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First Watch Restaurant Group, Inc. Announces Launch of Secondary Public Offering
September 12, 2022 16:34 ET
BRADENTON, Fla., Sept. 12, 2022 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or “the Company”), the Daytime Dining concept serving breakfast, brunch and lunch, today announced that certain stockholders of the Company (the “Selling Stockholders”) intend to offer 4,500,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), in an underwritten secondary public offering. The Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 675,000 shares of Common Stock at the public offering price, less underwriting discounts and commissions. The offering consists entirely of secondary shares to be sold by the Selling Stockholders. The Selling Stockholders will receive all of the proceeds from the offering.
BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as joint lead book-running managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from:
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.
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.
Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by email at prospectus_department@Jefferies.com or by telephone at 1-877-821-7388.
A registration statement on Form S-1 relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.
About First Watch Restaurant Group, Inc.
First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. A recipient of hundreds of local “Best Breakfast” and “Best Brunch” accolades, First Watch’s chef-driven menu includes elevated executions of classic favorites along with First Watch specialties such as the protein-packed Quinoa Power Bowl®, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation (juiced in-house daily), Vodka Kale Tonic and its famous Million Dollar Bacon. There are more than 445 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
Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2022 Financial Results
September 01, 2022 16:01 ET
NORTHLAKE, Texas, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter and fiscal year ended June 30, 2022 ("fiscal 2022").
Fourth Quarter Highlights:
Net sales were $123.0 million, an increase of $20.1 million, or 20%, from the prior year period due to notable improvement in the direct-store-delivery ("DSD") and Direct Ship channels
Gross margin increased to 28.4% from 27.6% in the prior year period
Net loss was $3.8 million compared to $4.0 million in the prior year period
Adjusted EBITDA was $6.1 million compared to $3.4 million in the prior year period*
As of June 30, 2022, total debt outstanding was $108.6 million and cash and cash equivalents was $9.8 million
Fiscal 2022 Highlights:
Net sales were $469.2 million, an increase of $71.3 million, or 18%, from the prior year due to continued improvement in DSD and Direct Ship channels
Gross margin expanded to 29.2% showing marked improvement from 25.4% in the prior year
Net loss was $15.7 million compared to a net loss of $41.7 million in the prior year
Adjusted EBITDA was $19.1 million compared to $16.6 million in the prior year*
Successfully completed key initiatives within the Company's optimization strategy, including:
Increased production and packaging capacity at the Northlake, Texas facility;
Efficiently served our West Coast network from the newly opened Rialto, California distribution center;
Optimized DSD network for revenue growth and distribution optimization; and
Launched Revive Service and Restoration for service excellence in commercial brewing equipment ("CBE")
(*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, “Our fourth quarter and fiscal year-end marks the beginning of our inflection from business recovery to renewed growth. Q4 sales grew 20%, gross margin expanded by 80 basis points, and Adjusted EBITDA increased 79% over the prior year Q4, as our optimized platform began demonstrating the operating leverage we’ve built into the business. Though economic uncertainty remains a modest near-term restraint on our progress, we believe we’re now turning the corner and moving into a more normalized business environment. Sales are gaining momentum, and we are executing new growth opportunities to expand our platform in multiple directions. Overall, we are excited to see that many of our optimization initiatives have materialized as our current growth-facing initiatives begin to take hold. We remain optimistic about where we can take Farmer Brothers in our fiscal 2023 year and the years to come.”
View full version at Farmer Bros.
BRINKER INTERNATIONAL REPORTS FOURTH QUARTER OF FISCAL 2022 RESULTS
Aug 24, 2022, 06:45 ET
DALLAS, Aug. 24, 2022 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the fourth quarter of fiscal 2022 ended June 29, 2022 and provided a financial outlook for fiscal 2023.
"During my first sixty days I've spent considerable time in restaurants with our operators, exchanging ideas on how to make our operations more efficient, improve the guest experience, and grow the core business," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "We're making quick interventions to better offset the tough inflationary headwinds and build sales momentum in the near term, as we work to meaningfully improve our four-wall economics and better position our business for long term sustainable and profitable growth."
Fiscal 2022 Highlights - Fourth Quarter
Brinker International reported Company sales of $987.4 million in the fourth quarter of fiscal 2022 as compared to $990.9 million in the fourth quarter of fiscal 2021. In fiscal 2021, the fourth quarter and fiscal year included an additional operating week resulting in an increase of approximately $70 million to Total revenues and $0.34 to Net income per diluted share.
Operating income in the fourth quarter of fiscal 2022 was $44.7 million as compared to $100.6 million in the fourth quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the fourth quarter of fiscal 2022 was 4.4% as compared to 10.0% in the fourth quarter of fiscal 2021. This decrease was primarily due to higher commodity costs, restaurant expenses, the impact of the additional operating week in fiscal 2021 and increased restaurant labor costs.
Restaurant operating margin, as a percentage of Company sales, in the fourth quarter of fiscal 2022 was 10.3% as compared to 16.9% in the fourth quarter of fiscal 2021.
Net income per diluted share, on a GAAP basis, in the fourth quarter of fiscal 2022 was $0.90 as compared to $1.58 in the fourth quarter of fiscal 2021 including the impact of the additional operating week.
Net income per diluted share, excluding special items, in the fourth quarter of fiscal 2022 was $1.15 as compared to $1.68 in the fourth quarter of fiscal 2021 including the impact of the additional operating week.
Adjusted EBITDA in the fourth quarter of fiscal 2022 was $100.2 million as compared to $144.3 million in the fourth quarter of fiscal 2021.
For comparable restaurant sales details and non-GAAP reconciliations, please refer to the Non-GAAP Information and Reconciliations section of this release.
View full version at Brinker
Fiesta Restaurant Group, Inc. Reports Second Quarter 2022 Results
Second Quarter 2022 Comparable Restaurant Sales Growth Accelerated above First Quarter 2022 to 8.4% vs. 2021
June and July 2022 Comparable Restaurant Sales at or above 10.0% vs. 2021
Four Consecutive Quarters of Comparable Restaurant Sales Growth above 2019
August 11, 2022 04:05 PM Eastern Daylight Time
DALLAS, Texas--(BUSINESS WIRE)--Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand, today reported results for the 13-week second quarter, which ended on July 3, 2022, and provided a business update related to current operations.
Fiesta President and Chief Executive Officer Richard Stockinger said, "We are very encouraged by our sequential sales growth throughout the second quarter that continued to accelerate into the third quarter with June and July comp sales at or above 10.0%(1). Importantly, as a direct result of the actions we shared last quarter to improve staffing and offer value-focused promotions and menu innovation, recent year-over-year traffic trends(2) have improved by approximately 340 basis points compared to first quarter traffic results of -7.0%, with select markets generating positive traffic growth. Like most in our industry, inflation headwinds challenged our anticipated recovery in restaurant margins during the second quarter and we will continue taking action to address cost pressures. We expect our margins to improve meaningfully in the third quarter and are targeting Restaurant-level Adjusted EBITDA margins of 18.0% to 20.0% as our sales growth and labor optimization initiatives increasingly gain momentum.”
