Financials - May 2025

Ark Restaurants Announces Financial Results for the Second Quarter of 2025

May 12, 2025 4:20 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 29, 2025.

Financial Results

As of March 29, 2025, the Company had cash and cash equivalents of $11,124,000 and total outstanding debt of $4,280,000.

Total revenues for the 13 weeks ended March 29, 2025 were $39,725,000 versus $42,257,000 for the 13 weeks ended March 30, 2024. No revenues for El Rio Grande and the Tampa Food Court (see below) are included in the 13 weeks ended March 29, 2025. The 13 weeks ended March 30, 2024 includes revenues of $596,000 and $1,513,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 13 weeks ended March 29, 2025 and March 30, 2024 were $39,725,000 and $40,148,000, respectively.

Excluding revenues related to El Rio Grande and the Tampa Food Court, Company-wide same store sales increased 0.4% for the 13 weeks ended March 29, 2025 as compared to the same period of the prior year. Excluding revenues related to El Rio Grande and the Tampa Food Court, Company-wide same store sales decreased 1.0% for the 26 weeks ended March 29, 2025 as compared to the same period of the prior year.

Total revenues for the 26 weeks ended March 29, 2025 were $84,714,000 versus $89,743,000 for the 26 weeks ended March 30, 2024. No revenues for El Rio Grande are included in the 26 weeks ended March 29, 2025 and the 26 weeks ended March 29, 2025 includes revenues of $974,000 related to the Tampa Food Court. The 26 weeks ended March 30, 2024 includes revenues of $1,347,000 and $2,738,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 13 weeks ended March 29, 2025 and March 30, 2024 were $83,740,000 and $85,658,000, respectively.

The Company's Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, for the 13 weeks ended March 29, 2025 was $(691,000) versus $(321,000) for the 13 weeks ended March 30, 2024 and excludes: (i) a gain on the closure of El Rio Grande in the amount of $140,000 for the 13 weeks ended March 29, 2025, (ii) a goodwill impairment charge in the amount of $3,440,000 for the 13 weeks ended March 29, 2025, and (iii) the other items as set out in the table at the end of this news release. Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended March 29, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(9,258,000) or $(2.57) per basic and diluted share compared to a net loss of $(1,449,000) or $(0.40) per basic and diluted share for the 13 weeks ended March 30, 2024. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.

The Company's EBITDA, as adjusted, for the 26 weeks ended March 29, 2025 was $688,000 versus $2,251,000 for the 26 weeks ended March 30, 2024 and excludes: (i) a gain on the closure of the Tampa Food Court, net of non-controlling interests, in the amount of $3,365,000 for the 26 weeks ended March 29, 2025, (ii) a goodwill impairment charge in the amount of $3,440,000 for the 26 weeks ended March 29, 2025, and (iii) the other items as set out in the table below. Net loss attributable to Ark Restaurants Corp. for the 26 weeks ended March 29, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(6,094,000) or $(1.69) per basic and diluted share compared to a net loss of $(79,000) or $(0.02) per basic and diluted share, for the 26 weeks ended March 30, 2024.

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Papa Johns Announces First Quarter 2025 Financial Results

May 8, 2025 7:00 AM Eastern Daylight Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the first quarter ended March 30, 2025.

Highlights

• North America comparable sales were down 3% from a year ago as Domestic Company-owned restaurants were down 5% and North America franchised restaurants were down 2%; International comparable sales were up 3% compared with the prior year quarter.

• Opened 47 new restaurants systemwide, comprised of 18 restaurant openings in North America and 29 restaurant openings in International markets.

• Global system-wide restaurant sales were $1.22 billion, a 1%(a) increase compared with the prior year first quarter, as higher International comparable sales and trailing twelve-month net restaurant growth were partially offset by lower North American comparable sales.

• Total revenues of $518 million were up 1% compared with the prior year quarter as higher Commissary and Advertising Funds revenues were partially offset by lower revenues at our Company-owned restaurants.

• Net income was $9 million compared with $15 million in the prior year first quarter and adjusted EBITDA(b) was $50 million compared with $61 million in the prior year quarter.

• Diluted earnings per common share was $0.27 compared with $0.44 in the prior year quarter; adjusted diluted earnings per common share(b) was $0.36 compared with $0.67 last year.

CEO Commentary

“We are pleased with our continued progress in the first quarter to advance our transformation as we execute against our five key priorities. Our strategic investments in marketing and technology are driving early momentum in the business, and customers are responding positively to our strengthened value proposition and enhanced digital and loyalty experiences, as evidenced by sequential improvement in comparable sales and transactions,” said Todd Penegor, President and CEO.

“First quarter results were in line with our expectations, and we are confident we have the right team and strategy to grow restaurant sales, generate sustainable profits throughout the system, and build long-term value for all of our stakeholders,” Penegor added.

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Sweetgreen, Inc. Announces First Quarter 2025 Financial Results

May 8, 2025 4:05 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 first fiscal quarter ended March 30, 2025.

First quarter 2025 financial highlights

For the first quarter of fiscal year 2025, compared to the first quarter of fiscal year 2024:

• Total revenue was $166.3 million, versus $157.9 million in the prior year period, an increase of 5.4%.

• Same-Store Sales change of (3.1%), versus Same-Store Sales change of 5.0% in the prior year period.

• AUV of $2.9 million was consistent with the prior year period.

• Total Digital Revenue Percentage of 59.9% and Owned Digital Revenue Percentage of 31.9%, versus Total Digital Revenue Percentage of 58.9% and Owned Digital Revenue Percentage of 32.8% in the prior year period.

• Loss from operations was $(28.5) million and loss from operations margin was (17.2)%, versus loss from operations of $(26.9) million and loss from operations margin of (17.1)% in the prior year period.

• Restaurant-Level Profit(1) was $29.7 million and Restaurant-Level Profit Margin(1) was 17.9%, versus Restaurant-Level Profit of $28.5 million and Restaurant-Level Profit Margin of 18.1% in the prior year period.

• Net loss was $(25.0) million and net loss margin was (15.1)%, versus net loss of $(26.1) million and net loss margin of (16.5)% in the prior year period.

• Adjusted EBITDA(1) was $0.3 million, versus Adjusted EBITDA of $0.1 million in the prior year period; and Adjusted EBITDA Margin(1) was 0.2%, versus 0.1% in the prior year period.

• 5 Net New Restaurant Openings, versus 6 Net New Restaurant Opening in the prior year period.

(1) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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.”

"Sweetgreen’s first quarter results demonstrate the strength and adaptability of our operating model. In the face of a challenging industry landscape, we stayed true to our mission, driving innovation and elevating the guest experience," said Jonathan Neman, Co-Founder and Chief Executive Officer. "We believe the strength of our brand, our deep focus on the customer, and commitment to delivering a meaningful value proposition positions Sweetgreen well to navigate the current environment.”

"In the first quarter, Sweetgreen delivered a restaurant-level margin of 17.9%, ahead of our guidance range despite external headwinds," said Mitch Reback, Chief Financial Officer. “We believe our financial model, combined with a focus on innovation, will enable Sweetgreen to reach more communities, deepen guest engagement, and build a resilient platform for sustainable, long-term growth."

Results for the first quarter ended March 30, 2025:

Total revenue in the first quarter of fiscal year 2025 was $166.3 million, an increase of 5.4% versus the prior year period. This increase was primarily due to an increase of $13.7 million of incremental revenue associated with 30 Net New Restaurant Openings during or subsequent to the first quarter of fiscal year 2024. The increase in revenue was partially offset by a decrease in Comparable Restaurant Base revenue of $4.9 million, resulting in a negative Same-Store Sales Change of 3.1%, reflecting a 6.5% decrease in traffic and product mix, partially offset by a 3.4% benefit from menu price increases that were implemented subsequent to the thirteen weeks ended March 31, 2024.

Our loss from operations margin was (17.2)% for the first quarter of fiscal year 2025 versus (17.1)% in the prior year period. Restaurant-Level Profit Margin was 17.9%, a decrease of roughly 20 basis points versus the prior year period, due to a negative same-store sales change of 3.1% and increased restaurant-level advertising spend, partially offset by ingredient optimization, labor efficiencies, and reduced occupancy rates across recently opened stores.

General and administrative expense was $38.3 million, or 23.1% of revenue for the first quarter of fiscal year 2025, as compared to $36.9 million, or 23.4% of revenue in the prior year period. The increase in general and administrative expense was primarily due to an increase in our investment in marketing and advertising and spend across the Sweetgreen Support Center to support our restaurant growth. These costs were partially offset by decreases in management salary and bonus expense.

Net loss for the first quarter of fiscal year 2025 was $(25.0) million, as compared to $(26.1) million in the prior year period. The decrease in net loss was primarily due to a $1.2 million increase in our Restaurant-Level Profit, partially offset by an increase in depreciation and amortization expense primarily associated with an increase in new restaurants, as well as an increase in general and administrative expense as described above.

Adjusted EBITDA, which excludes stock-based compensation expense and certain other adjustments, was $0.3 million for the first quarter of fiscal year 2025, as compared to $0.1 million in the prior year period. This improvement was primarily due to an increase in Restaurant-Level Profit, partially offset by an increase in general and administrative expense, as described above.

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Good Times Restaurants Reports Results for the Fiscal 2025 Second Quarter Ended April 1, 2025

May 8, 2025 4:05 PM Eastern Daylight Time

DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the fiscal 2025 second quarter.

Key highlights of the Company’s financial results include:

• Total Revenues for the quarter decreased 3.3% to $34.3 million compared to the fiscal 2024 second quarter

• Same Store Sales 1 for company-owned Bad Daddy’s restaurants decreased 3.7% and Good Times restaurants decreased 3.6% for the quarter compared to the fiscal 2024 second quarter and are -1.1% and -1.9% year-to-date for our Bad Daddy’s and Good Times brands, respectively

• Net Loss Attributable to Common Shareholders was $0.6 million for the quarter

• Adjusted EBITDA 2 (a non-GAAP measure) was $1.0 million for the quarter

• The Company ended the quarter with $2.7 million in cash and $2.6 million of long-term debt

• The Company repurchased 54,835 shares of its common stock during the quarter

Ryan M. Zink, the Company’s Chief Executive Officer, said, “The second fiscal quarter was disappointing, though sales improved sequentially throughout the quarter; however, during the fiscal month of March same store sales declined approximately 2.2% for our Bad Daddy’s brand and declined approximately 0.4% for our Good Times brand.

