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Kura Sushi USA Announces Fiscal Second Quarter 2024 Financial Results
IRVINE, Calif., April 04, 2024 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced financial results for the fiscal second quarter ended February 29, 2024.
Fiscal Second Quarter 2024 Highlights
Total sales were $57.3 million, compared to $43.9 million in the second quarter of 2023;
Comparable restaurant sales increased 3.0% for the second quarter of 2024 as compared to the second quarter of 2023;
Operating loss was $1.7 million, compared to operating loss of $1.0 million in the second quarter of 2023;
Net loss was $1.0 million, or $(0.09) per diluted share, compared to net loss of $1.0 million, or $(0.10) per diluted share, in the second quarter of 2023;
Restaurant-level operating profit* was $11.2 million, or 19.6% of sales;
Adjusted EBITDA* was $2.9 million; and
Five new restaurants opened during the fiscal second quarter of 2024.
* Restaurant-level operating profit and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release. See also “Non-GAAP Financial Measures” below.
Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “I‘m very pleased to report the ongoing strength of our business as we progress through a record fiscal year. It was unprecedented for us when we announced a guidance raise so early in the year with our first quarter call, and being able to follow the next quarter with another guidance raise demonstrates our incredible confidence in the business. We’ve opened 10 restaurants to date, putting us well on track for our new unit guidance and giving us the confidence to upgrade our revenue guidance. For our second quarter, we leveraged G&A year-over-year as a percentage of sales by 190 basis points, and grew Adjusted EBITDA by 23%. We’ve introduced new projects such as DoorDash, and our operations teams have more than risen to the challenge of implementing them. I’m extremely proud of everyone’s efforts, and want to acknowledge all of our team members and thank them for creating so much great news.”
Review of Fiscal Second Quarter 2024 Financial Results
Total sales were $57.3 million compared to $43.9 million in the second quarter of 2023. Comparable restaurant sales increased 3.0% for the second quarter of 2024 as compared to the second quarter of 2023.
Food and beverage costs as a percentage of sales were 29.6% compared to 30.1% in the second quarter of 2023. The decrease is primarily due to increases in menu prices and supply chain initiatives.
Labor and related costs as a percentage of sales were 32.8% compared to 31.5% in the second quarter of 2023. The increase is primarily due to increases in wage rates, higher pre-opening labor costs and the impact of adverse weather conditions.
Occupancy and related expenses were $4.0 million compared to $3.1 million in the second quarter of 2023. The increase is primarily due to fourteen new restaurants opening since the second quarter of 2023.
Other costs as a percentage of sales increased to 14.6% compared to 13.3% in the second quarter of 2023. The increase was primarily driven by advertising and promotion, repairs and maintenance and travel expenses.
General and administrative expenses were $8.2 million compared to $7.1 million in the second quarter of 2023. This increase was primarily due to compensation-related costs, professional fees and travel costs. As a percentage of sales, general and administrative expenses decreased to 14.3% in the first quarter of 2024 as compared to 16.2% in the second quarter of 2023.
Operating loss was $1.7 million compared to operating loss of $1.0 million in the second quarter of 2023.
Income tax expense was $50 thousand compared to income tax expense of $15 thousand in the second quarter of 2023.
Net loss was $1.0 million, or $(0.09) per diluted share, compared to net loss of $1.0 million, or $(0.10) per diluted share, in the second quarter of 2023.
Restaurant-level operating profit* was $11.2 million, or 19.6% of sales, compared to $8.9 million, or 20.3% of sales, in the second quarter of 2023.
Adjusted EBITDA* was $2.9 million compared to $2.3 million in the second quarter of 2023.
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BurgerFi Reports Preliminary Unaudited Fourth Quarter and Fiscal Year 2023 Results
FORT LAUDERDALE, Fla., April 01, 2024 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner BurgerFi, one of the nation’s leading fast-casual “better burger” dining brands, and Anthony’s Coal Fired Pizza & Wings (“Anthony’s”), the high-quality, casual dining pizza brand, today reported preliminary unaudited financial results for the fourth quarter and fiscal year ended January 1, 2024.
Highlights for the Fourth Quarter 20231
Total revenue was $41.5 million in the fourth quarter 2023 compared to $45.2 million in the fourth quarter 2022
Consolidated systemwide sales decreased to $65.0 million compared to $71.6 million in the prior period
Corporate-owned restaurant same-store sales decreased 3% at Anthony’s compared to the prior period
Systemwide sales for BurgerFi decreased 9% to $33.9 million compared to $38.7 million in the prior period
Systemwide same-store sales decreased 10% at BurgerFi compared to the prior period
Opened three new franchised BurgerFi locations in Strongsville, Ohio, Arecibo, Puerto Rico and Rochester, New York and the first franchised co-branded restaurant in Kissimmee, Florida.
