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Financials - September 2021






Savory Fund Invests Growth Capital into Pincho to Accelerate Popular Brand’s Expansion

September 9, 2021


Miami-born burger and kebab concept positioned for rapid growth following Sept. 1 investment

Miami, FL  (RestaurantNews.com)  Savory Fund announced today that it has invested in the popular burger and kebab concept, Pincho. The Miami-based fast-casual chain is the latest brand to attract growth capital from Mercato Partners’ $200 million Savory Fund, which was created to back promising emerging restaurant concepts.

Founded in 2010 by serial entrepreneur Otto Othman, Pincho’s Latin-inspired menu features burgers, kebabs, salads, bowls and more. Its highly experiential and bold flavors offer unique twists on familiar foods that consumers already know and love.

“We know that consumers are craving unique flavors and international experiences, and they’re increasingly looking for restaurants to transport them to their favorite destinations,” said Andrew K. Smith, managing partner and co-founder of the Savory Fund. “That’s why we decided to invest in Pincho. Its international, award-winning menu, differentiated branding and strong leadership team led by Otto are exactly what we look for in concepts poised for rapid growth.”

Pincho emerged from the worst of the COVID-19 pandemic as a stable, winning concept thanks to the leadership team’s rapid adoption of new practices that optimized its off-premise and takeout business. Savory will capitalize on this positive momentum by unleashing the strengths of its value-added platform to enhance Pincho’s operations, accelerate its scale and unlock its massive potential.

Going forward, Othman will remain as CEO and will be joined on Pincho’s Board of Directors by Savory Fund executives Shauna Smith, Alonso Casteneda and Taylor DeHart.

Pincho currently operates eight retail locations across South Florida and licenses two additional locations at Florida International University and LoanDepot Park, home of the Miami Marlins. Savory’s investment will be used to immediately prepare for hyper-growth across a multi-state region, including additional growth in southern and central Florida and Texas.

“Since I first met the team at Savory more than two years ago, they have consistently demonstrated a unique ability to build brands like Pincho, unlocking additional enterprise value through their high level of execution and acceleration of scale,” Othman said. “We’re thrilled to partner with Savory and its outstanding leadership team as we embark on what is sure to be an exciting ride. We have always believed that Pincho is a concept that can and should expand from coast-to-coast, and I can’t wait to make our vision a reality.”

About The Savory Fund

The Savory Fund, a $200 million F&B practice managed by Andrew K. Smith and Greg Warnock of Mercato Partners, focuses on delivering outsized returns through strategic investments in the food and beverage industry. Savory partners with high-potential, profitable, emerging restaurant brands to deliver financial capital, industry expertise, revenue opportunities, profitability enhancements and new location development. The Savory team contributes directly to all aspects of growth and replication by using a proven playbook and methodology along with its 65-person veteran restaurant operations team. For more information, visit savoryfund.com.

About PINCHO

PINCHO is an award-winning and unique concept inspired by street food – Burgers + Kebabs –elevated to a modern day experience. Using the freshest of ingredients, custom meat blends and unique flavors, we pride ourselves on sourcing the highest quality products and carefully crafting each plate for an unforgettable experience. PINCHO has gone from an in-the-know locals’ secret to a well-known South Florida concept, gracing many national foodie “must try” lists. For more information, visit pincho.com.


View source version at Savory Fund


Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2021 Financial Results

September 09, 2021 16:00 ET



NORTHLAKE, Texas, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter and fiscal year ended June 30, 2021.

