Sizzle Acquisition Corp. II Completes $230,000,000 Initial Public Offering

June 16, 2025 19:43 ET

NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- Sizzle Acquisition Corp. II (the “Company”) announced today the completion of its initial public offering of 23,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $230,000,000.

The units began trading on the Nasdaq Global Market on April 2, 2025, under the ticker symbol “SZZLU.” Each unit consists of one share of common stock and one right to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination. The common stock and Share Rights are expected to trade separately under the symbols “SZZL” and “SZZLR” once eligible.

Sizzle Acquisition Corp. II is a blank check company formed for the purpose of effecting a business combination with one or more businesses across sectors including hospitality, restaurant, food and beverage, retail, consumer, real estate (including proptech), food-related technology, professional sports, and airlines. The Company is focused on identifying established, scalable businesses operating within or adjacent to these sectors in the United States and other developed markets.

The Company is led by Steve Salis (Chief Executive Officer and Chairman), Jamie Karson (Non-Executive Vice Chairman), and Daniel Lee (Chief Financial Officer and Head of Business and Corporate Development). The Board of Directors includes Neil Leibman, Warren Thompson, and David Perlin.

This is the second SPAC sponsored by Salis Holdings. The team’s previous vehicle, Sizzle Acquisition Corp., completed a merger with European Lithium to form Critical Metals Corp. in early 2024.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

View source version at Sizzle Acquisition Corp

Sizzling Platter Announces Proposed Offering of $500 Million Senior Secured Notes to Finance Acquisition by Bain Capital Private Equity

Jun 16, 2025 8:50 AM Eastern Daylight Time

SALT LAKE CITY--(BUSINESS WIRE)--Sizzling Platter, one of the largest U.S. restaurant franchisee platforms, today announced that affiliates of Bain Capital Private Equity intend to offer $500 million in aggregate principal amount of senior secured notes due 2032 (the “notes”), subject to market and other customary conditions, to fund the acquisition of Sizzling Platter’s parent (the “Company”) by Bain Capital Private Equity.

The affiliates, BCPE Flavor Debt Merger Sub, LLC (“Merger Sub”) and BCPE Flavor Issuer, Inc. (the “Co-Issuer”) intend to use the net proceeds from the notes offering, together with borrowings under new senior secured credit facilities and equity contributions, to fund the acquisition, repay Sizzling Platter’s existing indebtedness and pay related fees and expenses, with the remainder to be used for general corporate purposes. This press release does not constitute a notice of repayment of any outstanding indebtedness of Sizzling Platter.

Upon consummation of the acquisition, the notes will be guaranteed jointly and severally on a senior secured basis by each existing and future wholly owned subsidiary of the Company (other than the Co-Issuer) that guarantees the Company’s obligations under the new senior secured credit facilities, subject to certain exclusions.

The Notes and the related guarantees are being offered to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or any state or other jurisdiction’s securities laws. Accordingly, the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and any applicable state or other jurisdiction’s securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

View source version at Sizzling Platter

Savory Fund Invests in Hawkers -- Igniting A Bold New Era for the Asian Street Food Icon

Jun 12, 2025, 09:00 ET

The cult-favorite concept known for big flavors and high energy kicks off a monumental expansion with Savory Fund

LEHI, Utah and ORLANDO, Fla., June 12, 2025 /PRNewswire/ -- Woks are hot, vibes are high, and Hawkers is just getting started. Today, the beloved Asian street food concept announced its official partnership with Savory Fund, setting the stage for a major growth chapter fueled by operational firepower and deep hospitality expertise.

Hawkers, the cult-favorite Asian street food concept, is teaming up with Savory Fund to fuel its next phase of growth. Founded in 2011 in Orlando, Florida, by four childhood friends, the brand now boasts 15 vibrant locations across Florida, the Southeast and Texas.

Founded in 2011 in Orlando, Florida by four childhood friends, Hawkers has grown into a high-energy, flavor-forward dining experience with 15 thriving locations across the Southeast and Texas. Inspired by the bold flavors found in the vibrant hawker stalls of Asia, the brand delivers authentic street food in an atmosphere made for sharing — and celebrating.