Hourly turnover continued to decline significantly from the sequential quarter, with Anthony’s performing better than industry benchmarks, while BurgerFi continued to make considerable progress. Management turnover at BurgerFi continued approaching industry benchmarks.
Consolidated food, beverage and paper expense margin improved 42 basis points compared to the prior period
Consolidated restaurant-level operating expenses increased 147 basis points compared to the prior period
Net loss improved to $10.6 million, or $(0.40) per diluted share, compared to a net loss of $26.2 million, or $(1.18) per diluted share, in the prior period
Adjusted EBITDA1 of $0.7 million compared to $2.6 million in the prior period
Highlights for the Fiscal Year 20231
Total revenue was $170.1 million in the fiscal year 2023 compared to $178.7 million in the fiscal year 2022
Consolidated systemwide sales decreased to $274.4 million compared to $289.6 million in the prior year
Corporate-owned restaurant same-store sales decreased 1% at Anthony’s compared to the prior year
Systemwide sales for BurgerFi decreased 7% to $148.8 million compared to the prior year
Systemwide same-store sales decreased 8% at BurgerFi compared to the prior year
Opened eight new franchised BurgerFi locations, including the first dual-brand franchise location and acquired four locations from franchisees
Consolidated food, beverage and paper expense margin improved 240 basis points compared to the prior year
Consolidated restaurant-level operating expenses remained flat compared to the prior year
Net loss improved to $30.7 million, or $(1.20) per diluted share, compared to a net loss of $103.4 million, or $(4.66) per diluted share, in the prior year
Adjusted EBITDA1 of $6.1 million compared to $9.2 million in the prior year
Management Commentary
Carl Bachmann, Chief Executive Officer of BurgerFi, stated, “2023 was a challenging year at both Anthony’s and BurgerFi but, in no way indicative of the work this new management team is doing or where we intend to take the business over time. In fact, I am more convinced than ever that Anthony’s and BurgerFi are high quality brands with great opportunities ahead and strong growth potential. Leveraging my prior experience in turnaround situations at burger and pizza concepts, I implemented five key strategic priorities when I began eight months ago which should ultimately drive long-term, profitable growth.”
Bachmann continued, “Notably, we have already begun to see early leading indicators that our efforts are taking hold. While Anthony’s had a 3% decrease in same-store sales growth during the fourth quarter, it did experience a sequential improvement in same-store sales and traffic compared to the third quarter and an encouraging performance during the Christmas holidays. Like most of our peers, January was a challenging month, however, trends have improved sequentially, with March flat to slightly positive, adjusting for the Easter shift.”
Christopher Jones, Chief Financial Officer of BurgerFi, added, “This new management team is working hard every day executing a sound strategy that will increase sales and improve margins over time. During the fourth quarter, top line softness pressured margins, but that did not stop us from continuing to drive labor and cost efficiency, as evidenced by the ongoing declines in payroll and corporate expense dollars. With modest investments into inventory control systems at both brands and a new POS platform at Anthony’s, we are convinced that the more work we do, driving efficiencies today, the greater margin expansion opportunity we have, as we come out of the recovery.”
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The ONE Group Hospitality, Inc. to Acquire Owner of Benihana
Creates a scaled platform and further enables The ONE Group to diversify and strengthen its industry leading portfolio of world-class, experiential restaurant concepts
Transaction adds $514 million in trailing twelve months revenue and significant incremental annualized EBITDA
Combined business will generate meaningful free cash flow enabling debt reduction and shareholder friendly capital allocation to drive long-term value for shareholders
Expected to be accretive to diluted earnings per share
Conference call and webcast to discuss the transaction to be held later today at 5:00 PM ET on Tuesday, March 26th
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS), today announced it will acquire Safflower Holdings Corp., the owner of Benihana Inc. (“Benihana”), a leading operator of highly differentiated experiential brands that owns the only national teppanyaki brand in the U.S. and owns RA Sushi.
The transaction is valued at $365 million and will be financed with $160 million in preferred equity and a portion of a new $390 million term loan and credit facility. Upon closing of the transaction, which is expected by the end of the second quarter of 2024, The ONE Group will have a global footprint of 168 venues, across full-service entertainment and grill restaurants across its four distinctive experiential, and complementary brands.