Fourth Quarter Fiscal 2021 Highlights:

  1. Net sales were $102.9 million, an increase of $21.8 million, or 26.9%, from the prior year period due to notable improvement in the DSD channel compared to the prior year

  2. Gross margin increased to 27.6% from 19.2% in the prior year period, and was the highest gross margin quarter during fiscal 2021

  3. Net loss was $4.0 million compared to a net loss of $9.7 million in the prior year period

  4. Adjusted EBITDA was $3.4 million compared to $0.7 million in the prior year period*

  5. As of June 30, 2021, total debt outstanding was $91.0 million and cash and cash equivalents was $10.3 million

  6. Negotiated new credit facilities, effectively increasing borrowing capacity and flexibility while lowering overall borrowing cost

Fiscal 2021 Highlights:

  1. Net sales were $397.8 million, a decrease of $103.5 million, or 20.6%, from the prior year due primarily to the impact of the COVID-19 pandemic

  2. Achieved notable improvement in DSD channel sales compared to pre-COVID levels during fiscal year 2021, with sequential improvement in every quarter, from down 45% at June 30, 2020 to down 27% for the fourth quarter of 2021

  3. Gross margin decreased to 25.4% from 27.6% in the prior year, but improved sequentially in every quarter of the year.

  4. Net loss was $41.7 million compared to a net loss of $37.1 million in the prior year period

  5. Adjusted EBITDA was $16.6 million compared to $18.7 million in the prior year period

  6. Successfully completed key initiatives within the company's optimization strategy, including:

  7. Doubling production and packaging capacity at the Northlake, Texas facility

  8. Ending production and fully exiting the aged Houston, Texas facility

  9. Opening a new West Coast distribution facility in Rialto, California, and

  10. Completing full deployment of new handheld technology on our DSD routes

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

Deverl Maserang, Chief Executive Officer, commented, “We’re very pleased with the continued progress we made during our fourth fiscal quarter, which builds on the work we achieved throughout the year and positions us well heading into the new fiscal year. Our optimization strategies have led to solid efficiencies that we’re seeing increasingly materialize as volumes have steadily improved throughout the quarter. As a result, we posted our strongest quarterly gross margin since the onset of the pandemic, and we expect these efficiencies to strengthen as volumes continue to recover.” Mr. Maserang continued, “Just prior to the onset of the pandemic, we put several initiatives in place and outlined our turnaround strategy, which included rebalancing and strengthening our footprint, optimizing our manufacturing capabilities and supply chain, modernizing our facilities, and implementing new technologies to expand our offerings and streamline our sales process. I am very proud of our team’s execution through a challenging environment, and we are gaining confidence as we’re starting to see more positive changes flow through our business, benefiting our bottom line. While we remain vigilant given recent developments in the trajectory of the pandemic, we have yet to see any meaningful impact from the Delta variant, and we’re encouraged by the weekly trends we’ve seen in the first few weeks of our fiscal first quarter.”

View full version at Farmer Brothers


First Watch Restaurant Group, Inc. Files Registration Statement for Proposed Initial Public Offering


September 07, 2021 02:21 PM Eastern Daylight Time


BRADENTON, Fla.--(BUSINESS WIRE)--First Watch Restaurant Group, Inc. (“First Watch” or “the Company”), the Daytime Dining concept serving breakfast, brunch and lunch, today announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed initial public offering of its common stock. An application has been made for listing the common stock on the NASDAQ Global Select Market under the ticker symbol “FWRG.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. First Watch intends to use the proceeds from the offering to repay borrowings outstanding under the Company’s credit facilities.

BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as lead book-running managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the proposed offering, when available, may be obtained from the following:

  1. BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com;

  2. Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by email at prospectus-ny@ny.email.gs.com or by telephone at 1-866-471-2526; or

  3. Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at prospectus_department@Jefferies.com or by telephone at 1-877-821-7388

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release includes “forward looking information,” including with respect to the initial public offering. These statements are made through the use of words or phrases such as “will” or “expect” and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under “Risk Factors” in the preliminary prospectus and elsewhere in the Company’s filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.

About First Watch

First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.