Now, with the backing of Savory Fund — an innovative restaurant investment firm known for scaling powerhouses like Swig, Mo' Bettahs and Via 313 — Hawkers is poised for its next big leap. With Savory's proven playbook and hands-on approach, this is the right partnership at the right time, allowing the brand to accelerate growth while staying deeply rooted in culture, community, and culinary craft.

"I've been watching Hawkers for years. The food, the energy, the following — it's magnetic," said Andrew K. Smith, co-founder and Managing Director of Savory Fund. "From my very first visit, I knew there was something special here. And over time, my conviction only deepened. The team, the guest loyalty, the cultural connection — it's the kind of brand you don't just scale, you rally behind. With momentum building and a rock-solid foundation in place, now is the time."

Hawkers was launched by Kaleb Harrell, Allen Lo, Wayne Yung, and Kin Ho after traveling together through Asia and falling in love with the flavors, textures, and spirit of street food culture. Since then, they've built a category-defying brand that's both chef-driven and wildly approachable — earning everything from Michelin Guide recommendations to cult-level fan devotion.

"We built Hawkers on heart, hustle, and a hunger to share everything that makes Asian street food special," said Kaleb Harrell, CEO and co-founder of Hawkers. "Over the years, it's become clear that this brand has the potential to be something bigger than we ever dreamt it could be — and finding the right partner is crucial to achieving that goal. Savory is that partner. This isn't just about capital; it's about expertise, energy, and alignment with a partner who loves the soul of this brand as much as we do. Savory understands what makes Hawkers special — the heart, the hustle, and the hunger — and together I know we are headed for something legendary. This is the right team, and this is the right time."

Hawkers continues to outperform the category, boasting standout AUVs of $4.6 million and an impressive 4.8-star guest satisfaction score across the system. And while most casual dining brands see an average guest 1.5 times per year, over 50% of Hawkers' dine-in traffic comes from fans who visit 5+ times annually — with some locations seeing more than half of their dine-in guests return 8+ times a year.

With strongholds in key markets like Orlando, Washington D.C., Atlanta, Dallas, Charlotte, and Nashville, Hawkers already has momentum in some of the country's most vibrant food scenes. The next phase of expansion will double down on these high-performing markets — building deeper roots, bigger footprints, and even stronger guest loyalty where demand is already off the charts.

Hawkers marks the third investment into Savory Fund III's portfolio, which includes acai and smoothie concept South Block and the European-style patisserie Bonrue Bakery, announced just last week.

Terms of the transaction were not disclosed. Mayer Brown served as legal advisor to Savory Fund. Golenbock, Eiseman, Assor, Bell & Peskoe, LLP served as legal advisor to Hawkers.

Hawkers filed for Chapter 11 bankruptcy protection in September 2024 and voluntarily withdrew from Chapter 11 in February 2025, following a consensual loan restructure from the prior lender.

ABOUT SAVORY FUND

Savory is an innovative private equity firm that combines over $750 million in assets under management with a growth playbook and expertise that has been developed over 16 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and 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. Founder involvement in the expansion of a brand is a central theme of the Savory approach as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth. Savory is currently invested in the following brands: Swig, R&R BBQ, PINCHO, Via 313 Pizzeria, Mo' Bettahs Hawaiian Style Food, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, South Block, Bonrue Bakery, and now Hawkers. For more information, visit SavoryFund.com.

ABOUT HAWKERS

Hawkers Asian Street Food, headquartered in Central Florida, was founded by four friends who traveled the world on a mission to curate a memorable dining experience built on generations-old recipes and hand-picked street foods from across Asia. Kaleb Harrell, Allen Lo, Wayne Yung, and Kin Ho opened the first Hawkers location (Orlando, Fla.) in 2011, and the concept has since grown to include 15 locations spanning the states of Florida, Georgia, North Carolina, Tennessee, Maryland, Virginia, and Texas. Having earned a 2022 Michelin Guide Recommendation, the restaurant serves bold and authentic Asian street food in an experience-driven environment that uses shared plates to encourage the exploration of new flavors through a guest's personal culinary adventure. To learn more or find a location near you, visit www.EatHawkers.com.