Mr. Zink continued, “I am impressed with our ability to control costs at our Bad Daddy’s brand as our 13.6% Restaurant Level Operating Profit 2 margin matched the prior year despite the deleveraging pressure of lower average unit volumes. On Monday, we reintroduced our Birria Burger, an item we pioneered a year ago, which was a perfect fit to launch on Cinco de Mayo and to kick off National Burger Month. This burger, as well as our new Elote Street Corn Dip and Churro Shake, will continue through the middle of August. Additionally, during this same period, we are featuring our signature Bad Ass Margarita at a promotional price of eight dollars. In April, we introduced the Smash n’ Stack burger, the newest addition to our lineup of smashed-patty burgers, a value-oriented bacon double cheeseburger at a price of $11.95, a substantial value for a half-pound burger. Nearly five years ago, we moved to an a la carte model, separating sides from the prices of our burgers and sandwiches; however, we have recently conducted experiments to restructure the menu around a side-included pricing model with strong initial results and expect to roll this model to all stores prior to the end of the June quarter. Finally, during the quarter, we tested connected TV and streaming video advertising in our northern Colorado market and in the far northern suburbs of Atlanta, with promising results. We are expanding this advertising during the remainder of the June quarter as we continue to evaluate the effectiveness of this previously untried advertising medium for the Bad Daddy’s brand.”

Mr. Zink continued, “Good Times’ performance during the quarter experienced both sales declines and margin compression, most notably due to the continued discounting by our competitors. To improve our current position, we are re-evaluating our media mix, as radio has proven less effective than it has in the past and we will be experimenting with the same streaming video and connected TV media that have initially driven incremental sales at Bad Daddy’s. Further, Craig Soto, our newly appointed Good Times Director of Operations, has been charged with improving both restaurant-level execution, delivering a higher quality and more consistent product and guest experience; and improving restaurant-level profitability. In partnership with our culinary leader, Mr. Soto has initiated a review of our entire menu, examining modern relevance, operations effectiveness, and profitability of each menu category and menu item. We are making great progress in our remodel program, with two-thirds of the system remodeled. We are continuing to remodel our restaurants during the balance of this year and have two restaurants that require more significant work and expect those to be remodeled during fiscal 2026.”

“Beyond the restaurant-level, there are other adjustments we are making to improve effectiveness, efficiency, and profitability within the Company. Our current purchasing leader will be retiring at the end of the June quarter, and we have filled that role internally with a product and operations expert who is eager and well prepared to handle the role. Further, we have reduced the number of multi-unit leaders at Bad Daddy’s and are examining opportunities to do so at Good Times, while at the same time increasing the strength of leadership and supervision provided at the immediate above-restaurant level. From a capital deployment perspective, we have temporarily paused repurchases under our share repurchase program and are redirecting cash flow into cash accumulation and repayment of debt to maintain balance sheet strength through greater liquidity,” Zink concluded.

View full version at Good Times Restaurants

Restaurant Brands International Inc. Reports First Quarter 2025 Results

May 08, 2025, 06:30 ET

Consolidated system-wide sales grow 2.8% year-over-year, including 8.6% in International

Global comparable sales of 0.1%, or over 1% adjusting for Leap Day(a) 

RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025

MIAMI, Fla., May 8, 2025 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2025. Josh Kobza, Chief Executive Officer of RBI commented, "We are making solid progress executing the fundamentals of our business, despite a slower start to the year. We have clear growth plans across each of our brands and strong alignment with our franchisees. We're seeing encouraging momentum in Q2 and combined with responsible cost management, are on track to deliver stronger results through the balance of the year and achieve at least 8 percent organic adjusted operating income growth in 2025."

Items Affecting Comparability and Restaurant Holdings Segment Reminder
Restaurant Holdings Segment

We completed the acquisitions of Carrols Restaurant Group Inc. ("Carrols") ("the Carrols Acquisition") and Popeyes China ("PLK China") ("the PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively. Our consolidated results include Carrols and PLK China revenues, expenses and segment income from their acquisition dates.

Following the Carrols and PLK China Acquisitions, RBI established a new operating and reportable segment, Restaurant Holdings (RH), which includes results from the Carrols Burger King restaurants, the PLK China restaurants and, beginning in 2025, Firehouse Subs Brazil ("FHS Brazil"). RBI reports results under six operating and reportable segments consisting of four franchisor segments for the Tim Hortons, Burger King, Popeyes and Firehouse Subs brands in the U.S. and Canada (TH, BK, PLK, and FHS), a fifth franchisor segment for all of our brands in the rest of the world (INTL), and RH. 

RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments ("five franchisor segments") to report results consistent with how the business will be managed long-term given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. RH results include Company Restaurant Sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation. For more information please review the "Restaurant Holdings Intersegment Dynamics" presentation dated August 8, 2024 posted on our IR website under "Events & Presentations". 

Update to Presentation of Adjusted Operating Income

Beginning with our year-end 2024 results, RBI updated its presentation of Adjusted Operating Income by defining Segment Franchise and Property Expenses ("Segment F&P Expenses") which exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization. These items were previously included in each segment's franchise and property expenses and added back as an adjustment to Adjusted Operating Income. This presentation change does not impact Adjusted Operating Income or Consolidated results.  

Acquisition of Burger King China and Treatment as Held for Sale

On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China") from our former joint venture partners. BK China has been classified as held for sale and reported as discontinued operations, as we are actively working to identify a new controlling shareholder. This aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.

Held for sale is defined as those assets and liabilities, or groups of assets and liabilities, for which management has committed to a plan for sale and that are available for immediate disposition in their current condition. These are expected to be sold within one year and are accounted for and reported separately from our continuing operations. Results for BK China are therefore reported as discontinued operations in our financial statements. That said, BK China KPIs continue to be included in our International segment KPIs. 

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RAVE Restaurant Group, Inc. Reports Third Quarter 2025 Results

May 08, 2025 09:01 ET

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter of fiscal 2025 ended March 30, 2025.

Third Quarter Highlights:

• The company recorded net income of $0.7 million for the third quarter of fiscal 2025, a 10.4% increase from the same period of the prior year.

• Income before taxes increased by $0.1 million to $1.0 million for the third quarter of fiscal 2025 compared to the same period of the prior year, an 11.2% increase.

• Total revenue was $3.0 million for the third quarter of fiscal 2025, the same as it was in the same period of the prior year.

• Adjusted EBITDA increased by $0.1 million to $1.0 million for the third quarter of fiscal 2025 compared to the same period of the prior year, a 13.2% increase.

• On a fully diluted basis, net income per share increased by $0.01 to $0.05 for the third quarter of fiscal 2025 compared to $0.04 in the same period of the prior year.

• Pizza Inn domestic comparable store retail sales increased 2.5% in the third quarter of fiscal 2025 compared to the same period of the prior year.

• Pie Five domestic comparable store retail sales decreased 5.6% in the third quarter of fiscal 2025 compared to the same period of the prior year.

• Cash and cash equivalents were $0.7 million on March 30, 2025.

• Short-term investments were $8.0 million on March 30, 2025.

• Rave repurchased 500,000 shares of common stock for $1.2 million in the third quarter.

• Pizza Inn domestic unit count finished at 98.

• Pizza Inn international unit count finished at 20.

• Pie Five domestic unit count finished at 19.

“Quarter Three represented our 20th consecutive quarter of profitability as we continue to deliver profitable operating results,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.

“New marketing and existing strategic initiatives delivered both a strong top and bottom line in quarter three," continued Solano. “During the third quarter, we tested a new value driven promotion called I$8 at Pizza Inn, or as spoken ‘I ate at Pizza Inn’. The offer allows guests to dine at our buffets for $8.00 all day on weekdays. To date, we have introduced the promotion to two stores supported by an aggressive marketing campaign and have seen year-over-year sales increases of over twenty percent. We will roll the promotion accompanied by media out to twelve additional lower to mid volume buffet stores in quarter four.”

Solano added, “We continue to build our pipeline for both new and reimaged stores. We expect to have eight to ten reimages completed by the end of the fiscal year and the reimage results continue to be very positive. Not only is the physical appearance much improved, so are sales. For the reimages completed to date, the average sales lift compared to the rest of the brand is a 7.6% increase with an average return on investment of 56%”

“The operational improvements that doubled the make-line capacity at Pie Five have resulted in sales increases in the third quarter,” reported Vice President of Operations Zack Viljoen, adding “Average wait times for guests 10th in line have dropped from 20 minutes to just 9, in-store throughput has nearly doubled, and operations are running more consistently with faster, smoother service and multiple stores set sales records during the quarter after implementing the changes.”

Chief Financial Officer Jay Rooney added, “It was great to see the fruits of the team’s labor as our initiatives delivered positive movement in same store sales. Nineteen Pizza Inn and three Pie Five restaurants had their highest sales weeks since at least 2018. Also impressive was the bottom-line growth, as we have grown pre-tax income by $96,000 for the quarter and $484,000 for the year to date from the same periods in the prior year.” 

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Farmer Brothers Coffee reports third quarter fiscal 2025 financial results

May 08, 2025 16:15 ET

Third quarter fiscal 2025 net sales of $82.1 million
Third quarter fiscal 2025 gross margin increase of 200 basis points year-over-year to 42.1%
Reported third quarter net loss of $5 million and improved adjusted EBITDA1 of $1.7 million
Completion of the company’s brand pyramid and SKU rationalization initiative with the launch of its specialty coffee brand, Sum>One Coffee Roaster

FORT WORTH, Texas, May 08, 2025 (GLOBE NEWSWIRE) -- Farmer Bros. Coffee Co. (NASDAQ: FARM) today reported its third quarter fiscal 2025 financial results for the period ended March 31, 2025. The company filed its Form 10-Q, which can be found on the Investor Relations section of the company’s website.

“The third quarter was another solid quarter for Farmer Brothers,” said President and Chief Executive Officer John Moore. “We realized our third straight quarter of positive adjusted EBITDA, maintained gross margins above 42% and saw continued improvement in our cost structure with decreases in our selling and general and administrative expenses. These results are a testament to the work our team continues to do to streamline operations, increase efficiencies and better manage our overall cost structure as we proactively work to navigate this challenging market environment.

“In addition, the launch of our Sum>One specialty coffee brand also marked the completion of our more than 12-month brand pyramid and SKU rationalization initiatives. With our fully implemented brand pyramid, we now have a tiered go-to-market strategy, which allows our customers to move up and down the value chain to meet their current business needs – something we believe will continue to set Farmer Brothers apart.”