View source version at First Watch




Dutch Bros Coffee targets $3.3B valuation in IPO




Sept. 7 2021, 10:42 a.m. EDT



By Alicia Kelso Contributing Reporter


UPDATE: Sept. 7, 2021: Dutch Bros Coffee on Tuesday set terms for its initial public offering, targeting a valuation of more than $3.3 billion. The coffee chain plans to raise more than $421 million in its IPO and will offer 21.1 million shares priced at $18 to $20 each.





UPDATE: Aug. 23, 2021: Dutch Bros Coffee on Friday filed documents for its initial public offering with plans to raise $100 million. The company will trade on the New York Stock Exchange under the ticker "BROS."

The coffee chain's average unit volumes rose 3% in 2020 to $1.7 million, and its adjusted EBITDA jumped 43% last year to reach $70 million. Revenue also rose 37% in 2020 to $327.4 million.

"We believe we can capture share of any experience where customers seek to consume great beverages on the go," Dutch Bros said in its filing. "Customers are increasingly seeking new and differentiated beverages and the ability to customize these beverages with a multitude of flavor options."

Dive Brief:

  1. Oregon-based coffee chain Dutch Bros has confidentially submitted paperwork to the Securities and Exchange Commission with the intent to go public. The number of shares for its initial public offering has not been determined yet and is subject to the SEC's review process, market and other conditions, according to a press release.

  2. Founded in 1992, Dutch Bros has grown to over 420 locations in 11 states. Former CEO and co-founder Travis Boersma told Forbes the chain could add up to 400 new outlets in the next three to five years, which would nearly double its footprint.

  3. This filing comes as U.S. initial public offerings have surpassed the 2020 record with more than six months remaining in the year, driven by pent-up demand for investments after a year of crisis, low interest rates and high corporate valuations. Krispy Kreme has already filed an IPO this year and Torchy's Tacos and Sweetgreen are rumored to be considering public debuts as well.




Dive Insight:

Dutch Bros was on an ambitious expansion tear prior to this SEC filing, with 53 new units opening in 2020 and another 85 expected this year. There could be growing pains ahead, however. The company roasts all of its coffee beans in its hometown of Grants Pass, Oregon, and maintaining that supply could pose a challenge as it speeds up its proliferation with investor funding.

Still, the concept seems ripe for investor and consumer interest. The chain's local hook can create a consumer perception of superior quality that could differentiate it from coffee giants Starbucks and Dunkin'. Further, 97% of Dutch Bros formats are already drive-thru locations. Because of that, Dutch Bros doesn't offer third-party delivery and has established a strong and growing suburban footprint.

In other words, it's ahead of the game compared to coffee rivals that are sprinting to add more drive-thrus, which became a table stakes channel during the pandemic, and shifting their focus from metro to suburban markets after commuter traffic dwindled. The Brookings Institute found that populations grew more rapidly in cities than suburbs between 2010 and the first half of 2015, but that trend began to reverse during the 12 months ending July 2016 and the COVID-19 crisis has significantly exacerbated that pattern.

In response to these trends, Starbucks announced in January it is increasing the number of drive-thru locations in Central, Southeast and Southwest U.S. markets, and is now sharply focused on suburban locations. The company also closed hundreds of stores in its shift toward off-premise-geared units.

Dutch Bros continued its growth through the pandemic, which could indicate a strong business model. The coffee segment overall was among the hardest hit during the pandemic, as commuters were taken off the roads in favor of a work-from-home model. According to Bloomberg, independent coffee shop sales were down by 12% last year. Starbucks same-store sales at one point were down 40%. The Allegra Group estimates it will take two years for coffee chains to recover from the crisis. If this IPO gains a significant amount of traction, it could be a sign of recovery for the segment.