Stockinger continued, "Second quarter 2022 Restaurant-level Adjusted EBITDA margin, a non-GAAP financial measure(3), was 15.2%, including approximately $1.0 million(4) in non-recurring expenses related primarily to short term supply disruptions caused by plant damage to a key chicken supplier which adversely impacted Restaurant-level Adjusted EBITDA margins by 100 basis points. In addition to increased inflation pressures, we also proactively invested in expanded labor hours to improve staffing levels, which showed positive sales results that were only partially realized during the second quarter. We expect margins to improve measurably in the third quarter driven by our accelerating traffic trends from improved staffing, effective value-focused promotions, menu innovation and prudent pricing action of 4.0% to 6.0% that we plan to take in September."
Stockinger added, "When compared to the second quarter of 2021, our Restaurant-level Adjusted EBITDA margins declined during the second quarter of 2022 primarily due to food cost, labor and other operating expense increases including utilities and insurance. Second quarter 2022 net loss from continuing operations was $6.5 million compared to income from continuing operations in the second quarter of 2021 of $2.7 million."
Stockinger further commented, "We continued to make significant progress during the second quarter on the brand’s previously communicated key growth initiatives. We made great strides in enhancing our digital platform with the ongoing rollout of our digital drive thru technology with five units targeted for completion by the end of August and 8-10 units by year end. All dining rooms now allow access to the “Kiosk in Hand” QR code feature to enable customers to order online in the restaurant. We also made progress on improving kitchen and drive thru productivity in high volume units, with our first kitchen retrofit unit completed this week and additional retrofits being identified as part of our ongoing remodel plans. Our refresh/remodel program continues to exceed initial sales growth expectations. The refreshes completed to date have generated a sales lift(5) of approximately +3.8% to +5.6% when comparing the sales trend of each unit before and after the refresh to a control group of other Pollo units in each refresh unit's local market. Finally, our investments in restaurant general manager leadership training and retention are already showing very positive results through improved execution and reduced turnover. As we realize the full impact of our growth initiatives, we expect them to contribute meaningfully to sales momentum."
Stockinger concluded, "We are encouraged by our continued strong sales momentum thus far in 2022, and are intensely focused on driving ongoing traffic growth across all channels while also taking action to improve margins. In addition, G&A expense reduction plans are being implemented which we expect will result in a reduction in expense levels in the second half of this year, and an ultimate reduction in G&A to the targeted range of 8.5% to 9.0% of restaurant sales. Most importantly, we will continue to drive growth by further implementation of our key initiatives to enhance customer experience across all service channels."
View full version at Fiesta Restaurant Group
Dutch Bros Inc. Announces Second Quarter 2022 Financial Results
Opened 31 Shops, Revenue Up 44% Year-over-Year to $186.4 Million
Surpassed 600 Shops and Celebrated Exceeding $1 Billion in Trailing-Twelve Month1 Systemwide Sales2 Milestone
Raised $2.3 million for ALS Research in Annual “Drink One for Dane” Fundraiser
August 10, 2022 04:05 PM Eastern Daylight Time
GRANTS PASS, Ore.--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”) one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported financial results for the second quarter ended June 30, 2022.
Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “We surpassed two major brand milestones during the second quarter: opening our 600th shop and exceeding $1 billion in systemwide sales2 on a trailing twelve-month basis. These milestones demonstrate the strength of our people-first culture and our new shop development pipeline. We have opened 65 shops in the first half of 2022 and are on track for at least 130 shop openings for the full year. Our newest shops are exhibiting predictable and consistent sales and upward margin progression, while our 2020 and 2021 classes are generating annualized volumes that are 10% higher than our system average. As we pursue strategic growth from west to east, Dutch Bros’ portability and brand acceptance have been outstanding.”
He added, “Like many of our peers, the macro-economic environment is impacting various aspects of our business, and our company-operated shop margins continue to be pressured by record inflation in the second quarter. That said, our team accelerated efforts to increase productivity in the middle of our P&L, and we took a 3% price increase in the second quarter. These actions contributed to 630bps of sequential improvement in company-operated shop margins from 18.3% to 24.6% when compared to the first quarter of 2022. We are evaluating further menu pricing action as needed in the back half of the year.”
He concluded, “We celebrated our annual Drink One for Dane fundraiser on May 20, and it was the second-largest day by transaction-count in our history. In 2022 we raised $2.3 million, and since 2018, we have raised over $8.3 million. We are upholding our mission to contribute to communities, making a massive difference, one cup at a time.”
View full version at Dutch Bros
Jack in the Box Inc. Reports Third Quarter 2022 Earnings
Jack in the Box same-store sales of -0.6%, +9.6% on a two-year basis Del Taco same-store sales of +3.5%, +10.6% on a two-year basis(1) Jack in the Box systemwide sales decline of -1.4%, Del Taco systemwide sales growth of +3.3%(1) Jack in the Box now at 62 development agreements for 220 future restaurants Jack in the Box completes LOI to refranchise Oregon evolving market restaurants, including future development commitments Management provides updates on share repurchases and previous guidance
August 10, 2022 08:31 AM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box and Del Taco segments in the third quarter, ended July 10, 2022.
“I am very encouraged by the commitment shown by our franchisees, operators and corporate team members as we navigate this challenging and complex operating environment. We have remained steadfast in executing our four strategic pillars by focusing on what we can control,” said Darin Harris, Jack in the Box Chief Executive Officer. “Both Jack and Del Taco demonstrated top-line strength, delivering excellent same-store sales performances on a two-year basis, and sequentially higher sales on a three-year basis. As we navigate through the near-term, we are committed to utilizing the remainder of the year to return cash to shareholders via share buybacks in the fourth quarter, as well as strengthen our foundation to demonstrate unit growth progress beginning in fiscal 2023.”
Jack in the Box Performance
Systemwide sales for the third quarter decreased 1.4%. Same-store sales decreased 0.6% in the third quarter, comprised of a decline in franchise same-store sales of 1.0% and an increase in Company-operated same-store sales of 3.5%. Higher average check, driven mostly by pricing, was more than offset by traffic declines for franchise, and only partially offset by traffic declines for company-operated. The chicken and sides categories performed well, as did the snack and dinner day parts. During the quarter, systemwide sales declined relative to same-store sales due to a one-week shift affecting the calculation of same-store sales related to the 53rd week in 2021. This one-week shift had a more positive impact on same-store sales due to lapping less of the stimulus benefit in its calculation when compared to the fiscal quarter comparison.