Third quarter 2025 business highlights

• Launch of its new specialty coffee brand, Sum>One Coffee Roasters.

• Completion of the company’s brand pyramid and coffee SKU rationalization initiative.

• Restructuring among its support and corporate leadership teams, including the promotion of Travis Young to vice president of field operations.

Third quarter fiscal 2025 financial results

• Net sales of $82.1 million compared to $85.4 million in the third quarter of fiscal 2024.

• Gross profit of $34.5 million, or 42.1%, compared to $34.2 million, or 40.1%, in the prior year period.

• Operating expenses were $38.1 million compared to $34.7 million in the prior year period. The $3.4 million increase was primarily driven by a $5.3 million decrease in net gains related to asset disposals as there were no branch sales in the third quarter of fiscal 2025.

• Net loss was $5 million, which included a $2.4 million net loss associated with the disposal of assets, compared to a $700,000 net loss in the third quarter of fiscal 2024, which included a $2.9 million net gain associated with disposal of assets.

• Adjusted EBITDA1 was $1.7 million, an increase of almost $1.5 million, compared to $271,000 in the third quarter of fiscal 2024.

1 Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Financial Measures" below for an explanation and reconciliation of adjusted EBITDA and other related non-GAAP measures to comparable GAAP measures.

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Texas Roadhouse, Inc. Announces First Quarter 2025 Results

Declares Quarterly Dividend of $0.68 per Share

May 08, 2025 16:03 ET

LOUISVILLE, KY., May 08, 2025 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended April 1, 2025.

Financial Results

Financial results for the 13 weeks ended April 1, 2025 and March 26, 2024 were as follows:

           13 Weeks Ended($000's, except per share amounts) April 1, 2025 March 26, 2024 % change Total revenue $1,447,648 $1,321,217 9.6%Income from operations  134,733  133,128 1.2%Net income  113,662  113,206 0.4%Diluted earnings per share $1.70 $1.69 1.0%

Results for the 13 weeks ended April 1, 2025, as compared to the prior year as applicable, included the following:

• Comparable restaurant sales increased 3.5% at company restaurants;

• Average weekly sales at company restaurants were $163,071 of which $22,146 were to-go sales as compared to average weekly sales of $159,378 of which $20,815 were to-go sales in the prior year;

• Restaurant margin dollars increased 4.7% to $239.3 million from $228.4 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 77 basis points to 16.6% as commodity inflation of 2.1% and wage and other labor inflation of 4.6% were partially offset by higher sales;

• Diluted earnings per share increased 1.0% primarily driven by the impact of share repurchases and higher restaurant margin dollars partially offset by higher depreciation and amortization expenses and higher general and administrative expenses;

• Eight company restaurants were opened; and

• Capital allocation spend included capital expenditures of $77.4 million, franchise acquisitions of $78.3 million, dividends of $45.2 million, and repurchases of common stock of $50.2 million.

Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased to report that our operators successfully navigated us through a number of challenges this quarter and once again delivered traffic growth across all three of our brands. During this period of economic uncertainty, as always, we remain focused on the fundamentals of our business and on what we can control, which is creating an environment where our Roadies want to work and our guests want to dine.”

Morgan added, “We continue to consistently grow our business through new store development, which included the opening of our 50th Bubba’s 33 restaurant this quarter. Additionally, we are committed to our proven capital allocation strategy of utilizing operating cashflow to fund our development pipeline, maintain our existing restaurants, and pursue franchise acquisitions while also returning capital to our shareholders through the payment of quarterly dividends and share repurchases.”

2025 Outlook

Comparable restaurant sales at company restaurants for the first five weeks of our second quarter of fiscal 2025 increased 5.0% compared to 2024. In addition, the Company implemented a menu price increase of approximately 1.4% in early April.

Management updated the following expectation for 2025:

• Commodity cost inflation of approximately 4%, including the estimated impact of tariffs.

Management reiterated the following expectations for 2025:

• Positive comparable restaurant sales growth, including the benefit of menu pricing actions;

• Store week growth of approximately 5%;

• Wage and other labor inflation of 4% to 5%;

• An effective income tax rate of 15% to 16%; and

• Total capital expenditures of approximately $400 million.

Cash Dividend Payment

On May 7, 2025, the Company’s Board of Directors approved the payment of a quarterly cash dividend of $0.68 per share of common stock. This payment will be distributed on July 1, 2025, to shareholders of record at the close of business on June 3, 2025.

View full version at Texas Roadhouse

FAT BRANDS INC. REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS

May 08, 2025 16:05 ET

Conference call and webcast today at 5:30 p.m. ET

LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal first quarter ended March 30, 2025.

Andy Wiederhorn, Chairman of FAT Brands, said, “We started 2025 with strong momentum, opening 23 new locations in the first quarter, a 37% increase over last year’s quarter. We remain on track to achieve our target of over 100 new restaurant openings this year, supported by our robust development pipeline of approximately 1,000 signed agreements. Our co-branding initiatives continue to gain traction, with successful launches including our first Round Table Pizza and Marble Slab Creamery pairing, demonstrating our commitment to innovative growth strategies. Additionally, we are expanding internationally, having secured new agreements to open 40 locations across France, consisting of both our Fatburger and Buffalo’s Cafe concepts.”

Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer of FAT Brands, said, “The successful spin-off of Twin Hospitality Group Inc. marks a significant strategic milestone for FAT Brands. This transaction delivered a $50 million dividend to our shareholders through the distribution of Twin Hospitality Group’s Class A Common Stock, while maintaining our ownership of the remaining shares. As we progress through 2025, we remain focused on strengthening our balance sheet while driving operational efficiencies across our portfolio.”

Taylor Wiederhorn, Co-Chief Executive Officer of FAT Brands, said “Our strategy to return to a nearly 100% franchised model is advancing with the planned refranchising of our 57 company-operated Fazoli’s restaurants. This follows our successful amendment of the Fazoli’s securitization, which provides enhanced financial flexibility. Combined with our manufacturing capabilities expansion, including our first third-party contract with a national restaurant entertainment chain, which we expect to execute on in the second quarter, we are well-positioned to drive sustainable growth and shareholder value.”

Fiscal First Quarter 2025 Highlights

• Total revenue declined 6.5% to $142.0 million compared to $152.0 million in the fiscal first quarter of 2024

  • System-wide sales declined 1.8%

  • System-wide same-store sales declined 3.4%

  • 23 new store openings during the fiscal first quarter of 2025

• Net loss of $46.0 million, or $2.73 per diluted share, compared to $38.3 million, or $2.37 per diluted share, in the fiscal first quarter of 2024

• EBITDA(1) of $2.1 million compared to $9.4 million in the fiscal first quarter of 2024

• Adjusted EBITDA(1) of $11.1 million compared to $18.2 million in the fiscal first quarter of 2024

• Adjusted net loss(1) of $38.7 million, or $2.32 per diluted share, compared to adjusted net loss(1) of $32.9 million, or $2.05 per diluted share, in the fiscal first quarter of 2024

(1) EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.

View full version at FAT Brands

TWIN HOSPITALITY GROUP INC. REPORTS FISCAL FIRST QUARTER 2025 FINANCIAL RESULTS

May 08, 2025 16:40 ET

Lists as public company on the NASDAQ under the ticker TWNP

Completes second company-owned Smokey Bones conversion to Twin Peaks Lodge in Brandon, Florida

Opens new franchised Twin Peaks Lodge in Algonquin, Illinois

Hosting conference call and webcast today at 5:15 PM ET

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (NASDAQ: TWNP) (“Twin Peaks” or the “Company”) today reported financial results for the fiscal first quarter ended March 30, 2025.

“Our strong operational foundation, innovative menu and comprehensive sports programming calendar position us well to execute on our strategic growth initiatives and deliver value to our stakeholders. As we celebrate our 20th anniversary of delivering exceptional experiences, we are gratified to have recently been honored with the Black Box Intelligence 2025 Voice of the Customer Award, validating this long-standing commitment,” said Ken Kuick, Interim Chief Executive Officer and Chief Financial Officer of Twin Hospitality Group Inc.

“Despite industry-wide headwinds, we grew system-wide sales at Twin Peaks during the first quarter by 5% to $146.3 million, driven by the strength of our new company-owned restaurants. Our focus on high-margin beverage sales also continues to differentiate the Twin Peaks brand, with alcohol comprising nearly 50% of restaurant revenue. We also opened two new lodges, including our second successful Smokey Bones conversion in Brandon, Florida, and a franchised location in Algonquin, Illinois, bringing our total system to 116 locations.”

“However, due to construction delays, we now plan to open three to four new units this year. The remaining openings consist of converting one franchised and one company-owned Smokey Bones into Twin Peaks lodges. Our robust development pipeline currently consists of 100 franchise agreements, including a recent five-unit development deal that will introduce Twin Peaks to South Dakota and Montana.”

View full version at Twin Hospitality

The ONE Group Reports First Quarter 2025 Financial Results

May 7, 2025 4:05 PM Eastern Daylight Time

Revenues Increased 148.4% to $211.1 Million
Benihana Same Store Sales Increased 0.7% and STK Transactions Increased 4.1%

DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the first quarter ended March 30, 2025.

Highlights for the first quarter 2025 compared to the same quarter in 2024 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):

• Total GAAP revenues increased 148.4% to $211.1 million from $85.0 million;

• Consolidated comparable sales* decreased 3.2%;

• Operating income increased $11.3 million to $10.7 million from an operating loss of $0.6 million;

• Restaurant EBITDA** increased 162.7% to $34.0 million from $12.9 million;

• GAAP net loss available to common stockholders was $6.6 million, or $0.21 net loss per share ($0.14 adjusted net income per share)***, compared to GAAP net loss available to common stockholders of $2.1 million, or $0.07 net loss per share ($0.02 adjusted net loss per share)***

• Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 233% to $25.2 million from $7.6 million.

“We were pleased that revenues, comparable sales and adjusted EBITDA reached or exceeded the higher end of our guided ranges. These accomplishments were driven by another quarter of sequential improvement in our comparable sales trend, positive comparable sales at our Benihana restaurants and strong positive transaction growth of 4.1% at our flagship STK brand. Notably, adjusted EBITDA grew 233% to $25.2 million, significantly exceeding our top-line growth and demonstrating our ability to increase profitability through the execution of our initiatives, tight cost management and our growing economies of scale. We are reiterating our full year guidance for 2025 and remain on track to deliver at least $20 million in acquisition synergies by 2026,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

“In 2025, we plan to open five to seven new venues. Over the long term, we aim to balance our significant unit growth opportunities between company-owned and asset-light development, driving shareholder returns while maintaining flexibility in our balance sheet," Hilario concluded.