View source version at Dutch Bros



FAT Brands Inc. Agrees to Acquire Twin Peaks Restaurant Chain for $300 Million

September 01, 2021 06:00 ET



Sports Lodge Marks the First Polished Casual Dining Chain to Join FAT Brands

LOS ANGELES, Sept. 01, 2021 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) announced today that it has agreed to acquire Twin Peaks, a chain of sports lodges known for scratch-made food and signature 29° draft beers, from Garnett Station Partners for $300 million. This acquisition brings to FAT Brands a fast-growing, polished casual dining brand, and will be funded with the proceeds of $250 million of new securitization notes and the issuance to the sellers of shares of Series B preferred stock. The transaction is expected to close by the end of September 2021.

The acquisition of Twin Peaks will expand the FAT Brands portfolio from quick-service, fast casual and casual dining concepts into the fast-growing segment of polished casual dining. With 82 stores currently open, six additional stores due to open by year-end 2021, and another 18 under development over the next 18 months, the purchase of Twin Peaks is expected to bring FAT Brands’ systemwide sales from approximately $1.4 billion to over $1.8 billion across more than 2,100 franchised and corporate-owned stores around the world. The addition of Twin Peaks, including the new stores due to open and under development, is expected to increase the Company’s post-COVID normalized EBITDA by approximately $25 to $30 million.

“Twin Peaks is a noteworthy addition for FAT Brands. Following the recent acquisitions of Johnny Rockets and Global Franchise Group, this acquisition comes at a time when we’re seeking to expand our market segments into sports and polished casual dining,” said FAT Brands CEO Andy Wiederhorn. “As a strong, growth-oriented concept, Twin Peaks complements our existing brands. The average unit volumes between $4.5 million and $6.5 million for new units is at the high end of industry growth standards. The exceptional unit economics and proven track record of the Twin Peaks brand has led to extraordinary demand for new store openings from new and existing franchisees. The current pipeline of new franchise locations as well as the large potential for global expansion of this successful brand is what brought us to the table and makes this a truly unique acquisition for FAT Brands. We’re pleased to have the support of Garnett Station Partners as we continue the expansion of Twin Peaks into new markets.”

“The sale of Twin Peaks to FAT Brands marks a major milestone for us after a year of consistent sales growth as we work towards our vision of becoming a global-facing brand,” said Joe Hummel, CEO of Twin Peaks. “FAT Brands has a proven track record of scaling and introducing concepts to international markets. We’re excited to be part of Andy’s vision as he continues to build FAT Brands.”

Matt Perelman, Managing Partner at Garnett Station Partners added: “Since our investment, Twin Peaks has become one of the fastest growing sports-themed, bar-forward concepts in the sector. We’re thankful for Andy’s partnership as we move forward with this deal and are confident that Twin Peaks will continue its success under FAT Brands.”

Duff & Phelps Securities, LLC served as financial advisor and Kirkland & Ellis LLP acted as legal counsel to Garnett Station Partners. Greenberg Traurig LLP acted as legal counsel to FAT Brands Inc.

Conference Call and Webcast

FAT Brands will host a conference call and webcast to discuss the acquisition on Thursday, September 2, at 8:30 AM ET. Hosting the conference call and webcast will be Andy Wiederhorn, President and Chief Executive Officer, and Ken Kuick, Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 1-877-705-6003, passcode 13722849. A replay will be available after the call until Thursday, September 9, 2021, and can be accessed by dialing 1-844-512-2921, passcode 13722849. The webcast will be available at www.fatbrands.com under the “Investors” section and will be archived on the site shortly after the call has concluded.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns 14 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 2,000 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About Garnett Station Partners

Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane and has over $750 million of assets under management. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include food & beverage, health & wellness, automotive and business services. Garnett Station's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.com.

About Twin Peaks

Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks now has 82 locations in 25 states. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business surrounded by scenic views and the latest in high-definition TVs. At every Twin Peaks, guests are immediately welcomed by a Twin Peaks team member and served up a menu made for MVPs. From its smashed and seared to order burgers to in-house smoked ribs and hand-breaded wings, guests can expect menu items capable of satisfying every appetite. To learn more about franchise opportunities, visit www.twinpeaksfranchise.com. For more information, visit www.twinpeaksrestaurant.com.

