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Financials - September 2023








Cracker Barrel Reports Fourth Quarter Fiscal 2023 Results



13 Sep, 2023, 08:00 ET

Board declares $1.30 quarterly dividend per share


LEBANON, Tenn., Sept. 13, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2023 ended July 28, 2023. Fourth Quarter Fiscal 2023 Highlights

  1. The Company reported fourth quarter total revenue of $836.7 million. Compared to the prior year fourth quarter, total revenue increased 0.8%.

  2. Comparable store restaurant sales increased 2.4%, while comparable store retail sales decreased 6.8%.

  3. GAAP operating income for the fourth quarter was $41.2 million, or 4.9% of total revenue, and adjusted1 operating income was $44.4 million, or 5.3% of total revenue.

  4. GAAP net income was $37.5 million, or 4.5% of total revenue, and EBITDA1 was $72.1 million, or 8.6% of total revenue.

  5. GAAP earnings per diluted share were $1.68, and adjusted1 earnings per diluted share were $1.79. Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "This fiscal year underscored the resiliency of our teams amid continued challenges, and I'm proud of all we accomplished. We made significant progress on key initiatives including catering, our loyalty program, and cost savings, and we generated strong cash flow that allowed us to return more than $133 million to our shareholders in the form of dividends and share repurchases while maintaining a strong balance sheet. "Although there was much to celebrate in fiscal 2023, our Q4 topline performance fell short of our expectations. We have taken and will continue to take numerous actions to improve our traffic performance on the marketing and operational front which we believe will be effective, particularly as we enter our important holiday season.  We will also launch our much-anticipated loyalty program, Cracker Barrel Rewards, in the next few weeks. "Despite our recent traffic challenges, we remain confident that our continued focus on our strategic priorities, including delivering an exceptional guest experience, emphasizing and protecting our strong value proposition, accelerating frequency among key growth segments, and enhancing our business model will improve performance in the near term and deliver value creation over the long term."

View full version at Cracker Barrel



Farmer Brothers reports fourth quarter and fiscal 2023 financial results and publishes quarterly shareholder letter

September 12, 2023 16:15 ET



Fiscal year 2023 net sales from continuing operations of $340 million

Used $100 million proceeds from direct ship and Northlake, Texas facility transaction to significantly pay down debt NORTHLAKE, Texas, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Farmer Brothers (NASDAQ: FARM) today reported its fiscal fourth quarter and full year 2023 financial results for the period ended June 30, 2023. The company filed its 10-K and published its quarterly shareholder letter, which contains additional details regarding the results and can be found on the investor relations section of the company’s website. “Farmer Brothers ended a challenging fiscal 2023 on a strong note, including the strategic divestiture of our direct ship customers and early signs of improved pricing and margins late in the fourth quarter,” said Farmer Brothers Chief Executive Officer Deverl Maserang. “The company enters fiscal 2024 with our full focus on a revitalized direct store delivery (DSD) business, a stronger balance sheet and a favorable coffee pricing environment. Adding to our confidence are the early results of our new AI-driven pricing engine, which is delivering early, demonstrable margin improvement and solid initial traction with key future growth initiatives. While transitional impacts from the divestiture and our DSD reorganization will impact the first quarter of fiscal 2024 profitability, we are making steady progress toward an inflection to positive free cash flow in the coming quarters.”

View full version at Farmer Brothers







Subway® Announces Sale to Roark Capital



24 Aug, 2023, 07:16 ET



Transaction combines Subway's global presence and brand strength with Roark's deep expertise in restaurant and franchise businesses.MIAMI, Aug. 24, 2023 /PRNewswire/ -- Subway today announced that it has entered into a definitive agreement to be acquired by affiliates of Roark Capital. The transaction is a major milestone in Subway's multi-year transformation journey, combining Subway's global presence and brand strength with Roark's deep expertise in restaurant and franchise business models. Roark is a private equity firm with $37 billion in assets under management. Roark focuses on investments in consumer and business service companies, with a specialization in franchise and franchise-like businesses, and prides itself on being a trusted partner for management and business owners. "This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said John Chidsey, CEO of Subway. "Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees." The transaction comes on the heels of Subway announcing its 10th consecutive quarter of positive same store sales. The company will continue to execute its strategy with a focus on sales growth, menu innovation, modernization of restaurants, overall guest experience improvements, and international expansion. J.P. Morgan is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to Subway. Timing is subject to regulatory approvals and customary closing conditions. About Subway® Restaurants As one of the world's largest quick service restaurant brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls to millions of guests, across more than 100 countries in nearly 37,000 restaurants every day. Subway restaurants are owned and operated by Subway franchisees – a network that includes thousands of dedicated entrepreneurs and small business owners – who are committed to delivering the best guest experience possible in their local communities. For more Subway news visit: newsroom.subway.com. Subway® is a Registered Trademark of Subway IP LLC. © 2023 Subway IP LLC About Roark Capital Roark is an Atlanta-based private equity firm with $37 billion in assets under management. Roark focuses on investments in consumer and business service companies, with a specialization on franchise and multi-location businesses in the retail, restaurant, consumer and business services sectors. For more information, please visit www.roarkcapital.com.