View full version at The ONE Group

Bloomin’ Brands Announces 2025 Q1 Financial Results

May 7, 2025 7:00 AM Eastern Daylight Time

Q1 Diluted EPS of $0.50 and Q1 Adjusted Diluted EPS of $0.59

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2025 (“Q1 2025”) compared to the first quarter 2024 (“Q1 2024”).

CEO Comments
“We continue to make progress on our operating priorities to simplify the business and consistently deliver a great guest experience while balancing our longer-term priorities to turnaround Outback and drive sustainable sales and profit growth,” said Mike Spanos, CEO. “We are navigating a choppy macro environment and are leaning in to our abundant everyday value offerings. This is reflected in our current guidance.”

Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings (loss) per share from continuing operations to Adjusted diluted earnings per share from continuing operations for the periods indicated (unaudited):

• The decrease in Total revenues was primarily due to the net impact of restaurant closures and openings and a decrease in comparable restaurant sales.

• GAAP operating income margin from continuing operations decreased from Q1 2024 primarily due to a decrease in restaurant-level operating margin, as detailed below, and severance and other costs incurred as a result of transformational and restructuring initiatives. These decreases were partially offset by Q1 2024 impairment and closure costs in connection with the Q1 2024 closure of 36 U.S. restaurants.

• Restaurant-level operating margin from continuing operations decreased from Q1 2024 primarily due to: (i) lower revenues, as discussed above, (ii) higher operating, labor and commodity costs, primarily due to inflation, and (iii) unfavorable product cost mix. These decreases were partially offset by an increase in average check per person, primarily due to pricing, and the impact of certain cost-saving and productivity initiatives.

• Adjusted income from continuing operations primarily excludes Q1 2024 impairment and closure costs in connection with the Q1 2024 closure of 36 U.S. restaurants, and severance and other costs incurred in Q1 2025 as a result of transformational and restructuring initiatives.

View full version at Bloomin’ Brands

Performance Food Group Company Reports Third-Quarter and First-Nine Months Fiscal 2025 Results

May 7, 2025 7:00 AM Eastern Daylight Time

Strong Sales Momentum; Updates Full-Year Financial Guidance

Third-Quarter Fiscal 2025 Highlights

• Total case volume increased 10.0%

• Total Independent Foodservice case volume increased 20.0%

• Organic Independent Foodservice case volume increased 3.4%

• Net sales increased 10.5% to $15.3 billion

• Gross profit improved 16.2% to $1.8 billion

• Net income decreased 17.2% to $58.3 million

• Adjusted EBITDA increased 20.1% to $385.1 million1

• Diluted Earnings Per Share (“EPS”) decreased 17.8% to $0.37

• Adjusted Diluted EPS decreased 1.3% to $0.791

First-Nine Months Fiscal 2025 Highlights

• Total case volume increased 7.4%

• Total Independent Foodservice case volume increased 15.6%

• Organic Independent Foodservice case volume increased 4.2%

• Net sales increased 7.6% to $46.4 billion

• Gross profit improved 12.1% to $5.4 billion

• Net income decreased 22.5% to $208.7 million

• Adjusted EBITDA increased 16.2% to $1,220.0 million1

• Diluted EPS decreased 22.1% to $1.34

• Adjusted Diluted EPS increased 2.5% to $2.921

• Operating Cash Flow of $827.1 million

• Free cash flow of $494.4 million1

RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its third-quarter and first-nine months fiscal 2025 business results.

“Our organization rose to the challenges in the quarter and is on strong footing for the remainder of the year,” said George Holm, PFG’s Chairman & Chief Executive Officer. “While our fiscal third-quarter results were not as strong as we had anticipated, our Company is executing well, and we are making good progress integrating Cheney Brothers and José Santiago. There are signs that the consumer has remained resilient in the early weeks of our fiscal fourth quarter. As the result of a difficult February period, we are updating our full-year fiscal 2025 guidance and are confident in our fiscal fourth-quarter projections."

View full version at Performance Food Group

Dine Brands Global, Inc. Reports First Quarter 2025 Results

May 7, 2025 7:00 AM Eastern Daylight Time

PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the first quarter of fiscal year 2025.

"As we navigate the current operating environment, the fundamentals of our business remain strong, and since the second half of the quarter, we’re seeing steady improvement across sales, traffic, and our development pipeline," said John Peyton, Chief Executive Officer of Dine Brands Global, Inc. "We're advancing our long-term strategy by executing the near-term priorities outlined last quarter—enhancing the guest experience, strengthening our menu and value platforms, and driving clearer value messaging through marketing. We’re making great progress, and our team and franchisees are focused on continuing the positive momentum."

Vance Chang, Chief Financial Officer of Dine Brands Global, Inc., added, "While we continue to see the impact of consumer price sensitivity, our asset-light business model remains steady with solid cash flow, enabling us to invest in our brands and system to drive performance and continue returning capital to our shareholders."

Domestic Restaurant Sales for the First Quarter of 2025

• Applebee’s year-over-year domestic comparable same-restaurant sales declined 2.2% for the first quarter of 2025. Off-premise sales accounted for 23.5% of sales mix in the first quarter of 2025 representing per restaurant average weekly sales of approximately $12,800.

• IHOP’s year-over-year domestic comparable same-restaurant sales declined 2.7% for the first quarter of 2025. Off-premise sales accounted for 21.2% of sales mix in the first quarter of 2025, representing per restaurant average weekly sales of approximately $7,700.

First Quarter of 2025 Summary

• Total revenues for the first quarter of 2025 were $214.8 million compared to $206.2 million for the first quarter of 2024. The increase was primarily due to an increase in company restaurant sales attributable mainly to the acquisition of 47 Applebee’s restaurants in the fourth quarter of 2024 partially offset by a decrease in franchise revenues primarily resulting from negative comparable same-restaurant sales growth and fewer franchise restaurants at Applebee’s and IHOP.

• General and Administrative (“G&A”) expenses for the first quarter of 2025 were $51.3 million compared to $52.2 million for the first quarter of 2025. The variance was primarily attributable to a decrease in compensation-related expenses offset by an increase in legal and professional services fees.

• GAAP net income available to common stockholders was $7.8 million, or earnings per diluted share of $0.53, for the first quarter of 2025 compared to net income available to common stockholders of $17.0 million, or earnings per diluted share of $1.13 for the first quarter of 2024. The decrease was primarily due to a decrease in segment profit and an increase in closure and impairment charges partially offset by a decrease in G&A expenses.

• Adjusted net income available to common stockholders was $15.4 million, or adjusted earnings per diluted share of $1.03, for the first quarter of 2025 compared to adjusted net income available to common stockholders of $19.9 million, or adjusted earnings per diluted share of $1.33, for the first quarter of 2024. The decrease was primarily due to a decrease in segment profit partially offset by a decrease in G&A expenses and a decrease in cash interest expense. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income available to common stockholders to adjusted net income available to common stockholders.)

• Consolidated adjusted EBITDA for the first quarter of 2025 was $54.7 million compared to $60.8 million for the first quarter of 2024. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income to consolidated adjusted EBITDA.)

• Cash flows provided by operating activities for the first quarter of 2025 were $16.1 million. This compares to cash flows provided by operating activities of $30.6 million for the first quarter of 2024. The decrease was primarily due to unfavorable decrease in working capital resulting from the timing of rent payments and collection of a tax settlement in the prior period as well as a decrease in segment profit partially offset by a decrease in incentive compensation payments.

• Adjusted free cash flow was $14.6 million for the first quarter of 2025. This compares to adjusted free cash flow of $29.7 million for the first quarter of 2024. (See “Non-GAAP Financial Measures” for reconciliation of the Company’s cash provided by operating activities to adjusted free cash flow.)

• Development activity by Applebee’s and IHOP franchisees for the first quarter of 2025 resulted in nine new restaurant openings and the closure of 39 restaurants.

View full version at Dine Brands

Portillo’s Inc. Announces First Quarter Financial Results

May 06, 2025 08:00 ET

CHICAGO, May 06, 2025 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 30, 2025.

Financial Highlights for the First Quarter 2025 vs. First Quarter 2024:

• Total revenue increased 6.4% or $10.6 million to $176.4 million;

• Same-restaurant sales increased 1.8%;

• Operating income increased $0.3 million to $10.4 million;

• Net income decreased $1.4 million to $4.0 million;

• Restaurant-Level Adjusted EBITDA(1) increased $0.3 million to $36.7 million; and

• Adjusted EBITDA(1) decreased $0.6 million to $21.2 million.

(1) Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release.

“We’re proud of how our team performed through challenging macro conditions in Q1, driven by the launch of Portillo’s Perks and our marketing efforts,” said Michael Osanloo, President and Chief Executive Officer of Portillo’s. “As we head into Q2, we’re carrying momentum and remain confident in our ability to drive traffic and build sales through brand awareness, digital engagement, and operational excellence.”

Recent Developments and Trends

In the quarter ended March 30, 2025, total revenue grew 6.4% or $10.6 million primarily due to new restaurant openings in 2024 and an increase in same-restaurant sales. Same-restaurant sales increased 1.8% during the quarter ended March 30, 2025, compared to a 1.2% same-restaurant sales decline during the quarter ended March 31, 2024. Change in same-restaurant sales is defined below.

In the quarter ended March 30, 2025, commodity inflation was 3.4%, compared to 4.8% for the quarter ended March 31, 2024. Labor, as a percentage of revenue, net increased 0.5% during the quarter ended March 30, 2025, compared to the quarter ended March 31, 2024, primarily due to lower transactions, an increase in benefit expenses, and incremental wage rate increases, partially offset by an increase in our average check and labor efficiencies. We increased certain menu prices by approximately 1.5% during January of 2025 and by approximately 1.0% in April 2025. We will continue to prioritize strategies to drive higher traffic and mix at our restaurants while optimizing returns and retaining our top talent.

In the quarter ended March 30, 2025, total revenue, operating income, and restaurant-level adjusted EBITDA improved versus the prior year.