View source version at FAT Brands


sweetgreen to Acquire Boston-based Spyce to Scale the Future of Healthy Fast Food


Investment in automation allows sweetgreen to improve customer and employee experience while furthering their mission of connecting more people to real food


August 24, 2021 12:23 PM Eastern Daylight Time


LOS ANGELES--(BUSINESS WIRE)--sweetgreen, the mission-driven brand serving healthy food at scale, announces today its plans to acquire Spyce, the Boston-based restaurant company powered by automation.

The acquisition will allow sweetgreen to reimagine healthy fast food with even better quality, consistency, and efficiency.

“Spyce and sweetgreen have a shared purpose,” said Jonathan Neman, co-founder and CEO of sweetgreen. “We built sweetgreen to connect more people to real food and create healthy fast food at scale for the next generation, and Spyce has built state-of-the-art technology that perfectly aligns with that vision. By joining forces with their best-in-class team, we will be able to elevate our team member experience, provide a more consistent customer experience and bring real food to more communities.”

Sweetgreen is determining when and where they will introduce Spyce’s technology into its restaurants. The main drivers for the acquisition are:

  1. PEOPLE:

  2. sweetgreen team members will be able to focus more on preparation and hospitality moments, while having the opportunity to work with state-of-the-art technology

  3. Invest more in training and development to support team members to become Head Coaches. Interested team members will be able to develop technology-facing skills to operate and maintain Spyce technology

  4. CUSTOMERS:

  5. Generate faster and more consistent orders, creating an even more seamless customer experience and furthering sweetgreen’s position as a forward thinking, fast casual restaurant

  6. sweetgreen to further enhance their menu of healthy options beyond warm bowls, salad, and sides, all the while maintaining the same craveability and convenience that guests have come to love

  7. FOOD:

  8. Further its mission to provide nutritious, real food to as many people and communities as possible with a company that has a shared for the future of food

“As operators in the healthy, fast casual space, sweetgreen has long been the brand that we have most admired,” Michael Farid, co-founder and CEO of Spyce. “We’re excited to come on board to join another inspiring, founder-led company, and to work together to blaze the trail for the future of this industry.”

The acquisition is subject to customary closing conditions and is expected to close in Q3 of 2021.

About sweetgreen:

Founded in 2007, sweetgreen passionately believes that real food should be convenient and accessible to everyone. Every day, across its 130+ restaurants, over 4,300 team members make food from scratch, using fresh ingredients and produce delivered that morning. sweetgreen’s strong food ethos and investment in local communities have enabled them to grow into a national brand with a mission to build healthier communities by connecting people to real food. To learn more about sweetgreen and its menu, visit www.sweetgreen.com. Follow sweetgreen on Instagram, Facebook and Twitter @sweetgreen.

About Spyce:

Boston-Based restaurant company Spyce offers a fresh approach to veggie-forward warm bowls and salads cooked-to-order and personalized just for you. The company counts world-class chefs, like Daniel Boulud, as investors and advisors. Pairing its culinary vision and innovative approach, Spyce created the Infinite Kitchen -- a cutting edge, automated culinary tool designed to balance the core elements of cooking technique, measurement, and timing to bring out the most in every ingredient. By fresh-cooking through automation, Spyce is able to source incredible ingredients, enable seamless experiences for its guests and create engaging and tech-forward jobs for its employees. To learn more visit www.spyce.com.

View source version at sweetgreen



Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 11, 2021


August 18, 2021 04:05 PM Eastern Daylight Time


GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the quarter ended July 11, 2021.