View source version at Hawker’s Asian Street Food

Nathan's Famous, Inc. Reports Year End And Fourth Quarter Results

June 10, 2025 06:30 ET

JERICHO, N.Y., June 10, 2025 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its fiscal year and fourth quarter ended March 30, 2025.

Effective June 10, 2025, the Board of Directors declared its first quarterly cash dividend for fiscal 2026 of $0.50 per share, which is payable on July 1, 2025 to shareholders of record at the close of business on June 23, 2025.

For the fiscal year ended March 30, 2025:

Revenues were $148,182,000 for the fifty-two weeks ended March 30, 2025 (“fiscal 2025”) as compared to $138,610,000 for the fifty-three weeks ended March 31, 2024 (“fiscal 2024”);
Income from operations was $36,497,000 for fiscal 2025 as compared to $32,506,000 for fiscal 2024;
Adjusted EBITDA1 for fiscal 2025, a non-GAAP financial measure, was $39,206,000 as compared to $34,843,000 for fiscal 2024;
Income before provision for income taxes was $32,761,000 for fiscal 2025 as compared to $27,451,000 for fiscal 2024;
Net income was $24,026,000 for fiscal 2025 as compared to $19,616,000 for fiscal 2024; and
Earnings per diluted share was $5.87 per share for fiscal 2025 as compared to $4.80 per share for fiscal 2024.

For the quarter ended March 30, 2025:

Revenues were $30,787,000 for the thirteen weeks ended March 30, 2025 (“fourth quarter fiscal 2025”) as compared to $28,991,000 for the fourteen weeks ended March 31, 2024 (“fourth quarter fiscal 2024”);
Income from operations was $6,368,000 for the fourth quarter fiscal 2025 as compared to $6,802,000 for the fourth quarter fiscal 2024;
Adjusted EBITDA1 for the fourth quarter fiscal 2025, a non-GAAP financial measure, was $7,096,000 as compared to $7,282,000 for the fourth quarter fiscal 2024;
Income before provision for income taxes was $5,819,000 for the fourth quarter fiscal 2025 as compared to $5,720,000 for the fourth quarter fiscal 2024;
Net income was $4,235,000 for the fourth quarter fiscal 2025 as compared to $3,910,000 for the fourth quarter fiscal 2024; and
Earnings per diluted share was $1.03 per share for the fourth quarter fiscal 2025 as compared to $0.96 per share for the fourth quarter fiscal 2024.

The Company also reported the following:

License royalties increased to $37,418,000 during fiscal 2025 as compared to $33,581,000 during fiscal 2024. During fiscal 2025, royalties earned under the retail agreement, including the foodservice program, from Smithfield Foods, Inc., increased 12% to $33,589,000 as compared to $30,068,000 during fiscal 2024.
In the Branded Product Program, which features the sale of Nathan’s hot dogs to the foodservice industry, sales increased by $5,339,000 to $91,828,000 during fiscal 2025 as compared to $86,489,000 during fiscal 2024. The volume of hot dogs sold by the Company increased by approximately 1.2%. Our average selling price, which is partially correlated to the beef markets, increased by approximately 5% compared to the prior year period. Income from operations decreased by $1,148,000 to $7,136,000 during fiscal 2025 as compared to $8,284,000 during fiscal 2024 due primarily to a 7% increase in the cost of beef and beef trimmings.
Sales from Company-owned restaurants were $12,714,000 during fiscal 2025 as compared to $12,103,000 during fiscal 2024. Restaurant sales were primarily impacted by higher sales at our Coney Island locations due to an increase in our average check.
Revenues from franchise operations were $4,148,000 during fiscal 2025 as compared to $4,356,000 during fiscal 2024. Total royalties were $3,767,000 during fiscal 2025 as compared to $3,886,000 during fiscal 2024. Total franchise fee income, including cancellations fees, was $381,000 during fiscal 2025 as compared to $470,000 during fiscal 2024. Twenty-five franchised locations opened during fiscal 2025.
Advertising revenue was $2,074,000 during fiscal 2025 as compared to $2,081,000 during fiscal 2024.
On February 28, 2025, the Company paid the $0.50 per share regular cash dividend that was declared by the Board of Directors effective February 6, 2025 to shareholders of record at the close of business of February 18, 2025.