As of the third quarter, and since the launch of the development program in mid-2021, the Company currently has 62 signed agreements for a total of 233 restaurants. Under these agreements, 13 restaurants have opened, leaving 220 remaining for future development. Net restaurant count was flat in the third quarter, as the Company both opened and closed three locations. The three restaurant closures included one Company-operated restaurant within an Evolving Market, one franchise location with an early termination and one franchise location with an agreement expiration.
Restaurant-Level Margin(2), a non-GAAP measure, was 15.8%, a decline from a year ago driven by increases in food and packaging costs; wage inflation of 13.2%; and increases in utilities and maintenance and repair costs, partially offset by menu price increases. Commodity costs increased in the quarter by approximately 16.8%, primarily due to increases in proteins, sauces, oil and beverages. When removing the temporary Evolving Markets (Oregon, Kansas City, Oklahoma City and Nashville), Restaurant-Level Margin was 19.3% for the quarter. Subsequent to the third quarter, the Company completed a Letter of Intent to refranchise seven restaurants within the Oregon market, with plans to close the remaining company-owned Oregon restaurants thereafter. This would remove all Oregon locations from the Evolving Markets portfolio beginning in Q1 2023. The agreement would also include six Southern California-based company-owned restaurants, which would be refranchised to the same operator, and a commitment to build additional future restaurants.
Franchise-Level Margin(2), a non-GAAP measure, was 41.4%, a decline from a year ago, driven by reduced operating hours, lower early termination penalties, and deferrals in connection with a franchisee currently in bankruptcy proceedings. Excluding the impact of this St. Louis-area franchisee's pre-pandemic challenges and 2021 chapter 11 bankruptcy event, Franchise-Level Margin for the third quarter of 2022 would have been would have been 42.2%, compared to 43.3% in the third quarter of 2021.
View full version at Jack in the Box
THE WENDY'S COMPANY REPORTS SECOND QUARTER 2022 RESULTS
Aug 10, 2022, 07:00 ET
DUBLIN, Ohio, Aug. 10, 2022 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 3, 2022.
"We are proud of the entire Wendy's® system for delivering a third consecutive quarter of accelerating double digit Global same-restaurant sales on a two-year basis, which exceeded our expectations," President and Chief Executive Officer Todd Penegor said. "This momentum contributed to a significant sequential Company-operated restaurant margin expansion, highlighting the strength of the underlying business and our brand as well as our commitment to the restaurant economic model in a challenging environment. Our business continued to outperform the competition and our franchisees are operating from a position of strength after achieving record profits across the US and Canada in 2021. This success drives alignment behind our commitment to deliver growth across our three strategic pillars and gives us confidence that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand."
Second Quarter 2022 Summary See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.
Operational Highlights
Second Quarter
Year-to-Date
2022
2021
2022
2021
Systemwide Sales Growth(1)
U.S.
3.5 %
20.6 %
3.0 %
16.9 %
International(2)
22.7 %
48.2 %
21.1 %
25.6 %
Global
5.6 %
22.9 %
4.9 %
17.7 %
Same-Restaurant Sales Growth(1)
U.S.
2.3 %
16.1 %
1.7 %
14.9 %
International(2)
15.2 %
31.4 %
14.7 %
19.0 %
Global
3.7 %
17.4 %
3.1 %
15.2 %
Systemwide Sales (In US$ Millions)(3)
U.S.
$3,001
$2,897
$5,713
$5,545
International(2)
$419
$354
$779
$657
Global
$3,420
$3,251
$6,491
$6,202
Restaurant Openings
U.S. - Total / Net
29 / 14
22 / 10
74 / 45
42 / 14
International - Total / Net
18 / 10
21 / 18
66 / 46
39 / 24
Global - Total / Net
47 / 24
43 / 28
140 / 91
81 / 38
Global Reimaging Completion Percentage
75 %
68 %
(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants.
(2) Excludes Venezuela and Argentina.
(3) Systemwide sales include sales at both Company-operated and franchise restaurants.
View full version at Wendy's
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 10, 2022
August 10, 2022 04:05 PM Eastern Daylight Time
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal second quarter ended July 10, 2022.
Results for the second quarter, as compared to the prior year as applicable, included the following:
Restaurant revenue of $288.7 million increased 6.1% compared to 2021;
Ninth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;
Comparable restaurant revenue increased 6.7% and 4.1% compared to 2021 and 2019, respectively;
Approximately 200 restaurants serving Donatos® pizza outperformed non-Donatos® locations by 8.4% in comparable restaurant revenues compared to 2019;
Net loss of $17.9 million increased $12.9 million compared to 2021;
Restaurant level operating profit margin decreased by 210 basis points driven primarily by commodity and wage rate inflation, partially offset by sales leverage and other labor costs; and
Adjusted EBITDA(1) (a non-GAAP metric) of $11.9 million decreased $7.1 million compared to 2021.
Second Quarter 2022 Financial Summary Compared to 2021
The following table presents financial results for the fiscal second quarter of 2022, compared to results from the same period in 2021:
Twelve Weeks Ended
July 10, 2022
July 11, 2021
Total revenues (millions)
$
294.1
$
277.0
Restaurant revenues (millions)
288.7
272.2
Net loss (millions)
(17.9
)
(5.0
)
Restaurant Level Operating Profit (millions)(2)
$
39.3
$
42.7
Restaurant Level Operating Profit Margin(2)
13.6
%
15.7
%
Adjusted EBITDA (millions)(1)
$
11.9
$
19.0
Loss per diluted share ($ per share)
$
(1.13
)
$
(0.32
)
Adjusted loss per diluted share ($ per share)(2)
$
(0.75
)
$
(0.22
)
________________________________________
(1)
See schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net loss.(2)
See schedule I for a reconciliation of Adjusted loss per diluted share, a non-GAAP measure, to Loss per diluted share, and schedule II for a reconciliation of Restaurant level operating profit and Restaurant level operating profit margin, non-GAAP measures, to Loss from operations.
View full version at Red Robin
MTY Food Group Inc. to Acquire Bbq Holdings, Inc. for $17.25 Per Share
August 09, 2022 07:30 ET
Montreal, Aug. 09, 2022 (GLOBE NEWSWIRE) -- MONTREAL, August 9th, 2022 - MTY Food Group Inc. (“MTY” or the “Company”) (TSX:MTY) and BBQ Holdings, Inc. (“BBQ Holdings”) (NASDAQ:BBQ) today announced they have entered into a definitive merger agreement (the “Merger Agreement”) under which MTY would acquire all of the issued and outstanding common shares of BBQ Holdings for cash consideration of US$17.25 per BBQ Holdings share representing total transaction value of approximately US$200 million (C$257 million) (the “Transaction”), including BBQ Holdings’ net debt. The terms and conditions of the Merger Agreement were unanimously approved by the Boards of Directors of both companies. The Transaction is subject to customary closing conditions including receipt of applicable regulatory approvals. Upon completion of the Transaction, BBQ Holdings will become a subsidiary of MTY and the shares of BBQ Holdings will be de-listed from NASDAQ.
BBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S., Canada, and United Arab Emirates. Its flagship restaurant brands operate under the “Famous Dave’s”, “Village Inn”, “Barrio Queen”, and “Granite City”, banners. As of August 9, 2022, BBQ Holdings operates over 200 franchised and over 100 corporate-owned restaurants. For the 2022 fiscal year ending January 1, 2023, and as publicly disclosed by BBQ Holdings, the company is expected to generate twelve-month run-rate system sales and cash EBITDA between US$685M to US$725M and US$25.5M and US$27.5M, respectively.
MTY is a leading franchisor in the North American restaurant industry. As of May 31, 2022, its network had 6,660 locations in operation, 99% of which are franchised. The Company established its presence in the U.S. with the acquisition of Kahala Brands in July 2016 and has since continued to grow its footprint in the country through new restaurant openings and acquisitions. With this Transaction, MTY will add leading restaurant brands to its network which will reach a total of approximately 7,000 locations, including over 3,900 in the United States.
“This transaction represents another key acquisition for MTY as we further scale and enhance our existing U.S. portfolio through the addition of nine unique brands. The transaction combines highly complementary businesses, including BBQ Holdings’ exciting casual and fast casual brands. BBQ Holdings’ restaurants are well established within each of their respective markets with a strong network of franchise partners, well-run corporate owned locations, and a best-in-class management team. We are excited about the prospects of adding BBQ Holdings’ brands to the MTY family and we look forward to welcoming Jeff Crivello and his team and their franchise partners,” commented Eric Lefebvre, Chief Executive Officer of MTY.
Jeff Crivello, Chief Executive Officer of BBQ Holdings, commented “We are thrilled to partner with MTY and its talented team of restaurant operators. Over the past four years we have significantly grown revenue and our restaurant portfolio while building a world-class team of entrepreneurs. We look forward to continuing the execution of our three pillars of growth, which we believe align very closely with MTY’s vision. With more than 80 brands, MTY brings vast buying power and a team of industry leaders who will provide additional support to our franchise partners. As our founder Dave Anderson says, we strive to deliver famous experiences with our ‘yes is the answer, what’s the question’ hospitality.”
View full version at MTY Food Group
Sweetgreen, Inc. Announces Second Quarter 2022 Financial Results
August 09, 2022 04:05 PM Eastern Daylight Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its second fiscal quarter ended June 26, 2022.
“Thanks to our team’s execution, second quarter revenue grew 45% year over year and restaurant level margins increased to 18.5%,” said Co-Founder and CEO Jonathan Neman. “The team remains laser focused on operational discipline and our path to profitability. We will continue to invest in our key strategic initiatives to drive long term growth and are committed to being a positive force on the food system, while creating a sustainable and durable brand and business loved by customers.”
“We are pleased with our Q2 performance. From a profitability standpoint, we delivered above our expectations. Restaurant-level margin and Adjusted EBITDA on both a year over year basis and since Q1 ’22 saw meaningful improvements,” added CFO, Mitch Reback. “However, we began to see softness in revenue around Memorial Day and are therefore lowering our 2022 guidance. We will continue to manage corporate overhead and efficiently run our restaurants as we work towards profitability.”
Second Quarter 2022 Financial Results
For the second quarter of fiscal year 2022, compared to the second quarter of fiscal year 2021:
Total revenue was $124.9 million versus $86.2 million in the prior year period, an increase of 45%.
Same-Store Sales Change of 16% versus Same-Store Sales Change of 86% in the prior year period.
AUV of $2.9 million versus AUV of $2.4 million in the prior year period.
Total Digital Revenue Percentage of 62% and Owned Digital Revenue Percentage of 40%, versus Total Digital Revenue Percentage of 68% and Owned Digital Revenue Percentage of 47% in the prior year period.
Loss from operations was $(42.2) million and loss from operations margin was (34)% versus loss from operations of $(24.2) million and loss from operations margin of (28)% in the prior year period.
Restaurant-Level Profit(1) was $23.0 million and Restaurant-Level Profit Margin was 18%, versus Restaurant-Level Profit of $12.8 million and Restaurant-Level Profit Margin of 15% in the prior year period.
Net loss was $(40.0) million versus net loss of $(26.9) million in the prior year period.
Adjusted EBITDA(1) was $(7.4) million versus Adjusted EBITDA of $(13.8) million in the prior year period and Adjusted EBITDA Margin was (6)% versus (16)% in the prior year period.
8 Net New Restaurant Openings versus 9 Net New Restaurant Opening in the prior year period.
(1) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, and Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Reconciliation of GAAP to Non-GAAP Measures.”
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Dine Brands Global, Inc. Reports Second Quarter 2022 Results
Applebee’s and IHOP Achieve Positive Comparable Sales; Average Weekly Sales Exceed Q2 2019
Company Reaffirms 2022 Financial Performance Guidance
Company Repurchased 912,992 Shares and Returned $61 Million to Shareholders
Applebee’s and IHOP Franchisees Opened 14 New Restaurants
August 09, 2022 07:00 AM Eastern Daylight Time
GLENDALE, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the second quarter of fiscal 2022.
“Thanks to the hard work of our team members and franchisees, Dine delivered a solid performance in the second quarter. Sustained off-premise traffic and continued recovery of dine-in contributed to positive comparable restaurant sales, driving average weekly sales at both brands above pre-pandemic levels,” said John Peyton, chief executive officer of Dine Brands Global, Inc. “While the backdrop we are all operating in remains challenging, I’m confident we are well positioned for the current environment and for the long-term. Applebee’s and IHOP are both value leaders in their categories with long track records of executing enhanced value and marketing propositions that meet guests where they are.”
Vance Chang, chief financial officer, added, “We remain cautiously optimistic about Dine’s near-term outlook and are reaffirming our 2022 guidance. Our strong balance sheet and asset-light model protect us in this volatile and inflationary environment, as we continue to return capital to shareholders. Our focus on delivering long term restaurant profitability continues, which we believe remains a key driver to our franchisee’s ongoing investments in growth.”
View full version at Dine Brands
Ruth’s Hospitality Group, Inc. Reports Second Quarter 2022 Financial Results
– Posts Record Second Quarter Revenue Up 16% – – Approves $60M Share Repurchase Program – – Declares $0.14 Per Share Quarterly Dividend –
August 05, 2022 07:00 AM Eastern Daylight Time
WINTER PARK, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (the “Company”) (Nasdaq: RUTH) today reported unaudited financial results for its second quarter ended June 26, 2022 and provided a business update.
