales; expanded restaurant-level margins by 230 basis points year-over-year to 16.7%; and continue to make great progress on reducing the cost of our prototype to stimulate future unit growth. As we look ahead, we are pleased with what we have accomplished thus far to develop a strong foundation, and we are well positioned to ignite further growth in 2025 and beyond.”
View full version at El Pollo Loco
Shake Shack Announces Third Quarter 2024 Financial Results
Total revenue of $316.9 million, up 14.7% versus 2023, including $304.9 million of Shack sales and $12.0 million of Licensing revenue.
System-wide sales of $495.1 million, up 12.8% versus 2023.
Same-Shack sales up 4.4% versus 2023.
Operating loss of $18.0 million, inclusive of a $29.1 million charge for Impairments, loss on disposal of assets, and Shack closures, versus operating income of $5.7 million in 2023.
Restaurant-level profit(1) of $64.2 million, or 21.0% of Shack sales.
Net loss of $11.1 million, inclusive of a $29.1 million charge for Impairments, loss on disposal of assets, and Shack closures, versus net income of $8.1 million in 2023.
Adjusted EBITDA(1) of $45.8 million, up 28.0% versus 2023.
Net loss attributable to Shake Shack Inc. of $10.2 million, or loss of $0.26 per share, inclusive of a $29.1 million charge for Impairments, loss on disposal of assets, and Shack closures.
Adjusted pro forma net income(1) of $11.2 million, or earnings of $0.25 per fully exchanged and diluted share.
Opened eight new Company-operated Shacks, including three drive-thrus. Opened nine new licensed Shacks.
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the third quarter of 2024 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q3 2024 Shake Shack Shareholder Letter.
Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, 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 06, 2024 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13748716.
View full version at Shake Shack
FAT BRANDS INC. REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS
October 30, 2024 16:26 ET
Conference call and webcast today at 5:00 p.m. ET
LOS ANGELES, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal third quarter ended September 29, 2024.
Andy Wiederhorn, Chairman of FAT Brands, said, “Over the last three years, we have expanded our brand portfolio to include 18 distinct concepts while our footprint has increased tenfold, now encompassing over 2,300 locations across more than 40 countries and 49 U.S. states or territories. We opened 22 new units during the third quarter, bringing our year-to-date openings to 71 new units and are on track to end the year with 100 new units.”
Wiederhorn added, “We have signed 225 development deals year-to-date versus 226 deals in all of 2023, bringing our current development pipeline to approximately 1,000 locations. This is a strong indicator of confidence within the FAT franchise system.”
Ken Kuick, Co-Chief Executive Officer of FAT Brands, said, “We continue to prioritize accelerated growth in our Polished Casual category, particularly through Twin Peaks, our fastest-growing concept. Year to date, we opened nine new lodges, bringing our total to 115 locations. We also completed our first Smokey Bones to Twin Peaks conversion in Lakeland, Florida during the third quarter, with our second conversion underway and several more planned for next year.”
Rob Rosen, Co-Chief Executive Officer of FAT Brands, said, “In May, Twin Peaks and Smokey Bones, as a combined entity, took a significant step towards becoming a standalone public company. We view this potential IPO or alternative transaction as a strategic opportunity to unlock value for FAT shareholders. Shortly, we intend to refinance Twin Peaks’ securitization debt, which will optimize our financial structure prior to any IPO or other transaction.”
Fiscal Third Quarter 2024 Highlights
Total revenue grew 31.1% to $143.4 million compared to $109.4 million in the fiscal third quarter of 2023
System-wide sales grew 6.4% in the fiscal third quarter of 2024 compared to the prior year fiscal quarter
Year-to-date system-wide same-store sales declined 2.7% compared to the prior year
22 new store openings during the fiscal third quarter of 2024
Net loss of $44.8 million, or $2.74 per diluted share, compared to $24.7 million, or $1.59 per diluted share, in the fiscal third quarter of 2023
EBITDA(1) of $1.7 million compared to $10.8 million in the fiscal third quarter of 2023
Adjusted EBITDA(1) of $14.1 million compared to $21.9 million in the fiscal third quarter of 2023
Adjusted net loss(1) of $38.0 million, or $2.34 per diluted share, compared to adjusted net loss(1) of $17.1 million, or $1.14 per diluted share, in the fiscal third quarter of 2023
(1) EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.
View full version at FAT Brands
Wingstop Inc. Reports Fiscal Third Quarter 2024 Financial Results
Oct 30, 2024, 08:00 ET
Delivers Record Third Quarter with 106 Net New Openings and 17.1% Unit Growth
Domestic Same Store Sales Increased 20.9%, Driven by Transaction Growth
DALLAS, Oct. 30, 2024 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal third quarter ended September 28, 2024.