Our strategy is focused on driving traffic, improving margins, and maximizing returns. In 2025, our traffic driving strategies include (1) the launch of our "Portillo's Perks” TM loyalty program, (2) advertising beyond Chicagoland, (3) operational improvements in speed of service, accuracy and hospitality, and (4) driving kiosk usage. Additionally, early in the second quarter, we announced that we are testing breakfast at five locations in Chicagoland.

View full version at Portillo’s

First Watch Restaurant Group, Inc. Reports Q1 2025 Financial Results

May 06, 2025 07:00 ET

Total revenues increased 16.4%
Net loss of $(0.8) million and Adjusted EBITDA of $22.8 million
13 new system-wide restaurants opened in 10 states

BRADENTON, Fla., May 06, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended March 30, 2025 (“Q1 2025”).

"First quarter same restaurant traffic results are encouraging and continued the trends we experienced exiting 2024, demonstrating both the strength and the resilience of the First Watch brand,” said Chris Tomasso, CEO and President of First Watch. “Additionally, the continuing success from our new restaurant openings serves as a significant long-term value creator. Despite the uncertainty present in the coming macroeconomic environment, both the 2024 and 2025 NRO classes continue to exceed expectations, and our development pipeline for the remainder of the year and beyond remains robust."

Highlights:

• Total revenues increased 16.4% to $282.2 million in Q1 2025 from $242.4 million in Q1 2024

• System-wide sales increased 11.5% to $323.0 million in Q1 2025 from $289.6 million in Q1 2024

• Same-restaurant sales growth of 0.7%

• Same-restaurant traffic growth of negative 0.7%

• Income from operations margin decreased to 0.4% in Q1 2025 from 5.1% in Q1 2024

• Restaurant level operating profit margin* decreased to 16.5% in Q1 2025 from 20.8% in Q1 2024

• Net income (loss) decreased to $(0.8) million, or $(0.01) per diluted share, in Q1 2025 from $7.2 million, or $0.12 per diluted share, in Q1 2024

• Adjusted EBITDA* decreased to $22.8 million in Q1 2025 from $28.6 million in Q1 2024

• Opened 13 system-wide restaurants in 10 states, 1 closure, resulting in a total of 584 system-wide restaurants (498 company-owned and 86 franchise-owned) across 30 states

___________________
* See Non-GAAP Financial Measures Reconciliations section below.

For additional financial information related to Q1 2025, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2025, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.

Updated Outlook Fiscal Year 2025

Based upon first quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025:

• Adjusted EBITDA(1) in the range of $114.0 million to $119.0 million(2)

• Blended tax rate of 45.0%-50.0%

The Company confirmed the following guidance metrics for the 52-week fiscal year ending December 28, 2025:

• Same-restaurant sales growth percentage in the positive low-single digits with flat-to-slightly positive same-restaurant traffic growth percentage

• Total revenue growth of ~20.0%(2)

• Total of 59 to 64 new system-wide restaurants, net of 3 company-owned restaurant closures (55 to 58 new company-owned restaurants and 7 to 9 new franchise-owned restaurants).

• Capital expenditures in the range of $150.0 million to $160.0 million invested primarily in new restaurant projects and planned remodels(3)

View full version at First Watch

DoorDash Releases First Quarter 2025 Financial Results

May 6, 2025 7:00 AM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter ended March 31, 2025.

In Q1 2025, we generated new quarterly records for Total Orders, Marketplace GOV, revenue, and GAAP net income. We believe these results reflect our relentless focus on building great products for consumers, merchants, and Dashers in the communities we serve around the world. We are very pleased with our financial performance and ability to execute against key strategic priorities so far in 2025.

In addition to our Q1 2025 results, we are pleased to announce we have reached an agreement to acquire SevenRooms Inc., a New York City-based software company and a global leader in hospitality technology, in addition to our recently announced proposed offer to acquire Deliveroo plc. We believe both SevenRooms and Deliveroo will expand our ability to build world class services that increase our potential to grow local commerce and support our financial goals.

First Quarter 2025 Key Financial Metrics

• Total Orders increased 18% year-over-year (Y/Y) to 732 million and Marketplace GOV increased 20% Y/Y to $23.1 billion.

• Revenue increased 21% Y/Y to $3.0 billion. Net Revenue Margin remained flat Y/Y at 13.1%.

• GAAP net income (loss) attributable to DoorDash, Inc. common stockholders increased to $193 million from $(23) million in Q1 2024.

• Adjusted EBITDA increased to $590 million from $371 million in Q1 2024.

Operational Highlights

We made meaningful progress in several areas in Q1 2025, including improving our offerings in the U.S. restaurant category, expanding our ability to serve multiple categories, broadening our geographic reach, growing the value proposition of our membership programs, and increasing the number of ways we help merchants build and grow their businesses. We saw our work reflected in several output metrics like merchant additions, monthly active users (MAUs1), and DashPass and Wolt+ members, as well as in our key financial metrics.

In our U.S. Marketplace in Q1 2025, we expanded selection, reduced defect rates, lowered average delivery times, and improved personalization. This helped us drive year-over-year (Y/Y) growth in U.S. MAUs in March 2025 that was consistent with Y/Y growth in December 2024. Initial engagement among our new DoorDash consumer cohorts remained healthy in Q1 2025 and in line with average levels over the last year.2 Across our Marketplaces, average order frequency3 increased to an all-time high, with an increasing percentage of MAUs engaging across multiple categories.

In Q1 2025, Y/Y growth in Total Orders in our U.S. Marketplace remained healthy and consistent with average Y/Y growth over the last year. In our grocery category in particular, we are seeing strong signs of increasing consumer trust. In Q1 2025, more consumers ordered groceries from us than ever before, with accelerating average spend per grocery consumer and increasing average spend on perishables. We are excited by this progress, but continue to believe creating a grocery experience that exceeds the in-store experience requires significant further innovation and improvements in execution.

Y/Y growth in DashPass and Wolt+ members exiting Q1 2025 accelerated slightly compared to Y/Y growth exiting Q4. Transactional savings remain the primary value proposition for DashPass and Wolt+, which means increasing the breadth and quality of our Marketplaces is still the most effective way to attract more members. However, our team has also worked hard to expand the value proposition and improve our marketing and processes. In Q1 2025, these efforts helped drive increased trial memberships and reduced churn among paid members, both of which contributed to the overall growth in overall members.

Outside the U.S., we are focused on executing against many of the same principles and goals as we are inside the U.S., including: expanding to categories beyond restaurants, building new tools to help merchants grow their businesses, offering the best membership program in local commerce, and constantly striving to improve execution. Y/Y growth in international MAUs continued to grow at a double-digit pace throughout Q1 2025. In our Wolt branded countries, we more than doubled Wolt+ members exiting Q1 2025 compared to the end of Q1 2024. Y/Y growth in Total Orders across our international Marketplaces in Q1 2025 remained well above Y/Y growth in Total Orders in our U.S. Marketplace.

We are conscious of the potential for changes in consumer demand and regularly monitor several metrics of engagement to assess the impact of various factors on our business. So far in 2025, consumer demand on our Marketplaces has remained strong, with engagement across different consumer cohorts and types that we believe is consistent with typical seasonal patterns. Our primary focus continues to be on expanding the quality and breadth of the products we offer and consistently improving our order-level execution, as we believe this is the best way to drive long-term value for consumers, merchants, Dashers, and our shareholders.

View full version at DoorDash

Denny’s Corporation Reports Results for First Quarter 2025

May 05, 2025 16:05 ET

SPARTANBURG, S.C., May 05, 2025 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's"), today reported results for its first quarter ended March 26, 2025 and provided a business update on the Company’s operations.

Kelli Valade, Chief Executive Officer, stated, "The beginning of the year has presented significant challenges for consumers, which is evident in our results. Our teams have remained focused on executing against our strategic initiatives and winning with our guests, despite these macro headwinds. This included staying true to our Denny's flagship, by focusing on compelling value, being strategic in reaching new younger demographics through innovative partnerships and new menu offerings. Keke's continued to steal share in its home state of Florida while also growing to its seventh state, Georgia. The dedication of our teams and franchisees continue to push our brands forward and we remain committed to navigating these headwinds together."

First Quarter 2025 Highlights

• Total operating revenue was $111.6 million compared to $110.0 million for the prior year quarter.

• Denny's domestic system-wide same-restaurant sales** were (3.0%) compared to the prior year quarter.

• Keke's domestic system-wide same-restaurant sales** increased 3.9% compared to the prior year quarter.

• Denny's opened six franchised restaurants.

• Denny's completed six remodels, including five at company restaurants.

• Keke's opened three new cafes including the first in Georgia.

• Keke's acquired five franchised cafes.

• Operating income was $5.2 million compared to $10.0 million for the prior year quarter.

• Adjusted franchise operating margin* was $29.4 million, or 50.9% of franchise and license revenue, and adjusted company restaurant operating margin* was $4.9 million, or 9.1% of company restaurant sales.

• Net income was $0.3 million, or $0.01 per diluted share.

• Adjusted net income* and adjusted net income per share* were $4.2 million and $0.08, respectively.

• Adjusted EBITDA* was $16.8 million.

First Quarter 2025 Results

Total operating revenue was $111.6 million compared to $110.0 million for the prior year quarter.

Franchise and license revenue was $57.7 million compared to $57.6 million for the prior year quarter. This increase was primarily driven by higher local advertising co-op contributions for the current quarter, partially offset by fewer equivalent units, softer Denny's same-restaurant sales** and lower franchise occupancy revenue.

Company restaurant sales were $53.9 million compared to $52.3 million for the prior year quarter. This increase was primarily driven by 11 additional Keke's equivalent units, partially offset by five fewer Denny's equivalent units and softer Denny's same-restaurant sales**.

Adjusted franchise operating margin* was $29.4 million, or 50.9% of franchise and license revenue, compared to $30.3 million, or 52.5% for the prior year quarter. This margin change was primarily due to fewer Denny's equivalent units and softer Denny's same-restaurant sales**.

Adjusted company restaurant operating margin* was $4.9 million, or 9.1% of company restaurant sales, compared to $6.8 million, or 13.0% for the prior year quarter. This margin change was primarily due to higher product costs which were heavily impacted by higher egg prices, investments in marketing and expected new cafe opening inefficiencies.

Total general and administrative expenses were $20.0 million compared to $21.2 million in the prior year quarter. This decrease was primarily due to lower deferred compensation valuation adjustments and incentive compensation.

The provision for income taxes was $0.3 million, reflecting an effective tax rate of 47.4% for the current quarter, compared to $1.5 million and an effective tax rate of 24.6% in the prior year quarter. The higher effective income tax rate for the current quarter included discrete items related to share-based compensation which were not comparable in the prior year quarter.