Key Highlights

  1. Restaurant revenue of $272.2 million and Restaurant Level Operating Profit as a percentage of restaurant revenue (a non-GAAP metric) of 15.7%;

  2. Second quarter 2021 comparable restaurant revenue(1) increased 66.3% over the same period in 2020, and decreased 2.4% compared to the same period in 2019;

  3. Average weekly sales per fiscal period grew by a total of $2,503 during the second quarter of 2021;

  4. Off-premises sales comprised 32.8%, 63.8% and 12.5% of total food and beverage sales for the second quarters of 2021, 2020 and 2019, respectively;

  5. By the end of the second fiscal quarter, restaurants that were able to operate at 100% indoor dining capacity and with full hours delivered a comparable restaurant revenue increase of 7.0% compared to 2019 and restaurant margin of 19.5%, representing an increase of 1.8% compared to 2019; and,

  6. Restaurants that offered Donatos® pizza outperformed the rest of the system by 550 basis points as compared to 2019 and outperformed our original restaurant sales growth target by 250 basis points. Donatos® pizza generated sales of $2.9 million dollars in the second quarter of 2021.

Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, "While we have reasons to be optimistic about the recovery, overall performance in the second quarter was below our expectation. Contributing factors included ongoing jurisdictional restrictions and challenging labor availability which resulted in reduced operating hours to ensure a quality Guest experience and reduce impact on our restaurant management teams. Notably, we generated strong sales and margins at restaurants where staffing levels supported elevated traffic compared to 2019. Specific initiatives that are addressing our staffing needs include national hiring events, technology enhancements to the application and hiring processes, and incremental hiring and training resources to grow staffing levels above 2019."

Murphy continued, "Off-premises sales are holding at roughly a third of total sales mix, more than double pre-pandemic levels, demonstrating that Guests are enjoying the convenience of takeout and delivery even as dining room sales recover. While we continue to monitor developments regarding the COVID-19 variants, at this time we remain confident that we can capture heightened demand with full capacity, and restored staffing and operating hours, providing substantial opportunity for additional sales. Importantly, our conviction that Donatos® will be a long-term growth driver is stronger than ever, with sales exceeding expectations and positioning Red Robin to deliver annual pizza sales of over $60 million and profitability of over $25 million by 2023."

Second Quarter 2021 Financial Summary Compared to Second Quarter 2020 and 2019

The following table presents financial highlights for the fiscal second quarter of 2021, compared to results from the same period in 2020 and 2019:




Twelve weeks ended




Twelve weeks ended





July 11, 2021


July 12, 2020


Change


July 14, 2019(1)


Change

Total revenues (millions)


$

277.0



$

161.1



71.9

%


$

308.0



(10.1

)%

Net (loss) income (millions)


(5.0

)


(56.3

)


(91.1

)%


1.0



*

Adjusted EBITDA (millions)(2)


$

19.0



$

(15.3

)


*


$

25.5



(25.6

)%












(Loss) income per diluted share ($ per share)


$

(0.32

)


$

(4.09

)


(95.9

)%


$

0.08



*

Adjusted (loss) income per diluted share ($ per share)(3)


$

(0.22

)


$

(3.31

)


(95.5

)%


$

1.03



*

________________________

(1)

Presented for improved comparability.

(2)

See schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to net (loss) income.

(3)

See schedule II for a reconciliation of Adjusted (loss) income per diluted share, a non-GAAP measure, to (Loss) income per diluted share.*

Percentage increases and decreases over 100 percent were not considered meaningful.

Second Quarter 2021 Operating Results

Comparable restaurant revenue(1) increased 66.3% in the second quarter of 2021 compared to the same period a year ago, driven by a 47.7% increase in Guest count and a 18.6% increase in average Guest check. The increase in average Guest check resulted from a 3.0% increase in pricing, a 14.9% increase in menu mix, and a 0.7% increase from lower discounts. The increase in menu mix was primarily driven by higher sales of beverages and appetizers, partially offset by lower gourmet burger mix. Comparable restaurant revenue decreased 2.4% in the second quarter of 2021 compared to the same period of fiscal year 2019. Average weekly sales per fiscal period grew by a total of $2,503 during the second quarter of 2021.

View full version at Red Robin

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