View full version at Nathan’s

CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2025 RESULTS AND UPDATES OUTLOOK

Jun 05, 2025, 08:00 ET

Company increases expectation for fiscal 2025 adjusted EBITDA1 to between $215 million and $225 million2

LEBANON, Tenn., June 5, 2025 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the third quarter of fiscal 2025 ended May 2, 2025.

Third Quarter Fiscal 2025 Highlights

Third quarter total revenue was $821.1 million. Compared to the prior year third quarter, total revenue increased 0.5%.
- Comparable store restaurant sales increased 1.0% over the prior year quarter, and comparable store retail sales decreased 3.8%.
GAAP earnings per diluted share were $0.56, and adjusted1 earnings per diluted share were $0.58.
GAAP net income for the third quarter was $12.6 million compared to the prior year quarter GAAP net income (loss) of ($9.2) million. Adjusted EBITDA1 was $48.1 million, a 0.4% increase compared to the prior year quarter adjusted EBITDA1 of $47.9 million.

Commenting on the third quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Our third quarter performance exceeded our expectations and represents the fourth consecutive quarter of positive comparable store restaurant sales growth. We remain focused on executing our transformation plan and believe we are well-positioned to deliver a strong finish to the fiscal year."

Third Quarter Fiscal 2025 Results
Revenue
The Company reported total revenue of $821.1 million for the third quarter of fiscal 2025, representing an increase of 0.5% compared to the third quarter of fiscal 2024.

Cracker Barrel comparable store restaurant sales increased 1.0%, including total menu pricing increases of 4.9%. Comparable store retail sales decreased 3.8% from the prior year quarter.

Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the third quarter was $12.6 million, or 1.5% of total revenue, compared to prior year quarter GAAP net income (loss) of ($9.2) million, or (1.1%) of total revenue. Adjusted EBITDA1 was $48.1 million, or 5.9% of total revenue, a 0.4% increase compared to the prior year quarter adjusted EBITDA1 of $47.9 million, or 5.9% of total revenue.

GAAP earnings per diluted share for the third quarter were $0.56 compared to the prior year quarter GAAP earnings (loss) per diluted share of ($0.41). Adjusted1 earnings per diluted share were $0.58 compared to the prior year quarter adjusted1 earnings per diluted share of $0.88.

Quarterly Dividend Declaration
The Company announced that its Board of Directors declared a quarterly dividend of $0.25 per share of the Company's common stock. The quarterly dividend is payable on August 13, 2025 to shareholders of record as of July 18, 2025.

Fiscal 2025 Outlook
The Company updated its outlook and expects the following for fiscal 2025:

Total revenue of $3.45 billion to $3.50 billion (no change vs. previous outlook)
Adjusted EBITDA1 of $215 million to $225 million2 (vs. previous outlook of $210 million to $220 million2)
Commodity inflation in the mid 2% range compared to the prior year (vs. previous outlook of 2% to 3%)
Hourly wage inflation in the mid 2% range compared to the prior year (vs. previous outlook of approximately 3%)
Capital expenditures of $160 million to $170 million (vs. previous outlook of $160 million to $180 million)
1 new Cracker Barrel store, which has already opened (vs. previous outlook of 1 to 2)
4 new Maple Street Biscuit Company units, which have already opened (no change vs. previous outlook)

View full version at Cracker Barrel

Savory Fund Acquires Bonrue Bakery – A Modern Patisserie Blending Culinary Mastery With Scalable Speed

June 4, 2025

Known for its Michelin-trained team and rapid, high-volume service, Bonrue is set to scale with the backing of Savory, which brings deep bakery roots and multi-unit expertise.