Net income was $0.3 million, or $0.01 per diluted share. Adjusted net income* was $4.2 million, or $0.08 per diluted share.

The Company ended the quarter with $276.2 million of total debt outstanding, including $266.0 million of borrowings under its credit facility.

View full version at Denny’s

The Wendy’s Company Reports First Quarter 2025 Results

May 02, 2025, 07:00 ET

• Global systemwide sales were $3.4 billion, a decrease of 1.1%

• Added 68 net new restaurants and remain on track to deliver full-year net unit growth of 2-3%

• Increased global digital sales mix to a record 20.3%

• Returned $173.5 million to shareholders through dividends and share repurchases

• Updates full-year 2025 outlook to reflect the current consumer environment

DUBLIN, Ohio, May 2, 2025 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended March 30, 2025.

"We continued to deliver for our customers during the first quarter. In the U.S. we held both traffic and dollar share in a challenging consumer environment, and in our International business we grew systemwide sales by 8.9%," said Kirk Tanner, President and Chief Executive Officer. "Importantly, we made progress on the strategic priorities we laid out at our investor day: providing fresh, famous food, delivering an exceptional customer experience, and accelerating global net unit growth. This included implementing a new field structure to better support franchisees and adding 68 net new restaurants across the globe."

"Looking ahead, we remain focused on these strategic priorities which will position Wendy's to win in the market and drive long-term growth across our global system of restaurants."

View full version at Wendy’s

El Pollo Loco Holdings, Inc. Announces First Quarter 2025 Financial Results

May 01, 2025 16:05 ET

COSTA MESA, Calif., May 01, 2025 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 26, 2025.

Highlights for the first quarter ended March 26, 2025 compared to the first quarter ended March 27, 2024 were as follows:

• Total revenue was $119.2 million compared to $116.2 million.

• System-wide comparable restaurant sales(1) decreased by 0.6%.

• Income from operations was $9.0 million compared to $9.7 million.

• Restaurant contribution(1) was $15.8 million, or 16.0% of company-operated restaurant revenue, compared to $17.1 million, or 17.6% of company-operated restaurant revenue.

• Net income was $5.5 million, or $0.19 per diluted share, compared to net income of $5.9 million, or $0.19 per diluted share.

• Adjusted net income(1) was $5.5 million, or $0.19 per diluted share, compared to $6.8 million, or $0.22 per diluted share.

• Adjusted EBITDA(1) was $13.9 million, compared to $15.7 million.

-------------------- (1)System-wide comparable restaurant sales, restaurant contribution, adjusted 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 under “Definitions of Non-GAAP and other Key Financial Measures” below. 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” below.   

Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “Our first quarter results fell short of our expectations on sales and store level profit. Despite the challenges we faced with the dynamic consumer environment, we delivered proof points that reinforce our belief in the brand’s long-term opportunity. From showing that menu innovation can drive trial of the brand through the launch of Mango Habanero, to identifying opportunities to further improve operational execution in our restaurants, we are proud of our accomplishments and believe we still have tremendous upside. Looking ahead, our focus remains squarely on executing the multitude of initiatives that we have in place to drive our brand forward.”

First Quarter 2025 Financial Results

Company-operated restaurant revenue in the first quarter of 2025 increased to $98.4 million, compared to $97.2 million in the first quarter of 2024, mainly due to an increase in company-operated comparable restaurant revenue of $0.6 million, or 0.6%, as well as $0.9 million of additional sales from the opening of two restaurants during or after the first quarter of 2024. The company-operated restaurant revenue increase was partially offset by a $0.4 million decrease related to the one company-operated restaurant sold by the Company to existing franchisee during or subsequent to the first quarter of 2024. The company-operated comparable restaurant sales increase consisted of a 4.6% increase in average check size due to increases in menu prices, partially offset by a 3.8% decrease in transactions.

Franchise revenue in the first quarter of 2025 increased 16.2% to $13.2 million. This increase was primarily due to the franchisee IT pass through revenue related to the franchisee rollout of the new Point of Sale (POS) system which is offset by a corresponding expense in franchise expenses. In addition, the increase in franchise revenue was due to the four franchise-operated restaurant openings during or subsequent to the first quarter of 2024. The increase in franchise revenue was partially offset by a franchise comparable restaurant sales decrease of 1.3%.

Income from operations in the first quarter of 2025 was $9.0 million, compared to $9.7 million in the first quarter of 2024. Restaurant contribution was $15.8 million, or 16.0% of company-operated restaurant revenue, compared to $17.1 million, or 17.6% of company-operated restaurant revenue in the first quarter of 2024. The decrease in restaurant contribution as a percentage of company-operated restaurant revenue was largely due to the impact of higher wages as a result of the April 2024 California minimum wage increase to $20.00 per hour, and higher operating cost, partially offset by the higher menu prices combined with better operating efficiencies.

General and administrative expenses in the first quarter of 2025 was $11.3 million, compared to $11.9 million in the first quarter of 2024. The decrease for the quarter was primarily due to a $1.2 million decrease in restructuring and executive transition cost and a $0.6 million received from a legal settlement, net of legal expenses. The general and administrative expenses decrease was partially offset by $0.6 million in special legal and professional fee costs related to shareholder activism and a $0.5 million increase in other general and administrative expenses.

Net income for the first quarter of 2025 was $5.5 million, or $0.19 per diluted share, compared to net income of $5.9 million, or $0.19 per diluted share, in the first quarter of 2024. Adjusted net income was $5.5 million, or $0.19 per diluted share, during the first quarter of 2025, compared to $6.8 million, or $0.22 per diluted share, during the first quarter of 2024.

As of March 26, 2025, after net borrowings of $2.0 million on its five-year senior-secured revolving credit facility during the first quarter, the Company’s outstanding debt balance was $73.0 million with $4.3 million in cash and cash equivalents. Additionally, during the first quarter, the Company repurchased 159,750 shares of its common stock under its Share Repurchase Program, using open market purchases, for total consideration of approximately $1.8 million. Following completion of these repurchases, approximately less than $0.1 million of the Company’s common stock remained available for repurchase under the Share Repurchase Program at March 26, 2025. The Share Repurchase Program was terminated on March 31, 2025.

View full version at El Pollo Loco

BJ’s Restaurants, Inc. Reports Fiscal First Quarter 2025 Results

Raises Annual Earnings Outlook and Share Repurchase Range

May 01, 2025 16:02

HUNTINGTON BEACH, Calif., May 01, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2025 first quarter ended Tuesday, April 1, 2025.        

Fiscal First Quarter 2025 Compared to First Quarter 2024

• Total revenues increased 3.2% to $348.0 million

• Comparable restaurant sales increased 1.7%

• Diluted net income per share was $0.58, an increase of 79.8% from $0.32

• Adjusted diluted net income per share(1) was $0.59, an increase of 68.6% from $0.35

• Restaurant level operating profit(1) was $55.6 million, an increase of 10.1%, with restaurant level operating profit margin of 16.0%, an increase of 100 basis points

• Adjusted EBITDA(1) was $35.4 million, an increase of 20.3% from $29.4 million

• The Company repurchased and retired approximately 404,000 shares of its common stock at a cost of approximately $14.1 million
  
  (1) Adjusted diluted net income per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.

“We are growing increasingly confident in our strategic growth plans and the effectiveness of our near-term initiatives that are focused on driving sales and profitability,” commented Brad Richmond, Interim Chief Executive Officer. “The accelerating pace of our progress has enabled us to raise and narrow our full-year earnings outlook, while also increasing our expectations for capital returns to our shareholders. With the strong momentum of our first quarter results, we are well positioned to deliver on our near-term profitability targets and advance our long-term strategy, which is aimed at significantly enhancing shareholder value,” continued Richmond.

Lyle Tick, President and Chief Concept Officer, added, “I am pleased with the progress we are making across both our short- and longer-term strategic initiatives. Whether it be the continued resonance of sales drivers like the Pizookie Meal Deal or the impact of our proactive facilities programs and focus on simplification, we are putting the guest and team member experience at the center of everything we do. As a result, we delivered another quarter of top-line growth driven by 2.7% traffic improvement, which beat the Black Box industry average by 320 basis points. We leveraged those sales and drove additional restaurant efficiencies, resulting in 100 and 150 basis-point improvements in restaurant level operating margins and Adjusted EBITDA margins year-over-year, respectively. Importantly, we are also seeing our guest satisfaction metrics improve. Our food, value, and recommend scores hit multi-year highs, giving us confidence the work we are doing has runway that we can continue to build upon. As we head into our celebration season during the second quarter, our momentum provides us a great opportunity to further drive sales and grow profit.”

“Looking ahead, we recently completed our brand positioning project, and our cross-functional teams are diligently working on moving our plans from strategy to action. We will begin to see this work coming to life across our menu, operations and marketing in the second half of the year,” concluded Tick.

View full version at BJ’s Restaurants

Shake Shack Announces First Quarter 2025 Financial Results

May 1, 2025 7:00 AM Eastern Daylight Time

• Total revenue of $320.9 million, up 10.5% versus 2024, including $309.8 million of Shack sales and $11.1 million of Licensing revenue.

• System-wide sales of $489.4 million, up 10.4% versus 2024.

• Same-Shack sales up 0.2% versus 2024.

• Operating income of $2.8 million versus operating income of $0.0 million in 2024.

  • Restaurant-level profit(1) of $64.2 million, or 20.7% of Shack sales.

• Net income of $4.5 million versus net income of $2.2 million in 2024.

  • Adjusted EBITDA(1) of $40.7 million, up 13.5% versus 2024.

• Net income attributable to Shake Shack Inc. of $4.2 million, or earnings of $0.10 per diluted share.

  • Adjusted pro forma net income(1) of $6.4 million, or earnings of $0.14 per fully exchanged and diluted share.

• Opened four new Company-operated Shacks, including two drive-thrus. Opened seven new licensed Shacks.

NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the first quarter of 2025 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q1 2025 Shake Shack Shareholder Letter.

Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until May 8, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13752433.

The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.

View full version at Shake Shack

McDonald’s Reports First Quarter 2025 Results

May 01, 2025, 07:00 ET

• Global comparable sales decreased 1.0%; excluding Leap Day in the prior year, global comparable sales were essentially flat

• Systemwide sales* to loyalty members across 60 loyalty markets were more than $31 billion for the trailing twelve-month period and approximately $8 billion for the quarter

CHICAGO, May 1, 2025 /PRNewswire/ -- McDonald's Corporation today announced results for the first quarter ended March 31, 2025.