Second Quarter and Recent Business Highlights (1)
Delivered positive second quarter comparable sales versus both fiscal years 2021 and 2019. By period, comparable restaurant sales and average weekly sales for Company-owned restaurants for the second quarter 2022 were as follows:
(dollar amounts in thousands)
April
May
June
Q2 2022
Comparable Restaurant Sales vs. 2021
21.8%
13.1%
1.5%
12.6%
Comparable Restaurant Sales vs. 2019
24.4%
20.1%
10.3%
18.6%
Average Weekly Sales (all restaurants)(2)
$127.8
$130.5
$117.7
$125.5
Approved a new $60 million share repurchase program and a $0.14 per share quarterly dividend
Reduced the outstanding balance on our revolving credit facility to $40 million
On August 1st, opened two new Company-owned restaurants in Worcester, MA and Long Beach, CA
Second Quarter 2022
Restaurant sales in the second quarter of 2022 were $120.8 million compared to $104.2 million in the second quarter of 2021. Comparable sales increased 12.6% compared to the second quarter of 2021 and 18.6% compared to the second quarter of 2019.
Franchise income in the second quarter of 2022 was $5.1 million compared to $4.5 million in the second quarter of 2021. Second quarter 2022 comparable restaurant sales at franchisee-owned restaurants increased 12.3% compared to 2021 and 19.1% compared to the second quarter of 2019.
Food and beverage costs, as a percentage of restaurant sales, decreased 56 basis points to 29.8% compared to the second quarter of 2021. Total beef costs decreased 6% compared to the second quarter of 2021.
Marketing and advertising plus general and administrative costs were 10.9% as a percentage of revenue compared to 10.8% in the second quarter of 2021.
Net income in the second quarter of 2022 was $10.3 million, or $0.31 per diluted share, compared to net income of $12.4 million, or $0.36 per diluted share, in the second quarter of 2021.
Net income in the second quarter of 2022 included a $6 million loss on legal settlement and an $8 thousand income tax expense related to the impact of discrete income tax items. Net income in the second quarter of 2021 included a $65 thousand employee retention payroll tax credit, which reduced restaurant operating expenses, a $394 thousand impairment loss and a $26 thousand income tax benefit related to the impact of discrete income tax items.
Excluding these items, non-GAAP adjusted earnings per common share was $0.44 in the second quarter of 2022, compared to a non-GAAP adjusted earnings per common share of $0.36 in the second quarter of 2021. The Company believes that non-GAAP adjusted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.
CEO Comments
Cheryl Henry, President, Chief Executive Officer and Chairperson of the Board of the Company commented, “We were very pleased to deliver record performance for the quarter driven by strong demand from our guests. We generated double-digit comparable sales and solid margins, which led to adjusted earnings per share growth of 20% compared to 2021 and 41% compared to 2019. These results are made possible by our world-class teams serving the highest quality food with genuine hospitality each and every day.” Henry continued, “We also continued to invest in our future success with various initiatives, including enhanced training, technology and data analytics. Combined with our balanced and consistent approach to capital allocation, we believe Ruth’s Chris is ideally positioned to drive value for shareholders over the long run.”
View full version at Ruth's Hospitality
The ONE Group Reports Second Quarter 2022 Financial Results
Quarterly Revenues Increased 14.6% to $81.1 million
Quarterly Consolidated Comparable Sales Increased 12.8% Compared to 2021 and 53.5% Compared to 2019
August 04, 2022 04:05 PM Eastern Daylight Time
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the second quarter ended June 30, 2022.
Highlights for the second quarter compared to the same period in 2021 are as follows:
Total GAAP revenues increased 14.6% to $81.1 million from $70.8 million;
GAAP net income attributable to The ONE Group was $4.3 million, or $0.13 per share ($0.15 adjusted net income per share) ****, compared to GAAP net income of $13.8 million, or $0.41 per share ($0.19 adjusted net income per share)****
Restaurant Operating Profit*** decreased 16.7% to $12.8 million from $15.3 million; and
Adjusted EBITDA** decreased 19.6% to $10.4 million from $12.9 million.
Comparable sales* for the second quarter compared to the same periods in 2021 and 2019:
Compared to 2021:
Consolidated comparable sales* increased 12.8%;
Comparable sales* for STK increased 19.8%; and
Comparable sales* for Kona Grill increased 3.7%.
Compared to 2019:
Consolidated comparable sales* increased 53.5%;
Comparable sales* for STK increased 81.9%; and
Comparable sales* for Kona Grill increased 27.6%.
“I am extremely pleased with our top-line performance, as the strong momentum we experienced during the first quarter continued into the second quarter. This was demonstrated by leading comparable store sales growth of 12.8% when compared to 2021 and 53.5% when compared to pre-pandemic 2019. In addition, I am very proud that we were able to deliver $4.3 million of net income during a quarter in which our industry was facing tremendous headwinds. We continue to be fully staffed in order to continue our top-line momentum, deliver exceptional and unforgettable guest experiences and create long-term shareholder value. Going forward, we will continue to remain laser focused on driving sales and managing our restaurant-level margins as we navigate this dynamic environment,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
Hilario continued, “We believe we are early in our growth strategy with significant whitespace ahead. Our 2022 pipeline is the strongest in our history, with nine new venues expected to open in the back half of the year. Looking ahead, we foresee a total addressable market of at least 400 restaurants including 200 STK restaurants globally and at least 200 Kona Grills domestically with best in class returns. We are targeting between 40% and 50% ROIs for new Company-Owned STKs and for Company-Owned Kona Grills.”
View full version at The ONE Group
Papa Johns Announces Second Quarter 2022 Financial Results; Increases Cash Dividend By 20%
August 04, 2022 07:00 AM Eastern Daylight Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (NASDAQ: PZZA) (“Papa Johns®”) today announced financial results for the second quarter ended June 26, 2022.
Highlights
Total revenues increased 1.5% to $522.7 million in the second quarter versus prior year second quarter. Revenues increased 5.2% excluding the impact of refranchising 90 restaurants in the first quarter of 2022.
Comparable sales increased 0.9% in North America and decreased 8.0% Internationally, lapping prior year gains of 5.2% and 21.2%, respectively.
Global system-wide restaurant sales were $1.2 billion, a 2.6%1 increase over the prior year second quarter.
47 net unit openings in the second quarter driven by International openings; expected net unit openings in 2022 remain 280 to 320 units.
Earnings per diluted share of $0.70; non-GAAP adjusted diluted earnings per share of $0.74 excluding Special items, compared with $0.93 a year ago.
Announced 20% increase in annual dividend rate to $1.68 per share; declared third quarter dividend of $0.42 per share.
“Papa Johns delivered a 12th consecutive quarter of positive North American comparable sales in the second quarter, building on gains of more than 30% over the two years prior,” said President and CEO Rob Lynch. “Our momentum over the past three years is the direct result of our differentiated brand, menu innovations and digital investments which focus on delivering premium value for our customers. The proven agility of our business model, our scale and our data advantage give us confidence in our ability to sustain positive North American comps in the second half of this year and into the future as we continue to navigate a dynamic macroeconomic environment.”