Lehi, UT (RestaurantNews.com) Savory Fund, a private equity firm renowned for accelerating category-defining restaurant brands like Swig, Mo’ Bettahs, and South Block, today announced its acquisition of Bonrue Bakery, a high-demand, European-style patisserie celebrated for its artisanal pastries, savory lunch offerings, house-roasted coffee, and lightning-fast service. The partnership marks a pivotal moment of growth for the fast-rising brand, with its founding team remaining at the helm to preserve and build on the brand’s distinctive identity.

Since opening in 2021, Bonrue has defied the typical bakery playbook. It pairs premier-quality product with rapid, high-volume service – regularly moving 100+ guests through the line in under 10 minutes. With multiple thriving locations across southern Utah and an intensely loyal following, Bonrue has quickly proven it’s not just another boutique bakery – it’s a scalable, standout concept built on operational excellence and unrelenting hospitality.

“Bonrue is a rare and remarkable blend of craft and efficiency,” said Andrew K. Smith, co-founder and Managing Director of Savory Fund. “The talent behind this brand is nothing short of extraordinary – chefs trained in some of the world’s most prestigious kitchens, now bringing that level of precision and artistry to a local bakery in Southern Utah. But what truly sets Bonrue apart is how they deliver that quality with speed, heart, and hospitality. Having operated numerous bakeries ourselves, we know firsthand how challenging this is. Bonrue isn’t just a great bakery; it’s a brand with the potential to redefine what a modern bakery experience can be. We’re thrilled to join them on this exciting next chapter.”

A Legacy of Culinary Talent

Bonrue’s success is rooted in the expertise of its founders and culinary leaders. Co-founders Chris Connors and Li Hsun Sun bring decades of experience in fine dining and fast-casual – from the Las Vegas Strip to high-volume local concepts. Their team includes Head Pastry Chef Marie Yonge, who trained under Alain Ducasse, Gordon Ramsay, and Michael Mina, and Head Baker Benjamin Garcia, a 14-year veteran of Thomas Keller’s Bouchon Bistro. The late Chris Herrin, Bonrue’s co-founder and original pastry visionary, was also executive pastry chef at Bouchon and a former member of the French Laundry team.

“We’ve got more pastry firepower combined than most major metros,” said co-founder Chris Connors. “But what makes Bonrue truly special is how we bring that level of craft into an experience that’s fast and friendly. Our guests come for the croissants, but they stay for the energy. We’re blessed to have such loyal, wonderful customers, and with Savory’s support, we can’t wait to bring their favorite bakery to more neighborhoods across Utah and beyond.”

A Growth Partner with Bakery Roots

Savory brings far more than just capital to the table. In addition to the 10 dynamic restaurant brands currently in its portfolio, Savory’s leadership team – led by co-founders Andrew and Shauna Smith – bring over a decade of experience having run 45+ units of a popular bakery and café chain across multiple states. They have deep, practical knowledge of what it takes to scale a pastry-forward brand.

“We’re honored and excited to partner with Savory – not just because of their growth track record, but because they’ve actually lived our world,” said co-founder Li Hsun Sun. “Their team has run bakeries, led cafés, and they understand the nuance of scaling handcrafted food without losing what makes it unique. It’s the kind of partnership you can build something lasting with.”

Bonrue’s next locations will launch in the coming months, beginning along Utah’s Wasatch Front. Guests can follow the expansion journey at BonrueBakery.com and on Instagram @BonrueBakery.

About Savory Fund

Savory is an innovative private equity firm that combines over $750 million in assets under management with a growth playbook and expertise that has been developed over 16 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and 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. Founder involvement in the expansion of a brand is a central theme of the Savory approach as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth. Savory is currently invested in the following brands: Swig, R&R BBQ, PINCHO, Via 313 Pizzeria, Mo’ Bettahs Hawaiian Style Food, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, South Block, and now Bonrue Bakery. For more information, visit SavoryFund.com.