Highlights for the fiscal third quarter 2024 compared to the fiscal third quarter 2023:
System-wide sales increased 39.4% to $1.2 billion
106 net new openings in the fiscal third quarter 2024
Domestic restaurant AUV increased to $2.1 million
Domestic same store sales increased 20.9%
Digital sales increased to 69.0% of system-wide sales
Total revenue increased 38.8% to $162.5 million
Net income increased 31.9% to $25.7 million, or $0.88 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 39.5% to $53.7 million
Adjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"Our third quarter results demonstrated the staying power of our multi-year strategies we are executing against, delivering 20.9% same store sales growth, primarily driven by transaction growth," said Michael Skipworth, President and Chief Executive Officer. "We opened a record 106 net new units in the third quarter, a 17.1% growth in system-wide restaurants over the prior year, which showcases the excitement among our Brand Partners who are seeing industry-leading returns."
View full version at Wingstop
BRINKER INTERNATIONAL REPORTS FIRST QUARTER OF FISCAL 2025 RESULTS AND UPDATES FISCAL 2025 GUIDANCE
Oct 30, 2024, 06:15 ET
DALLAS, Oct. 30, 2024 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced financial results for the first quarter ended September 25, 2024.
First Quarter Fiscal 2025 Financial Highlights
"Great food, with great service at industry leading value is driving strong Chili's sales and traffic," said President and CEO, Kevin Hochman, "Our continued success proves the importance of listening to our guests & team members and delivering on the critical things important to them."
Company sales were $1,127.3 million in the first quarter of fiscal 2025 compared to $1,002.0 million in the first quarter of fiscal 2024. Comparable restaurant sales increased 13.0%, with an increase in comparable restaurant sales of 14.1% for Chili's and 4.2% for Maggiano's. The comparable restaurant sales increase at Chili's was primarily due to menu pricing and higher traffic. Chili's advertising and social media campaigns continued to drive new guests and increased frequency in the first quarter. The "Big Smasher" burger and Triple Dipper® are resonating well with guests, and our "3 for Me" combos provide a compelling everyday value. Higher Company sales resulted in operating income margin increasing to 5.0% and restaurant operating margin (non-GAAP) increasing to 13.5% for the first quarter. We continue to prioritize our guest experience by enhancing restaurant staffing and focusing on keeping our restaurants well maintained. As expected, these initiatives resulted in incremental labor and repairs and maintenance expense during the quarter. Additionally, stronger expected operating performance drove higher incentive compensation within General and administrative expenses during the quarter.
View full version at Brinker
The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2024
October 29, 2024 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 2024, which ended on October 1, 2024.
Total revenues were $865.5 million in the third quarter of fiscal 2024 compared to $830.2 million in the third quarter of fiscal 2023. Net income and diluted net income per share were $30.0 million and $0.61, respectively, in the third quarter of fiscal 2024.
The Company recorded pre-tax net income of $2.5 million related to impairment of assets and lease termination income and Fox Restaurant Concepts (“FRC”) acquisition-related expenses. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the third quarter of fiscal 2024 were $28.2 million and $0.58, 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 1.6% year-over-year in the third quarter of fiscal 2024.
“The third quarter was our fourth consecutive quarter of year-over-year top- and bottom-line growth, reflecting our strong operational execution, the benefits of our scale, and the delicious, memorable experiences we offer across our restaurant concepts,” said David Overton, Chairman and Chief Executive Officer. “We are capturing market share as evidenced by the continued strong outperformance in comparable sales and traffic at The Cheesecake Factory restaurants versus the broader casual dining industry. Execution within our restaurants was exceptional with our operators delivering significant improvements in labor productivity, hourly staff and manager retention, and guest satisfaction scores."
“We opened four new restaurants during the third quarter and, subsequent to quarter-end, opened three additional restaurants across various concepts for a total of 17 new openings year-to-date. Our ability to execute against our pipeline and successfully expand our restaurant footprint reinforces our confidence in our ability to achieve our near-term and longer-term development objectives. Looking ahead we remain focused on operational excellence, growing profitably and creating long-term, sustainable value into 2025 and beyond.”
View full version at The Cheesecake Factory
CHIPOTLE ANNOUNCES THIRD QUARTER 2024 RESULTS
Oct 29, 2024, 16:10 ET
COMPARABLE SALES INCREASE 6% DRIVEN BY OVER 3% TRANSACTION GROWTH
NEWPORT BEACH, Calif., Oct. 29, 2024 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2024.
Third quarter highlights, year over year:
Total revenue increased 13.0% to $2.8 billion
Comparable restaurant sales increased 6.0%
Operating margin was 16.9%, an increase from 16.0%
Restaurant level operating margin was 25.5%1, a decrease from 26.3%1
Diluted earnings per share was $0.28, a 21.7% increase from $0.232.