Lower year-over-year net income and earnings per diluted share in the second quarter primarily reflected further acceleration in commodity costs and labor inflation, in addition to lower international sales. The decrease in international sales was largely attributable to softening economic conditions in the UK.
“Like companies across our industry and the global economy, we are experiencing high inflation coupled with lapping economic stimulus a year ago,” continued Lynch. “While we expect these headwinds to persist into the second half of 2022, the targeted actions we are taking today are focused on optimizing results in the near term, while leaning into our differentiated strategy and securing our growing market share position for the long term. When current headwinds eventually normalize, we will be in a significantly better position for long-term growth and margin accretion.”
Based on its resilient cash flow profile and strong balance sheet, the Company announced a 20% increase in the annual dividend rate to $1.68 per share. During the second quarter, Papa Johns also repurchased approximately $42.8 million of its outstanding shares under its current share repurchase authorization.
“The foundation of our strategy and success remains in providing better value to our customers, our franchisees and our team members. We will continue driving long-term shareholder value through winning innovations, accelerating unit growth, increasing operations productivity, and making strategic capital investments,” concluded Lynch.
View full version at Papa Johns
Restaurant Brands International Inc. Reports Second Quarter 2022 Results
Aug 04, 2022, 06:30 ET
Global System-wide sales grow 14%, up nearly $1 billion year-over-year to over $10 billion
Consolidated comparable sales accelerate to 9% with 14% growth at Tim Hortons Canada, 18% at Burger King International
Digital sales grow double-digits year-over-year to over $3 billion, representing 33% of system-wide sales
Over $400 million of capital returned to shareholders in Q2 through dividends and share buybacks
TORONTO, Aug. 4, 2022 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the second quarter ended June 30, 2022.
"We made significant progress across our business in the second quarter, accelerating consolidated comparable sales to 9% and driving 14% growth in global system-wide sales. These results reflect benefits from our dedicated investments in key areas of the business, including people, technology, operations and marketing," said José Cil, Chief Executive Officer of RBI.
"The team at Tim Hortons Canada delivered exceptional results this quarter, aided by investments against our Back to Basics plan and strong execution from our committed group of restaurant owners. In the second quarter, we drove sales above pre-pandemic levels for the first time since the onset of the pandemic and continue to build strong momentum as we move to accelerate growth. We believe there is a long runway for Tim's in Canada, anchored by great product quality, menu and digital innovation, and a strong group of restaurant owners," continued Cil.
"We continue to see steady improvements in our Burger King U.S. business and will be sharing the details of our plan to accelerate home market growth with all of our franchisees in early September. In addition, the Burger King international business had another strong quarter, posting an impressive 18% comparable sales and 28% system-wide sales growth. Meanwhile, the Popeyes' team has been successful delivering strong unit growth and at Firehouse Subs, the team is focused on building the capabilities to execute on our vision of rapid growth for this loved brand in the U.S. and around the world," continued Cil.
"Our second quarter results demonstrate the benefits of our diversified, global business model and strong free cash flow generating capability which allows us to continue investing in important areas of the business while returning capital to shareholders. I am incredibly proud of the hard work of our franchisees, team members and employees who remain focused on executing against our long-term plans to drive sustainable growth," concluded Cil.
View full version at RBI
Portillo’s Inc. Announces Second Quarter 2022 Financial Results
August 04, 2022 08:00 ET
CHICAGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the second quarter ended June 26, 2022.
Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “Our second quarter results demonstrated the consistency and durability of our brand. We remain hyperfocused on team member engagement, our value proposition and our overall guest experience. This, in turn, drove solid top line and bottom-line results that are in-line with our long-term targets.”
Financial Highlights for the Second Quarter 2022 vs. Second Quarter 2021:
Total revenue increased 7.0% or $9.9 million to $150.6 million;
Same restaurant sales increased 1.9%;
Operating income decreased $7.0 million to $17.4 million;
Net income decreased $3.0 million to $10.8 million;
Restaurant-Level Adjusted EBITDA* decreased $4.7 million to $38.4 million; and
Adjusted EBITDA* decreased $4.9 million to $27.6 million.
*Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures in the accompanying financial information below.
View full version at Portillo's
Potbelly Corporation Reports Results for Second Fiscal Quarter 2022
August 04, 2022 16:00 ET
Drove significant year-over-year profitability improvements with positive net income of $0.6 million, up $4.5 million, and adjusted EBITDA of $5.8 million, up $3.9 million
Same-store-sales improved +17.2%, leading to record AUVs of $22,902 for the quarter
Company remains on track to achieve its full-year 2022 outlook
CHICAGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), (“Potbelly” or the “Company”) the iconic neighborhood sandwich shop concept, today reported financial results for the second fiscal quarter ended June 26, 2022.
Second Quarter Strategic Successes:
Positive same-store sales (SSS) for the fifth consecutive quarter, ending the second quarter at +17.2% supported by outsized performance from Central Business District (CBD) and Airport shops
Income from operations improved by $4.5 million driven by shop-level margins expanding to 11.4%, up from 9.7%, as a result of strong sales, improved operational efficiencies and strategic pricing actions
Achieved success driving customer traffic and engagement with targeted digital promotional offerings and limited time only menu offerings (LTOs)
Achieved positive net income of $0.6 million, marking the Company’s first quarter of positive net income since pre-pandemic conditions
Key highlights for the quarter ended June 26, 2022 compared to June 27, 2021:
Total revenues increased by 18.9% to $116.0 million compared to $97.5 million.
GAAP net income attributable to Potbelly Corporation was $0.6 million, compared to a GAAP net loss of ($3.9) million. GAAP diluted income per share was $0.02 compared to a GAAP diluted loss per share of ($0.14).
Adjusted net income1 attributable to Potbelly Corporation was $1.5 million compared to an adjusted net loss of ($2.9) million. Adjusted diluted EPS1 was $0.05 compared to an adjusted diluted EPS loss of ($0.10).
EBITDA1 improved to $3.9 million from $1.0 million.
Adjusted EBITDA1 improved to $5.8 million compared to $1.9 million.
Bob Wright, President and Chief Executive Officer of Potbelly Corporation, commented, “I am pleased to report another notably strong quarter for Potbelly as evidenced by continued top-line growth and margin expansion. This was supported by sustained recovery in our Central Business District and Airport locations, as well as a meaningful step-up in performance within our catering channel. During the quarter, we further executed against our strategic growth objectives and were thrilled to see the business return to profitability, with our first quarter of positive net income since pre-pandemic conditions, despite macro-economic pressures. We have continued to stimulate customer engagement within our Perks loyalty program through various successful marketing promotions leveraging our high-quality food and LTO menu offerings along with targeted digital offers including one day only BOGOs. Customers loved our Cubano sandwich, Lemon Cheesecake cookie, and Cold Brew milkshake, all of which have contributed to our top-line. Potbelly’s Five-Pillar strategy has served as our roadmap from recovery to growth, and we look forward to building further on our growth momentum in the coming quarters.”