Founded in 1964, Benihana has a tremendous legacy in the U.S. as it pioneered two unique, complementary restaurant brands focusing on providing high-quality food and unparalleled guest service. Its flagship brand, BENIHANA®, is a category-defining brand and American cultural icon that pioneered interactive teppanyaki dining in the U.S. Benihana’s RA SUSHI® predicates itself on delivering creative sushi and Japanese dishes in a bar-forward, upbeat, and vibrant dining atmosphere and fun-filled, high-energy environment.
Currently Benihana operates 88 company-owned restaurants and franchises or licenses an additional 17 venues in the Americas. Once closed, the acquisition is expected to add approximately $575 million in annualized system-wide revenue and approximately $70 million in annual run-rate EBITDA before synergies, which are estimated to be $20 million annually. The Company expects that it will take 24 months to realize synergies post-closing. This is expected to bring the Company’s pro forma annualized run-rate EBITDA with synergies to more than $135 million. The transaction is expected to be immediately accretive to earnings per diluted share.
“We are delighted to welcome Benihana, an American cultural icon with timeless appeal that transcends generations and offers unparalleled guest experiences, to The ONE Group family,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group. “The strategic acquisition of a one-of-a-kind restaurant platform with a compelling financial profile supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts. With Benihana joining The ONE Group’s platform, our combined annualized EBITDA enhances our ability to continue to fully fund our expansion while delivering meaningful free cash flow enabling debt reduction and shareholder friendly capital allocation to drive long-term value for shareholders.”
View full version at The ONE Group
Darden Restaurants Reports Fiscal 2024 Third Quarter Results; Declares Quarterly Dividend; Authorizes New $1 Billion Share Repurchase Program; And Updates Fiscal 2024 Financial Outlook
ORLANDO, Fla., March 21, 2024 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the third quarter ended February 25, 2024.
Third Quarter 2024 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 6.8% to $3.0 billion, driven by sales from the addition of 79 company-owned Ruth's Chris Steak House (Ruth's Chris) restaurants and 53 other net new restaurants, partially offset by a blended same-restaurant sales* decrease of (1.0)%
Same-restaurant sales:
Consolidated Darden* | (1.0) % | ||||||
Olive Garden | (1.8) % | ||||||
LongHorn Steakhouse | 2.3 % | ||||||
Fine Dining* | (2.3) % | ||||||
Other Business | (2.6) % |
Reported diluted net earnings per share from continuing operations were $2.60
Excluding $0.02 of Ruth's Chris transaction and integration related costs, adjusted diluted net earnings per share from continuing operations were $2.62, an increase of 12.0%**
The Company repurchased $33 million of its outstanding common stock
Will not include Ruth's Chris Steak House until they have been owned and operated by Darden for a 16-month period (Q2 Fiscal 2025)* See the "Non-GAAP Information" below for more details
"I am proud of our teams and the way they performed this quarter," said Darden President & CEO Rick Cardenas. "Each one of our segments grew sales and profit in an operating environment that was tougher than we anticipated, and we continued to outperform industry same-restaurant sales and traffic.
"Looking ahead, our focus remains on controlling what we can control, leveraging and strengthening our competitive advantages, and executing our back-to-basics operating philosophy in order to effectively manage the business for the long-term."
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The ONE Group Reports Fourth Quarter 2023 and Full Year 2023 Financial Results
Grows Revenue and Adjusted EBITDA in the Quarter
Opens Four Restaurants in the Quarter; Introduces 2024 Targets and Authorizes Additional Share Repurchase
March 14, 2024 04:05 PM Eastern Daylight Time
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 31, 2023.
Highlights for the fourth quarter compared to the same quarter in 2022 are as follows:
Total GAAP revenues increased 1.8% to $89.9 million from $88.3 million;
Comparable sales* decreased 4.3% compared to 2022 and increased 40.1% compared to 2019;
GAAP net income attributable to The ONE Group was $4.6 million, or $0.15 per share ($0.17 adjusted net income per share) ****, compared to GAAP net income of $5.1 million, or $0.15 per share ($0.19 adjusted net income per share) ****
Restaurant Operating Profit*** increased 3.8% to $16.5 million from $15.9 million; and
Adjusted EBITDA** increased 11.3% to $14.5 million from $13.0 million.