Adjusted diluted earnings per share was $0.271, a 17.4% increase from $0.231
Opened 86 new company-operated restaurants with 73 locations including a Chipotlane, and one international licensed restaurant
"Our focus on exceptional people, food and throughput and the long-awaited return of Smoked Brisket drove another quarter of strong results led by transaction growth," said Scott Boatwright, Interim CEO, Chipotle. "Our teams work hard to deliver extraordinary value to our guests as they provide our fresh, delicious and customizable culinary experience, at accessible prices to millions of people every day. They are the backbone of Chipotle and, together with our support centers, we will continue to execute against our five key strategies that help us win today, while we grow our future. This will help us to achieve our long-term target of reaching 7,000 restaurants in North America and move towards a more global brand."
View full version at Chipotle
McDONALD'S REPORTS THIRD QUARTER 2024 RESULTS
Oct 29, 2024, 07:00 ET
Consolidated revenues for the quarter were nearly $6.9 billion, an increase over prior year of 3% (2% in constant currencies)
Systemwide sales* to loyalty members across approximately 50 loyalty markets were over $28 billion for the trailing twelve-month period and nearly $8 billion for the quarter
CHICAGO, Oct. 29, 2024 /PRNewswire/ -- McDonald's Corporation today announced results for the third quarter ended September 30, 2024.
"We will stay laser-focused on providing an unparalleled experience with simple, everyday value and affordability that our consumers can count on as they continue to be mindful about their spending," said Chairman and CEO Chris Kempczinski. "McDonald's will continue to follow our Accelerating the Arches playbook to drive long-term growth globally and win in this environment."
Third quarter financial performance:
Global comparable sales decreased 1.5%:
U.S. increased 0.3%
International Operated Markets segment decreased 2.1%
International Developmental Licensed Markets segment decreased 3.5%
Consolidated revenues increased 3% (2% in constant currencies).
Systemwide sales were flat (flat in constant currencies).
Consolidated operating income decreased 1% (1% in constant currencies). Results included $52 million of pre-tax transaction costs and non-cash impairment charges and $46 million of pre-tax restructuring charges associated with Accelerating the Organization. Excluding these current year charges, as well as prior year pre-tax charges of $26 million, consolidated operating income increased 2% (1% in constant currencies).**
Diluted earnings per share was $3.13, a decrease of 1% (1% in constant currencies). Excluding the current year charges described above of $0.10 per share, diluted earnings per share was $3.23, an increase of 1% (1% in constant currencies) when also excluding prior year charges.**
The Company declared a 6% increase in its quarterly cash dividend to $1.77 per share.
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Texas Roadhouse, Inc. Announces Third Quarter 2024 Results
October 24, 2024 16:03 ET
LOUISVILLE, Ky., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 weeks ended September 24, 2024.
Financial Results
Financial results for the 13 and 39 weeks ended September 24, 2024 and September 26, 2023 were as follows:
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($000's, except per share amounts) |
| September 24, 2024 |
| September 26, 2023 |
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| September 26, 2023 |
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Total revenue |
| $ | 1,272,999 |
| $ | 1,121,752 |
| 13.5 | % |
| $ | 3,935,418 |
| $ | 3,467,311 |
| 13.5 | % |
Income from operations |
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| 102,023 |
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| 73,859 |
| 38.1 | % |
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| 377,967 |
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| 270,216 |
| 39.9 | % |
Net income |
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| 84,412 |
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| 63,788 |
| 32.3 | % |
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| 317,759 |
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| 232,446 |
| 36.7 | % |
Diluted earnings per share |
| $ | 1.26 |
| $ | 0.95 |
| 32.5 | % |
| $ | 4.74 |
| $ | 3.46 |
| 37.0 | % |
Results for the 13 weeks ended September 24, 2024, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 8.5% at company restaurants and increased 7.2% at domestic franchise restaurants;
Average weekly sales at company restaurants were $149,176 of which $18,914 were to-go sales as compared to average weekly sales of $138,668 of which $17,058 were to-go sales in the prior year;
Restaurant margin dollars increased 24.1% to $202.1 million from $162.8 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased to 16.0% from 14.6% in the prior year driven primarily by higher sales. The benefit of a higher average guest check and improved labor productivity more than offset wage and other labor inflation of 4.7% and commodity inflation of 1.3%;
Diluted earnings per share increased 32.5% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;
Seven company restaurants and three franchise restaurants were opened; and
Capital allocation spend included capital expenditures of $91.1 million, dividends of $40.7 million, and repurchases of common stock of $9.6 million.
View full version at Texas Roadhouse
Denny’s Corporation Reports Results for Third Quarter 2024 and Hosts Investor Day Today
October 22, 2024 07:00 ET