"McDonald's has a 70-year legacy of innovation, leadership, and proven agility, all of which give us confidence in our ability to navigate even the toughest of market conditions and gain market share," said Chairman and CEO Chris Kempczinski. "Consumers today are grappling with uncertainty, but they can always count on McDonald's for both exciting new menu items and delicious favorites for exceptional value, from a brand they love."

First quarter financial performance:

• Global comparable sales decreased 1.0%, impacted by the comparison to Leap Day in the prior year:

  • U.S. decreased 3.6%

  • International Operated Markets decreased 1.0%

  • International Developmental Licensed Markets increased 3.5%

• Consolidated revenues decreased 3% (2% in constant currencies).

• Systemwide sales decreased 1% (increased 1% in constant currencies).

• Consolidated operating income decreased 3% (1% in constant currencies). Results reflected pre-tax charges of $66 million and $35 million for the current year and prior year, respectively, primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current and prior year charges, consolidated operating income decreased 2% (flat in constant currencies).**

• Diluted earnings per share was $2.60, a decrease of 2% (1% in constant currencies). Excluding the current year charges described above of $0.07 per share, diluted earnings per share was $2.67, a decrease of 1% (increase of 1% in constant currencies) when also excluding prior year charges.**

View full version at McDonald’s

The Cheesecake Factory Reports Results for First Quarter of Fiscal 2025

Apr 30, 2025 4:15 PM Eastern Daylight Time

CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2025, which ended on April 1, 2025.

Total revenues were $927.2 million in the first quarter of fiscal 2025 compared to $891.2 million in the first quarter of fiscal 2024. Net income and diluted net income per share were $32.9 million and $0.67, respectively, in the first quarter of fiscal 2025.

The Company recorded a pre-tax net expense of $17.3 million related to loss on extinguishment of debt associated with the partial redemption of our convertible senior notes due 2026, Fox Restaurant Concepts (“FRC”) acquisition-related items, and impairment of assets and lease termination expenses. Excluding the after-tax impact of these items, adjusted net income and adjusted diluted net income per share for the first quarter of fiscal 2025 were $45.7 million and $0.93, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.0% year-over-year in the first quarter of fiscal 2025.

“Our first quarter results reflect a strong start to the year as we delivered solid topline revenue, margins and earnings, reflecting continued positive momentum across our business,” said David Overton, Chairman and Chief Executive Officer. “Sales finished towards the higher end of our expectations, led by The Cheesecake Factory restaurants, underscoring the consistent consumer demand for the high-quality, differentiated dining experiences we provide. And once again execution within our restaurants was exceptional, as our operators delivered year-over-year improvements in labor productivity, food efficiency, wage management and retention across both hourly staff and managers, driving strong profit flow-through and margin expansion.”

Overton continued, “For more than four decades, our strategy has been built on our commitment to delivering exceptional hospitality and delicious, memorable dining experiences—core values that continue to set our concepts apart and drive our success. We are honored to be recognized on the Fortune magazine '100 Best Companies to Work For' list for the 12th consecutive year, reinforcing our belief that we are an employer of choice and highlighting the passion and dedication of our incredible teams.”

Development

During the first quarter of fiscal 2025, the Company opened eight new restaurants, including three North Italia locations, three Flower Child locations and two FRC restaurants. Subsequent to quarter-end, the Company opened three new restaurants, including one Flower Child location and two FRC restaurants.

The Company continues to expect to open as many as 25 new restaurants in fiscal 2025, including as many as three to four The Cheesecake Factory restaurants, six to seven North Italia locations, six to seven Flower Child locations, and as many as eight to nine FRC restaurants.

View full version at The Cheesecake Factory

Yum! Brands Reports First-Quarter Results

Apr 30, 2025 7:00 AM Eastern Daylight Time

Taco Bell U.S. Same-Store Sales Growth 9%; KFC International Unit Growth 7%

GAAP Operating Profit Growth of 5% and Core Operating Profit Growth of 8%

Yum! Brands Reports First-Quarter Results

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2025. First-quarter GAAP EPS was $0.90 and first-quarter EPS excluding Special Items was $1.30, a 13% increase.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said “I’m incredibly proud of our teams’ ability to stay nimble and deliver industry-leading results in a complex consumer environment. This quarter, we achieved 8% Core Operating Profit growth, demonstrating the strength and resilience of our business model. Our twin growth engines led the way, with Taco Bell U.S. reporting a remarkable 9% same-store sales growth and KFC International accelerating same-store sales growth while generating 7% unit growth year-over-year. Byte by Yum! is driving digital momentum, with more franchisees eager to explore the full suite of product offerings after experiencing the technology firsthand at our Global Franchise Convention. As I embark on my final year as CEO, I’m confident that Yum!’s world-class franchisees, talent, global scale, proprietary technologies, and our bold growth strategies will continue to position the company for long-term success."

RECENT STRATEGIC ANNOUNCEMENTS

• On March 4th, Taco Bell hosted a unique investor event, Consumer Day, in Brooklyn where the leadership team announced its business growth plan, R.I.N.G. The Bell, and introduced bold growth targets through 2030. Later in the day, Taco Bell hosted its second annual Live Más Live event, where the brand unveiled its 2025 innovation pipeline that includes over 30 new products and unexpected collaborations.

• On March 18th, we announced an industry-first collaboration with NVIDIA to accelerate the development of innovative AI technologies for Yum! restaurants around the globe. This collaboration brings the two powerhouses together to integrate AI into our restaurants at an unprecedented scale. Leveraging NVIDIA’s advanced AI platforms, Yum! aims to become the leader in integrating technology into every touch point, across every restaurant, around the world.

• On March 31st, David Gibbs announced his intention to retire in the first quarter of 2026. The Board has established a selection committee to identify and appoint the best candidate to succeed David and lead Yum! into its next chapter of growth. David has spent 36 years with Yum! in various roles including as CEO since January 2020. He's led the Company's digital transformation, re-ignited the development engine and successfully navigated the COVID-19 pandemic to make Yum! a top performer in the restaurant industry.

FIRST-QUARTER HIGHLIGHTS

• Worldwide system sales grew 5%, excluding foreign currency translation, led by Taco Bell at 11% and KFC at 5%.

• Unit count increased 3% including 751 gross new units in the quarter.

• Robust digital system sales approaching $9 billion, with digital mix of approximately 55%.

• Foreign currency translation unfavorably impacted divisional operating profit by $11 million.

View full version at Yum! Brands

Wingstop Inc. Reports Fiscal First Quarter Financial Results

Apr 30, 2025, 08:00 ET

Record 126 Net New Openings in First Quarter, 18.0% Net New Unit Growth

DALLAS, April 30, 2025 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal first quarter ended March 29, 2025.

Highlights for the fiscal first quarter 2025 compared to the fiscal first quarter 2024:

• System-wide sales increased 15.7% to $1.3 billion

• 126 net new openings in the fiscal first quarter 2025

• Domestic restaurant AUV increased to $2.1 million

• Domestic same store sales increased 0.5%

• Digital sales increased to 72.0% of system-wide sales

• Total revenue increased 17.4% to $171.1 million

• Net income increased 221.0% to $92.3 million, or $3.24 per diluted share

• Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $28.3 million, or $0.99 per diluted share

• Adjusted EBITDA, a non-GAAP measure, increased 18.4% to $59.5 million

Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. A reconciliation of each of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."

"Despite the challenging and unpredictable macro-environment, our first quarter results demonstrate the staying power of our strategies and resiliency in our model," said Michael Skipworth, President & Chief Executive Officer. "We opened a record 126 net new units in the first quarter, delivering 18% unit growth, nearly doubling the number of units opened during the first quarter last year.  Our pipeline remains strong as our brand partners are experiencing industry leading returns. This growth is leading us to another record-breaking year of development and moving us along our path of becoming a Top 10 Global Restaurant Brand."

Fiscal first quarter 2025 financial results

Total revenue for the fiscal first quarter 2025 increased to $171.1 million from $145.8 million in the prior fiscal first quarter. Royalty revenue, franchise fees and other increased $11.7 million, of which $10.0 million was due to net new franchise development, and $0.3 million was due to domestic same store sales growth of 0.5%. Advertising fees increased $12.1 million due to a 15.7% increase in system-wide sales in the fiscal first quarter 2025, as well as an increase in the national advertising fund contribution rate to 5.5%, effective the first day of the fiscal first quarter 2025. Company-owned restaurant sales increased $1.5 million due to company-owned restaurant same store sales growth of 1.4%, driven primarily by an increase in transactions, as well as company-owned restaurants opened and acquired since the prior fiscal first quarter.

Cost of sales was $22.8 million compared to $21.3 million in the prior fiscal first quarter. As a percentage of company-owned restaurant sales, cost of sales increased to 76.0% from 74.5% in the prior fiscal first quarter. The increase was driven by food, beverage and packaging costs, primarily resulting from an increase in the cost of bone-in chicken wings as compared to the prior fiscal first quarter and was partially offset by sales leverage in other operating expenses.

Selling, general & administrative ("SG&A") expense increased $6.3 million to $31.4 million from $25.2 million in the prior fiscal first quarter. The increase in SG&A expense was driven by an increase in headcount related expenses, inclusive of stock-based compensation, of $4.8 million to support the growth in our business, as well as system implementation costs of $1.3 million during the fiscal first quarter 2025.

Depreciation and amortization increased $2.8 million to $6.2 million from $3.4 million in the prior fiscal first quarter. The increase in depreciation and amortization was primarily due to software assets placed in service during the fiscal second quarter 2024 that relate to the launch of our proprietary technology platform: MyWingstop.

Interest expense, net increased $4.4 million to $8.9 million from $4.5 million in the prior fiscal first quarter. The increase was primarily driven by $7.8 million in interest expense related to the securitized financing transaction completed on December 3, 2024, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our cash balances and interest earned on our investments, as compared to the prior year period.

Investment income, net increased $93.5 million to $93.8 million from $0.3 million in the prior fiscal first quarter. The increase in investment income, net was primarily due to a gain of $97.2 million on the sale of our non-controlling interest in Lemon Pepper Holdings, Ltd. ("LPH"), Wingstop's United Kingdom master franchisee, of which the Company reinvested $75.4 million in the newly formed entity during the fiscal first quarter 2025.