View source version at Subway


Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 9, 2023


Raises Adjusted EBITDA Guidance for Fiscal 2023

Repaid $15.5 Million of Debt and Repurchased $5 Million of Stock


August 17, 2023 04:02 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 9, 2023.

“Outlook for Fiscal 2023 and Guidance Policy” Tweet thisHighlights for the Second Quarter of Fiscal 2023, Compared to the Second Quarter of Fiscal 2022:
  1. Total revenues are $298.6 million, an increase of $4.6 million compared to 2022.

  2. Comparable restaurant revenue(1) increased 1.5%.

  3. Tenth consecutive quarter of comparable restaurant revenue(1) growth.

  4. Comparable restaurant dine-in sales(2) increased 5.9%.

  5. Net income is $3.9 million, an increase of $21.9 million compared to 2022.

  6. Adjusted EBITDA(3) (a non-GAAP metric) is $15.5 million, a $3.7 million increase compared to 2022.

  7. Completed Sale-Leaseback transaction for nine restaurants, generating net proceeds of approximately $28.5 million and a gain, net of expenses of $14.6 million.

  8. Repaid $15.5 million of debt and repurchased $5.0 million of stock.Highlights for the Year to Date Period of Fiscal 2023, Compared to the Year to Date Period of Fiscal 2022:

  9. Total revenues are $716.5 million, an increase of $27.3 million compared to 2022.

  10. Comparable restaurant revenue(1) increased 5.5%.

  11. Comparable restaurant dine-in sales(2) increased 11.8%.

  12. Net income is $0.7 million, an increase of $22.2 million compared to 2022.

  13. Adjusted EBITDA(3) (a non-GAAP metric) is $51.5 million, an $11.6 million increase compared to 2022.


(1)

Comparable restaurant revenue represents revenue from Company-owned restaurants that have operated five full quarters as of the end of the period presented.

(2)

Comparable restaurant dine-in sales are calculated based on the Company’s point-of-sale sales data, which does not include adjustments for loyalty breakage.

(3)

See Schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net income (loss). G.J. Hart, Red Robin’s President and Chief Executive Officer said, "In the first half of 2023, we began executing the North Star plan by investing in our people, food, and hospitality. We are pleased with our traction so far, the clear improvement in guest satisfaction, and reinvigorated financial performance. Adjusted EBITDA is $51.5 million in just the first half of 2023, compared to $52.1 million in the entire year of 2022. The meaningful changes we have implemented are delivering on our promises to team members, guests, and investors. While we are in the early stages of the comeback of this iconic brand, we are confident in our strategic direction and see tremendous runway ahead."

View full version at Red Robin



BurgerFi Reports Second Quarter 2023 Results

Conference Call Today, August 16, 2023, at 8:30 a.m. ET

August 16, 2023 07:00 ET



FORT LAUDERDALE, Fla., Aug. 16, 2023 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza and wings concept under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) brand, today reported financial results for the second quarter ended July 3, 2023.Highlights for the Second Quarter 2023

  1. Total revenue was $43.4 million in the second quarter 2023 compared to $45.3 million in the prior year period

  2. Consolidated systemwide sales decreased to $70.7 million compared to $74.3 million in the prior period

  3. Same-store sales growth of 1at Anthony’s in the second quarter of 2023 compared to the prior period

  4. Systemwide sales for BurgerFi decreased (9)% to $38.8 million in the second quarter compared to the prior period

  5. Systemwide same-store sales decrease of (10)% at BurgerFi in the second quarter of 2023 compared to the prior period

  6. Opened three BurgerFi brand franchised restaurants in the second quarter, five BurgerFi franchised locations year to date, and expects to open an additional nine BurgerFi, including the first dual-brand franchise location.

  7. Hourly turnover declined significantly at both brands, with Anthony’s performing better than industry benchmarks, while BurgerFi made considerable progress and is on track to achieve similar improvements. Management turnover improved at BurgerFi, approaching industry benchmarks.

  8. Consolidated food, beverage and paper expense margin improved 330 basis points compared to the prior period

  9. Consolidated restaurant-level operating expenses increased 50 basis points compared to the prior period

  10. Net loss decreased to $6.0 million, or $(0.24) per diluted share, in the second quarter 2023 compared to net loss of $60.4 million or $(2.72) per diluted share compared to the prior period

  11. Adjusted EBITDA1 of $2.0 million in the second quarter 2023 compared to $2.6 million in the prior periodManagement Commentary

Carl Bachmann, Chief Executive Officer of BurgerFi stated, “I am thrilled to have joined the BurgerFi organization because I believe both Anthony’s and BurgerFi are high quality brands with growth potential. My prior experience in turnaround situations at pizza and burger concepts has given me a deep understanding of how to help drive improvement and growth for these businesses. I plan to use the same proven and successful playbook here.”