Mr. Wright continued, “We are excited by both the pace and quality of the discussions we are having with our franchise candidates as we strive towards our 2024 and long-term Franchise Growth Acceleration Initiative. Recently, we held two Discovery Days, which are on-site events designed to attract and educate potential franchisees on Potbelly’s business model. We have developed positive momentum, including a strong pipeline of qualified candidates, and we look forward to announcing our first franchising deals as well as new signed Shop Development Area Agreements (SDAAs) as soon as they are finalized. Our franchise-oriented goals remain a key priority, and we look forward to making meaningful progress in Potbelly’s next phase of growth.”
View full version at Potbelly
El Pollo Loco Holdings, Inc. Announces Second Quarter 2022 Financial Results
August 04, 2022 16:05 ET
COSTA MESA, Calif., Aug. 04, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 29, 2022
Highlights for the second quarter ended June 29, 2022 compared to the second quarter ended June 30, 2021 were as follows:
Total revenue was $124.1 million compared to $122.0 million.
System-wide comparable restaurant sales(1) increased 7.5%.
Income from operations was $10.4 million compared to $12.7 million.
Restaurant contribution(1) was $15.9 million, or 15.0% of company-operated restaurant revenue, compared to $22.2 million, or 20.8% of company-operated restaurant revenue.
Net income was $7.1 million, or $0.20 per diluted share, compared to net income of $8.8 million, or $0.24 per diluted share.
Pro forma net income(1) was $7.6 million, or $0.21 per diluted share, compared to $10.7 million, or $0.29 per diluted share.
Adjusted EBITDA(1) was $15.4 million, compared to $19.9 million.(1) System-wide comparable restaurant sales, restaurant contribution, pro forma net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are defined below under “Key Financial Definitions.” A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures.”
Larry Roberts, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “We were very pleased with our second quarter sales performance as our focus on brand differentiation and awareness through social media is paying off. This was reflected most recently in the success of our Shredded Beef Birria promotion, which contributed to our system-wide comparable restaurant sales growth of 7.5%.”
Roberts added, “While system-wide comparable restaurant sales growth remains positive, similar to others in our industry, we are seeing some softening of consumer traffic and store-level margins continue to be challenged by the inflationary environment. Nevertheless, we continue to make meaningful and tangible progress towards our strategic initiatives, including improvement in our restaurants’ staffing levels, four-wall operational execution, and embedding our Familia culture across the organization. These efforts are highlighted by significant improvements in company-operated restaurant drive thru times and consumer metrics that are the strongest we have seen in a long time. As we look ahead, we expect these initiatives to strengthen our average unit volumes, improve our profitability and position us to accelerate growth of the El Pollo Loco brand.”
View full version at El Pollo Loco
Chuy’s Holdings, Inc. Announces Second Quarter 2022 Financial Results
Operating Margin of 7.7% and Restaurant-Level Operating Margin (1) of 19.1%
August 04, 2022 16:05 ET
AUSTIN, Texas, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the second quarter ended June 26, 2022.
Highlights for the second quarter ended June 26, 2022 were as follows:
Revenue increased 2.6% to $110.9 million compared to $108.2 million in the second quarter of 2021.
Comparable restaurant sales increased 1.7% as compared to fiscal 2021 and increased 0.6% as compared to fiscal 2019.
Net income was $7.9 million, or $0.41 per diluted share, as compared $11.5 million, or $0.57 per diluted share, in the second quarter of 2021. Net income increased $1.6 million from pre-pandemic net income of $6.2 million, or $0.37 per diluted share, in the second quarter of 2019.
Adjusted net income(1) was $8.4 million, or $0.44 per diluted share, as compared to $12.6 million, or $0.62 per diluted share, in the second quarter of 2021. Adjusted net income increased $1.4 million from pre-pandemic adjusted net income of $7.0 million, or $0.42 per diluted share, in the second quarter of 2019.
Restaurant-level operating profit(1) was $21.1 million and restaurant-level operating profit(1) was 19.1%, compared to $27.6 million and 25.6%, respectively, in the second quarter of 2021. Restaurant-level operating profit increased 8.4% from pre-pandemic restaurant-level operating profit of $19.5 million in the second quarter of 2019 and restaurant-level operating margin increased 190 basis points from pre-pandemic restaurant-level operating margin of 17.2% in the second quarter of 2019.
Cash and cash equivalents were $96.3 million and the Company had no debt outstanding with $35.0 million available under its revolving credit facility.
(1)Adjusted net income, restaurant-level operating profit and restaurant-level operating margin are non-GAAP measures. For reconciliations of adjusted net income, restaurant-level operating profit and restaurant-level operating margin to the most directly comparable GAAP measure see the accompanying financial tables. For a discussion of why we consider them useful, see “Non-GAAP Measures” below.
Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “Our momentum carried into the second quarter, with solid comparable sales growth, particularly in April and May as compared to both last year and 2019. Furthermore, despite the unprecedented inflationary environment, our team’s ongoing focus on cost management and operating efficiencies resulted in over 19% restaurant-level operating margin, one of the best in the casual dining segment. We also successfully opened a new restaurant in Midland, TX during the quarter and are thrilled with the store performance to date.”
Hislop added, “While the external environment has become increasingly challenging, as we look ahead, we believe our underlying business remains strong and we will continue to focus on what we do best – taking care of our customers by providing high-quality, made-from-scratch food and drinks, all offered at a great value and in a unique atmosphere of our restaurants.”
View full version at Chuy's
Yum! Brands Reports Second-Quarter Results; 781 Gross Unit Openings and Digital System Sales of Nearly $6B; Resilient Global Business Led by Widespread Taco Bell Strength
Yum! Brands Reports Second-Quarter Results; 781 Gross Unit Openings and Digital System Sales of Nearly $6B; Resilient Global Business Led by Widespread Taco Bell Strength
August 03, 2022 07:00 AM Eastern Daylight Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ended June 30, 2022. Worldwide system sales excluding foreign currency translation grew 3%, with 4% unit growth and 1% same-store sales growth. Second quarter GAAP EPS was $0.77, a decrease of 40% year-over-year. Second quarter EPS excluding Special Items was $1.05, a decrease of 9% year-over-year.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “Our second quarter system sales grew 5% excluding Russia, driven by sustained development momentum. Despite a complex operating environment and lapping the strongest same-store sales growth in our history, our global business continues to perform well, led by industry-leading results at Taco Bell U.S. including 8% same-store sales growth and in-line margins year-over-year. We are pleased with the continued growth of our digital business with digital sales of nearly $6 billion, fueled by the adoption of our global platforms and capabilities. Our second quarter results demonstrate the resilience and power of our unmatched global scale, unrivaled talent and world-class franchise partners that are the driving force behind the success of our iconic brands.”