Income tax expense was $30.9 million, yielding an effective tax rate of 25.1%, comparable to an effective tax rate of 25.3% in the prior fiscal first quarter. The increase in total tax expense is primarily related to the increase in Investment income, net as a result of the gain on sale of our investment in LPH during the fiscal first quarter 2025.

View full version at Wingstop

Brinker International Reports Third Quarter of Fiscal 2025 Results and Updates Fiscal 2025 Guidance

Apr 29, 2025, 06:45 ET

DALLAS, April 29, 2025 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the third quarter ended March 26, 2025.

Third Quarter Fiscal 2025 Financial Highlights

"Chili's delivered another positive quarter in our turnaround with +31% same store sales driven by +21% traffic," said Kevin Hochman, President & CEO of Brinker International. "Our continued progress on the fundamentals of great food, great service in a fun, friendly atmosphere is clearly winning with guests."

Company sales were $1,413.0 million in the third quarter of fiscal 2025 compared to $1,108.9 million in the third quarter of fiscal 2024. Comparable restaurant sales increased 28.2%, with an increase in comparable restaurant sales of 31.6% for Chili's and 0.4% for Maggiano's. Chili's sales growth this quarter was driven primarily by continued increases in traffic, supported by advertising that highlights our industry-leading value and encourages guest trial. Operational improvements also contributed, helping to drive repeat visits. Leveraging these higher sales, we saw improved margins, accelerated investments in the business and the repayment of an additional $125.0 million in funded debt. These efforts led to an increase in operating income margin to 11.0% and a rise in restaurant operating margin (non-GAAP) to 18.9% for the third quarter. Additionally, General and administrative expenses during the third quarter of fiscal 2025 increased primarily due to higher incentive compensation and recent technology initiatives.

Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year.

Updates to Full Year Fiscal 2025 Guidance

We are providing the following updated guidance for fiscal 2025. Our revenue guidance is based on sustained elevated sales levels consistent with the Company's recent trends. A moderation in sales or the risks outlined in the Forward-Looking Statements paragraph of this press release, among other risks, could cause actual results to differ materially from forecasted results.

• Total revenues are expected to be in the range of $5.33 billion - $5.35 billion;

• Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $8.50 - $8.75;

• Capital expenditures are expected to be in the range of $265.0 million - $275.0 million; and

• Weighted average shares are expected to be in the range of 46.0 million - 46.5 million.

We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.

View full version at Brinker

Domino's Pizza® Announces First Quarter 2025 Financial Results

Apr 28, 2025, 06:05 ET

Global retail sales growth (excluding foreign currency impact) of 4.7%

U.S. same store sales decline of 0.5%

International same store sales growth (excluding foreign currency impact) of 3.7%

Global net store decline of 8, including 17 net store openings in the U.S. and 25 net store closures internationally

Income from operations decreased 0.2%; excluding the $3.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 1.4%

ANN ARBOR, Mich., April 28, 2025 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the first quarter of 2025.

"Domino's Q1 results demonstrate that our Hungry for MORE strategy continues to drive market share growth in QSR Pizza across both our US and international businesses," said Russell Weiner, Domino's Chief Executive Officer. "Sustained market share growth reflects a company's ability to control what is under its control, a key to long term success. In the face of a challenging global macroeconomic environment, our Hungry for MORE strategic pillars are working together to drive MORE sales, MORE stores and MORE profits, annually. This is how we will deliver long term value for our franchisees and shareholders."

First Quarter 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

• Revenues increased $27.4 million, or 2.5%, in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to higher U.S. franchise advertising revenues, higher supply chain revenues and higher international franchise royalties and fees. U.S. franchise advertising revenues increased primarily as a result of a decrease in advertising incentives related to certain brand promotions and the return to the standard 6.0% advertising contribution rate at the beginning of the second quarter of 2024 following the end of the temporary reduction to 5.75%. The increase in supply chain revenues was primarily attributable to an increase in the Company's food basket pricing to stores, which increased 4.8% during the first quarter of 2025 as compared to the first quarter of 2024. This increase was partially offset by the transition of the Company's equipment and supplies business to a third-party supplier and a shift in the relative mix of products sold by the Company. The increase in international franchise royalties and fees was driven primarily by same store sales growth (excluding foreign currency impact) and net store growth during the trailing four quarters, but these increases were partially offset by the negative impact of foreign currency exchange rates on international franchise royalty revenues of $3.2 million.

• U.S. Company-owned store gross margin decreased 1.5 percentage points in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to the increase in the Company's food basket pricing to stores as described above, as well as lower sales leverage.

• Supply chain gross margin increased 0.5 percentage points in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to procurement productivity.

• Income from operations decreased $0.3 million, or 0.2%, in the first quarter of 2025 as compared to the first quarter of 2024. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $3.2 million, income from operations increased $2.9 million, or 1.4%, in the first quarter of 2025 as compared to the first quarter of 2024. The increase in income from operations, excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues, was primarily due to gross margin dollar growth within supply chain, as well as higher international franchise royalties and fees. These increases were partially offset by higher general and administrative expenses, primarily related to approximately $5 million in severance expenses associated with an organizational realignment that took place in the first quarter of 2025.

• Net income increased $23.8 million, or 18.9%, in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to a favorable change of $42.7 million in the pre-tax unrealized gains and losses associated with the remeasurement of the Company's investment in DPC Dash Ltd ("DPC Dash"). These increases were partially offset by higher provision for income taxes. The Company's provision for income taxes increased $19.0 million in the first quarter of 2025 due to a higher effective tax rate, as well as higher income before provision for income taxes. The effective tax rate increased to 22.3% in the first quarter of 2025 as compared to 15.9% in the first quarter of 2024, driven primarily by a 4.6 percentage point unfavorable change in the impact of excess tax benefits from equity-based compensation, as well as other rate and discrete items.

• Diluted EPS was $4.33 in the first quarter of 2025 as compared to $3.58 in the first quarter of 2024, representing a $0.75, or 21.0%, increase. The increase in diluted EPS in the first quarter of 2025 as compared to the first quarter of 2024 was driven by higher net income and a lower weighted average diluted share count, resulting from the Company's share repurchases during the trailing four quarters.

• Net cash provided by operating activities was $179.1 million in the first quarter of 2025 as compared to $123.5 million in the first quarter of 2024. The Company spent $14.7 million on capital expenditures in the first quarter of 2025 as compared to $20.2 million in the first quarter of 2024, resulting in free cash flow of $164.4 million in the first quarter of 2025 as compared to $103.3 million in the first quarter of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, the timing and amount of receipts for advertising contributions and the timing and amount of payments for advertising activities and lower investments in capital expenditures. These increases were partially offset by lower net income, excluding the changes in the unrealized gains and losses associated with the remeasurement of the Company's investment in DPC Dash.

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Chipotle Announces First Quarter 2025 Results

Apr 23, 2025, 16:10 ET

CHIPOTLE HIGHLIGHTS BRAND STRENGTH AND INNOVATION IN FIRST QUARTER RESULTS

NEWPORT BEACH, Calif., April 23, 2025 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2025.

First quarter highlights, year over year:

• Total revenue increased 6.4% to $2.9 billion

• Comparable restaurant sales decreased 0.4%

• Operating margin was 16.7%, an increase from 16.3%

• Restaurant level operating margin1 was 26.2%, a decrease from 27.5%

• Diluted earnings per share was $0.28, a 7.7% increase from $0.262

• Adjusted diluted earnings per share1 was $0.29, a 7.4% increase from $0.27 2

• Opened 57 company-owned restaurants with 48 locations including a Chipotlane, and two international licensed restaurants

"While our first quarter results were impacted by several headwinds including weather and a slowdown in consumer spending, our teams continue to make significant progress improving the execution in our restaurants, innovating our back of house, and building Chipotle into a global iconic brand," said Scott Boatwright, Chief Executive Officer, Chipotle. "I am confident that we have a strong plan to return to positive transaction comps by the second half of the year, and during these uncertain times, we will continue to invest in the things that make Chipotle a special brand – our people, culinary, value proposition, innovation and growth."

Results for the three months ended March 31, 2025:
Total revenue in the first quarter of 2025 was $2.9 billion, an increase of 6.4% compared to the first quarter of 2024. The increase in total revenue was driven by new restaurant openings. Comparable restaurant sales decreased 0.4% due to lower transactions of 2.3%, partially offset by a 1.9% increase in average check. Digital sales represented 35.4% of total food and beverage revenue.

During the first quarter we opened 57 company-owned restaurants, of which 48 included a Chipotlane, and two international licensed restaurants. Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.

Food, beverage and packaging costs in the first quarter of 2025 were 29.2% of total revenue, an increase from 28.8% in the first quarter of 2024. The increase was due to inflation and higher usage across several items including avocados, dairy, and chicken, as well as a protein mix shift from limited time offerings. This increase was partially offset by the benefit of menu price increases in 2024 and, to a lesser extent, benefits from recent supply chain initiatives.

Labor costs in the first quarter of 2025 were 25.0% of total revenue, an increase from 24.4% in the first quarter of 2024. The increase was primarily due to lower sales volumes as the benefit from menu price increases in 2024 was offset by wage inflation, including minimum wage increases for our restaurants in California.

General and administrative expenses for the first quarter of 2025 were $172.8 million, compared to $204.6 million in the first quarter of 2024. The decrease was primarily due to lower conference expense, primarily associated with our biennial All Managers' Conference held in the 2024 comparable period, and legal reserves. On a non-GAAP basis, general and administrative expenses1 for the first quarter of 2025 were $160.9 million, compared to $191.4 million in the first quarter of 2024.

The effective income tax rate for the first quarter of 2025 was 22.9%, an increase from 22.0% in the first quarter of 2024. The increase was primarily driven by a reduction in tax benefits related to option exercises and equity vesting.

Net income for the first quarter of 2025 was $386.6 million, or $0.28 per diluted share, compared to $359.3 million, or $0.262 per diluted share in the first quarter of 2024. Adjusted net income1 for the first quarter of 2025 was $396.8 million, or $0.29 per adjusted diluted share, compared to $369.3 million, or $0.272 per adjusted diluted share in the first quarter of 2024.

During the first quarter of 2025 we repurchased $553.7 million of stock at an average price per share of $54.15. As of March 31, 2025, $874.7 million remained available under share repurchase authorizations from our Board of Directors, including an additional $400 million in authorizations approved by our Board of Directors on March 27, 2025. The repurchase authorization may be modified, suspended, or discontinued at any time.

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