About Bonrue Bakery

Bonrue Bakery, formerly Farmstead, was founded in 2021 by Chris Connors, Li Hsun Sun, and the late Chris Herrin – three food crafts connoisseurs with experience as chefs and restaurateurs in the Las Vegas market. The local, European-style patisserie is known for its warm hospitality and rich recipes of baked goods – freshly crafted with passion and precision. Bonrue Bakery now has multiple locations in Washington County, with more to come along the Wasatch Front. Visit Bonrue in-store or online at BonrueBakery.com.

View source version at Savory Fund

Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 20, 2025

May 29, 2025, 16:05 ET

ENGLEWOOD, Colo., May 29, 2025 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal first quarter ended April 20, 2025.

Highlights for the Fiscal First Quarter of 2025, Compared to the Fiscal First Quarter of 2024:

Total revenues are $392.4 million, an increase of $3.8 million.
Comparable restaurant revenue(1) increased 3.1%.
Net income is $1.2 million, compared to a net loss of $9.5 million last year, a $10.7 million increase.
Adjusted EBITDA(2) is $27.9 million compared to $13.4 million last year, a 108.2% increase.
Completed sale of three owned properties during the first quarter for gross proceeds of $5.8 million.
Repaid $17.8 million of debt.

Comparable restaurant revenue represents revenue from Company-owned restaurants that have operated for at least 18 months as of the beginning of the period presented.

Beginning in the fiscal first quarter of 2025, the Company revised its definition of Adjusted EBITDA to exclude noncash stock-based compensation expense. The Company believes this change provides investors with a better understanding of our financial performance from period to period. Previously reported results have been revised to reflect the new presentation. See "Reconciliation of Non-GAAP Results to GAAP Results" below for more details.

David Pace, Red Robin's President and Chief Executive Officer said, "We are pleased with our strong start to the year as we delivered increases in both sales and profits during the first quarter. We have made significant investments in food quality and hospitality over the past two and a half years and the operational foundation of Red Robin is strong. Nevertheless, we are far from claiming victory. There is still more work to be done as we continue the comeback journey of this beloved brand and capture the significant opportunity in front of us."

Pace continued, "As we look ahead, our efforts are focused on four initial priorities. First, retaining and extending the progress we've made in operational execution, delivering a high-quality guest experience, while also improving our operating efficiency. Second, returning Red Robin to sustainable traffic growth by ensuring that we have the right marketing leader and strategy to restore Red Robin as the 'First Choice' option for consumers. Third, strengthening our financial position by reducing debt and generating additional free cash flow. And fourth, re-investing back into our restaurants to further elevate the Red Robin brand and ensure that our restaurant facilities and atmosphere match the upgrades we have made to food quality and hospitality. Red Robin's core equity is to provide everyday value and great food in a family friendly atmosphere, and we believe these strategic priorities will guide us in our journey to fulfill this promise."

View full version at Red Robin

CAVA Group Reports First Quarter 2025 Results

May 15, 2025 4:10 PM Eastern Daylight Time

Year Over Year CAVA Revenue Growth of 28.2% Including CAVA Same Restaurant Sales Growth of 10.8%

15 Net New CAVA Restaurant Openings During Quarter

First Quarter 2025 CAVA Restaurant-Level Profit Margin of 25.1%

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 first quarter ended April 20, 2025.

"In spite of economic uncertainty and challenging weather, CAVA’s first quarter results demonstrate the continued strength of our category-defining brand,” said Brett Schulman, Co-Founder and CEO. “First quarter same restaurant sales grew 10.8%, including traffic growth of 7.5%. We opened 15 net new restaurants during the quarter and with our entry into Indiana we are now in 26 states and the District of Columbia. In addition to these highlights, I’m proud to say that on a trailing twelve-month basis, we have now surpassed a billion dollars in revenue – a milestone that is a testament to Mediterranean becoming the next large scale cultural cuisine category, a category we have firmly established our leadership in.”