View full version at Yum! Brands
MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2022 FINANCIAL AND OPERATING RESULTS
Aug 03, 2022, 16:15 ET
Record Las Vegas Strip Adjusted Property EBITDAR and record second quarter Regional Operations Adjusted Property EBITDAR
Acquired the operations of The Cosmopolitan of Las Vegas; announced the sale of the operations of Gold Strike Tunica for $450 million
Repurchased $1.1 billion of shares of common stock during the second quarter, or 8% of outstanding shares
Continue to pursue a commercial gaming license in New York and development of an Integrated Resort in Osaka, Japan
LAS VEGAS, Aug. 3, 2022 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2022.
"Our second quarter results were outstanding, representing the best ever Adjusted Property EBITDAR quarter at the Company's Las Vegas Strip Resorts and best second quarter Adjusted Property EBITDAR at our Regional Operations driven by consistent strong demand from the leisure consumer and a return from our convention customers," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "We announced several important portfolio changes during the quarter, with the acquisition of the operations of The Cosmopolitan of Las Vegas and the announcement of the sale of Gold Strike Tunica. We look to the future with optimism, as our convention and event calendar for the next year remain notably strong and BetMGM continues to be a market leader with a roadmap for growth. We remain focused on achieving our vision to be the world's premier gaming entertainment company."
"We see exceptional value in our Company's shares and have returned capital to our shareholders by repurchasing over $1.1 billion of our stock in the second quarter," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. "Since early 2021, the execution of our asset light strategy has allowed us to repurchase 31% of our market cap while accumulating domestic cash in excess of debt on our balance sheet."
View full version at MGM Resorts
Denny’s Corporation Reports Results for Second Quarter 2022
August 02, 2022 16:05 ET
SPARTANBURG, S.C., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, today reported results for its second quarter ended June 29, 2022 and provided a business update on the Company’s operations.
Kelli Valade, Chief Executive Officer and President, stated, "We were pleased to have delivered Adjusted EBITDA* within our guided range despite the many inflationary pressures weighing on our performance and impacting consumer trends as we moved through the second quarter. While there is a level of volatility within the macroeconomic environment, we take pride in Denny’s being an iconic brand that is cycle-tested and resilient with deeply embedded value attributes. Moreover, our company has a solid foundation with significant competitive advantages that we believe can help us unlock shareholder value.”
Ms. Valade continued, "Last month, we welcomed the Keke’s Breakfast Café team and franchisees to the Denny’s family. We believe Keke’s has attractive unit economics and strong potential within the fast-growing A.M. eatery segment which provides expansion opportunities as a complementary concept to the Denny's brand. We are excited to have Keke’s as part of our restaurant portfolio.”
Second Quarter 2022 Highlights
Total operating revenue grew 8.3% to $115.0 million compared to the prior year quarter.
Domestic system-wide same-store sales** grew 2.5% compared to the equivalent fiscal period in 2021, including a 2.4% increase at domestic franchised restaurants and a 3.8% increase at company restaurants.
Opened four franchised restaurants, including one international location.
Completed 11 remodels, including 7 franchised restaurants.
Operating income was $13.9 million compared to $18.3 million in the prior year quarter.
Franchise Operating Margin* was $30.6 million, or 46.4% of franchise and license revenue, and Company Restaurant Operating Margin* was $4.3 million, or 8.8% of company restaurant sales.
Net income was $23.0 million, or $0.37 per diluted share.
Adjusted Net Income* and Adjusted Net Income Per Share* were $7.0 million and $0.11, respectively.
Adjusted EBITDA* was $17.2 million.
Cash provided by (used in) operating, investing, and financing activities was $16.7 million, ($2.9) million, and ($18.5) million, respectively.
Adjusted Free Cash Flow* was $6.6 million.
Repurchased $37.4 million of common stock.
Second Quarter Results
Denny’s total operating revenue increased 8.3% to $115.0 million compared to $106.2 million in the prior year quarter.
Franchise and license revenue was $65.9 million compared to $58.6 million in the prior year quarter. Royalties were $28.8 million compared to $27.1 million in the prior year quarter. Advertising revenue was $19.5 million compared to $18.6 million in the prior year quarter. Initial and other fees were $7.8 million, including $5.7 million related to the kitchen modernization rollout, compared to $2.1 million in the prior year. Occupancy revenue was $9.8 million compared to $10.8 million in the prior year quarter.
View full version at Denny's
FAT BRANDS INC. REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS
July 28, 2022 16:12 ET
Conference call and webcast today at 5:00 p.m. ET
LOS ANGELES, July 28, 2022 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fiscal second quarter 2022 financial results for the 13-week period ending June 26, 2022.
Andy Wiederhorn, President and CEO of FAT Brands, commented, “The second quarter marked yet another strong performance for FAT Brands, characterized by robust unit development and profitable revenue growth. After a very active acquisition strategy in 2021, I am particularly pleased with the momentum of our organic growth strategy for the first half of this year.”
“Year to date, we have opened 62 restaurants, including 26 that opened in the second quarter, and remain on track to open 120 new restaurants in 2022, which represents a 5% unit expansion year over year. We are seeing strong new franchisee activity as well as continued demand from existing franchise partners to develop other brands within our portfolio, which is very encouraging as we look beyond our current unit development pipeline of over 900 locations representing 50% EBITDA growth over the next several years.”
“As we have stated, 2022 is a year to digest the acquisitions of 2021 and capitalize on the potential synergies they present. That being said, our acquisition strategy is one of the core pillars of FAT Brands, and we will continue to evaluate and capitalize on potential candidates as we see fit. In May 2022, we saw great value in acquiring the Nestlé® Toll House® Café by Chip® Franchise Business, which will be rebranded as Great American Cookies. This tuck-in acquisition not only increases our foothold in the dessert category, but also allows us to continue to grow our manufacturing business. We anticipate the first store conversion to be completed in September 2022 and we look forward to increasing the profitability of the franchisees that have joined us through this acquisition via our increased scale and the cost savings generated from our manufacturing facility.”
Fiscal Second Quarter 2022 Highlights
Total revenue improved 1,141% to $102.8 million compared to $8.3 million in the second quarter of 2021
System-wide sales growth of 284% in the second quarter of 2022 compared to the prior year quarter
System-wide same-store sales growth of 5.6% in the second quarter of 2022 compared to the prior year quarter
26 new store openings during the second quarter of 2022 bringing our system-wide store count to 2,354 as of June 26, 2022
Net loss of $8.2 million or $0.50 per diluted share compared to $5.9 million or $0.48 per diluted share in the second quarter of 2021
Adjusted EBITDA(1) of $29.5 million compared to $2.1 million in the second quarter of 2021
Adjusted net loss(1) of $3.1 million, or $0.19 per diluted share, compared to $1.1 million, or $0.09 per diluted share in the second quarter of 2021
(1) EBITDA, Adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net income to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.
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