Bachmann continued, “The Company’s quarterly performance is indicative as to why I am here today as the new CEO, providing what I believe is a significant opportunity for investors. So much so that I invested heavily into BFI equity when I started, so I am firmly aligned with our shareholders.

View full version at BurgerFi







BRINKER INTERNATIONAL REPORTS FOURTH QUARTER OF FISCAL 2023 RESULTS AND PROVIDES FISCAL 2024 FINANCIAL GUIDANCE



16 Aug, 2023, 06:45 ET


DALLAS, Aug. 16, 2023 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the fourth quarter ended June 28, 2023, and provided financial guidance for fiscal 2024. Fourth Quarter Fiscal 2023 Financial Highlights Brinker International reported net income per diluted share of $1.19, in the fourth quarter of fiscal 2023, a 32.2% increase compared to the fourth quarter of fiscal 2022. Net income per diluted share, excluding special items (non-GAAP), was $1.39 in the fourth quarter of fiscal 2023, a 20.9% increase compared to the fourth quarter of fiscal 2022. Our results for the fourth quarter of fiscal 2023 were primarily driven by an increase in Company sales, favorable food and beverage costs as a percentage of Company sales, and favorable income taxes. Comparable sales increased 6.6%, with an increase in comparable restaurant sales of 6.3% for Chili's and 9.1% for Maggiano's. Comparable restaurant sales improved due to menu pricing and favorable item mix. Operating income margin increased to 5.5% and restaurant operating margin (non-GAAP) increased to 13.4% for the fourth quarter. During the fourth quarter of fiscal 2023, we amended our revolving credit facility to increase the capacity by $100.0 million to $900.0 million and successfully issued, in a private offering, $350.0 million 8.250% senior notes due 2030. Additionally, long-term debt decreased $87.0 million in fiscal 2023. "We are proud of our team's progress on improving operational performance and bringing our new strategy to life. Simplification, a focus on the Core Business, and key strategic investments in labor, repairs and maintenance, and advertising have driven a better guest & team member experience, stronger sales and improving margins," said Kevin Hochman, Chief Executive Officer and President of Brinker International, Inc. "And that progress gives us confidence we have laid a strong foundation for continued sustainable & profitable growth in the long term."

View full version at Brinker



CAVA Group Reports Second Quarter 2023 Results


YEAR OVER YEAR CAVA REVENUE GROWTH OF 62.4% DRIVEN BY CAVA SAME RESTAURANT SALES GROWTH OF 18.2%SECOND QUARTER 2023 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 26.1%, 400 BASIS POINT INCREASE OVER SECOND QUARTER 2022 16 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER


August 15, 2023 04:10 PM Eastern Daylight Time

WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal second quarter ended July 9, 2023. “Our results in the second quarter demonstrated the power of our restaurant operating model and the growing appeal of the Mediterranean category, which we are defining. Revenue and profitability reached record levels, with 18.2% CAVA Same Restaurant Sales Growth, Net Income of $6.5 million and Adjusted EBITDA of $21.6 million. Our dominant leadership position and proven portability create meaningful opportunity for growth in new and existing markets, as evidenced by our 16 Net New CAVA Restaurant Openings during the quarter" said Brett Schulman, Co-Founder and CEO. "Our performance is representative of the momentum we've gained and continued focus on execution as we grow." Fiscal Second Quarter 2023 Highlights:

  1. CAVA Revenue grew 62.4% to $171.1 million as compared to $105.3 million in the prior year quarter.

  2. Net New CAVA Restaurant Openings of 16, bringing total CAVA Restaurants to 279, a 43.1% increase in total CAVA Restaurants year over year.

  3. CAVA Same Restaurant Sales Growth of 18.2%.

  4. CAVA AUV of $2.6 million as compared to $2.4 million in the prior year quarter.

  5. CAVA Restaurant-Level Profit of $44.6 million or growth of 91.9% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 26.1%, a 400 basis point increase over the prior year quarter.

  6. CAVA Digital Revenue Mix was 36.1%

  7. CAVA Group Net Income of $6.5 million compared to net loss of $8.2 million in the prior year quarter.

  8. CAVA Group Adjusted EBITDA of $21.6 million compared to $5.9 million in the prior year quarter.CAVA Fiscal Second Quarter 2023 Review: CAVA Revenue was $171.1 million, an increase of 62.4% compared to the fiscal second quarter of 2022. The increase was driven by 102 Net New CAVA Restaurant Openings during or subsequent to the fiscal second quarter of 2022 and CAVA Same Restaurant Sales Growth of 18.2%. CAVA Same Restaurant Sales Growth consists of 10.3% from guest traffic and 7.9% from menu price and product mix. CAVA Restaurant-Level Profit Margin was 26.1%, an increase of 400 basis points compared to the fiscal second quarter of 2022. CAVA Restaurant-Level Profit Margin increased due to sales leverage on labor and occupancy as well as lower food, beverage, and packaging as a percentage of revenue, driven by lower input costs and higher incidence of premium menu items driving favorable product mix.

View full version at CAVA

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