Fiscal First Quarter 2025 Highlights:

CAVA Revenue grew 28.2% to $328.5 million as compared to $256.3 million in the prior year quarter.
Net New CAVA Restaurant Openings of 15, bringing total CAVA Restaurants to 382, an 18.3% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 10.8%, including guest traffic growth of 7.5%.
CAVA AUV of $2.9 million as compared to $2.6 million in the prior year quarter excluding the 53rd week of fiscal 2023.
CAVA Restaurant-Level Profit of $82.3 million or growth of 27.4% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 25.1%.
CAVA Digital Revenue Mix was 38.0%.
CAVA Group Net Income of $25.7 million compared to $14.0 million of net income and $11.9 million of Adjusted Net Income1 in the prior year quarter.
CAVA Group Adjusted EBITDA1 of $44.9 million compared to $33.3 million in the prior year quarter.
Net cash provided by operating activities of $38.6 million with Free Cash Flow1 of $2.7 million.

CAVA Fiscal First Quarter 2025 Review:

CAVA Revenue was $328.5 million, an increase of 28.2% compared with the first quarter of fiscal 2024. The increase was primarily driven by 73 Net New CAVA Restaurant Openings during or subsequent to the first quarter of fiscal 2024, which are exceeding our performance expectations, and CAVA Same Restaurant Sales Growth of 10.8%. CAVA Same Restaurant Sales Growth consists of a 7.5% increase from guest traffic and a 3.3% increase from menu price and product mix.

CAVA Restaurant-Level Profit Margin was 25.1% compared with 25.2% in the first quarter of fiscal 2024. The decrease was due to input costs associated with the launch of grilled steak in the second quarter of fiscal 2024 and incremental wage investments, partially offset by leverage from higher sales.

View full version at CAVA

Jack in the Box Inc. Reports Second Quarter 2025 Earnings

May 14, 2025 4:02 PM Eastern Daylight Time

Jack in the Box same-store sales of (4.4%); Del Taco same-store sales of (3.6%)

Jack in the Box systemwide sales of (4.9%); Del Taco systemwide sales of (4.5%)

Diluted loss per share of ($7.47), including a non-cash goodwill and intangible impairment charge for Del Taco

Operating EPS of $1.20

SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box and Del Taco brands in the second quarter, ended April 13, 2025.

“I am encouraged by our marketing plans in the back half of 2025, which we expect to energize sales despite the difficult industry-wide macro environment in which we continue to operate,” said Lance Tucker, Jack in the Box Chief Executive Officer. “As we stated when announcing the recent 'JACK on Track' plan, we are addressing the areas of need to improve the business, and I am confident in our ability to establish consistent top-line trends while becoming a more simple, efficient company and investor story.”

Jack in the Box Performance

Same-store sales decreased 4.4% in the second quarter, comprised of franchise same-store sales decline of 4.5% and company-owned same-store sales decline of 4.0%. Price was higher versus prior year, while both transactions and mix were down compared to prior year. Systemwide sales for the second quarter decreased 4.9%.

Restaurant-Level Margin(1), a non-GAAP measure, was $18.7 million, or 19.6%, down from $23.3 million, or 23.6%, a year ago driven primarily by lower sales, continued inflation for commodities, wage and utilities, as well as higher operating costs, partially offset by price increases and a decrease in food and packaging from a favorable increase of beverage funding relating to a new contract.

Franchise-Level Margin(1), a non-GAAP measure, was $68.3 million, or 40.0%, a decrease from $71.7 million, or 40.4%, a year ago. The decrease was mainly driven by lower sales driving lower royalties and lower percentage rent, as well as higher franchise costs, partially offset by rent spread buyouts and higher early term penalties.

Jack in the Box net restaurant count decreased slightly in the second quarter, with five restaurant openings and twelve restaurant closures.

View full version at Jack in the Box

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Financials - June 2025