Highlights for the full year 2023 compared to 2022 are as follows:
Total GAAP revenues increased 5.1% to $332.8 million from $316.6 million;
Consolidated comparable sales* decreased 2.7% and increased 43.8% compared to 2019;
GAAP net income attributable to The ONE Group was $4.7 million, or $0.15 per share ($0.24 adjusted net income per share)****, compared to GAAP net income of $13.5 million, or $0.40 per share ($0.55 adjusted net income per share)****
Restaurant Operating Profit*** decreased slightly to $50.4 million compared to $50.8 million;
Adjusted EBITDA** was $40.1 million compared to $41.3 million.
“We are pleased with our fourth quarter results, especially our focus to improve restaurant-level margins and leverage our G&A. During the fourth quarter, we increased restaurant operating profit by 40 basis points to 19.3% of Company-owned restaurant net revenues, reduced G&A by 80 basis points to 8.8% of revenue and grew adjusted EBITDA by 11.3%. As we continue our expansion, we should benefit from greater leverage through the best practices and operating efficiencies we have put in place across our organization,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
Hilario continued, “2023 marked a year of robust unit development. We added four new restaurants during the fourth quarter. Importantly, these locations and restaurant locations we opened earlier this year are performing well, bolstering our confidence in the long-term EBITDA and earnings power of our pipeline. In 2024, we plan to open six to eight new restaurants, including one or two managed and licensed restaurants. Earlier today, we opened an STK in Washington DC at the Marriott Grand Marquis and currently have three Company-owned restaurants under construction. Our strong reception in new geographies gives us line of sight towards our total addressable market of 400 venues consisting of 200 STKs globally and 200 Kona Grills domestically.”
Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions. e define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, pre-opening expenses, non-recurring gains and losses including incremental costs related to COVID-19, stock-based compensation and certain transactional costs. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net Income to Adjusted EBITDA in this release. **We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses. Restaurant Operating Profit has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Operating income to Restaurant Operating Profit in this release. ****We define Adjusted Net Income as net income before COVID-19 costs, lease termination expenses, one-time stock-based compensation, non-recurring costs, non-cash rent during the pre-opening period and the income tax effect of any adjustments. Adjusted Net Income has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net Income to Adjusted Net Income in this release.
View full version at The ONE Group
FAT BRANDS INC. REPORTS FISCAL FOURTH QUARTER AND FULL FISCAL YEAR 2023 FINANCIAL RESULTS
LOS ANGELES, March 07, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fiscal fourth quarter and full fiscal year 2023 financial results for the fiscal year ended December 31, 2023.
“With the acquisition of Smokey Bones early in the fourth quarter, we have grown the FAT Brands portfolio to 18 iconic restaurant brands with annualized system wide sales of $2.5 billion,” said Andy Wiederhorn, Chairman of FAT Brands. “We opened 125 restaurants in 2023, including 29 in the fourth quarter. We are seeing strong franchisee interest in development opportunities, having signed more than 225 development agreements in 2023, bringing our total pipeline to 1,100 units. This represents the potential for over 50% EBITDA growth over the next several years.”
Ken Kuick, Co-Chief Executive Officer of FAT Brands, commented, “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year we opened 14 new lodges and ended the year with 109 lodges, a 33% increase since acquiring the brand in 2021. Our growth pipeline includes 113 lodges and Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”
Rob Rosen, Co-Chief Executive Officer of FAT Brands, concluded, “We believe there are significant opportunities on the horizon for FAT Brands. Our seasoned leadership and strong brand management platform allow us to efficiently integrate new brands while maintaining a healthy and evolving pipeline for organic growth. These strengths position us for continued growth in the future, which will help deleverage our balance sheet.”
Fiscal Fourth Quarter 2023 Highlights
Total revenue improved 52.8% to $158.6 million compared to $103.8 million in the fourth quarter of 2022
System-wide sales growth of 16.5% in the fiscal fourth quarter of 2023 compared to the prior year fiscal quarter
System-wide same-store sales declined 0.6% in the fiscal fourth quarter of 2023 compared to the prior fiscal year
29 new store openings during the fiscal fourth quarter of 2023
Loss from operations of $3.1 million compared to $32.6 million in the fiscal fourth quarter of 2022
Net loss of $26.2 million, or $1.68 per diluted share, compared to $70.8 million, or $4.39 per diluted share, in the fiscal fourth quarter of 2022
Adjusted EBITDA(1) of $27.0 million compared to $19.6 million in the fiscal fourth quarter of 2022
Adjusted net loss(1) of $17.3 million, or $1.15 per diluted share, compared to $43.0 million, or $2.70 per diluted share, in the fiscal fourth quarter of 2022
Fiscal Year 2023 Highlights
Total revenue increased 18.0% to $480.5 million compared to $407.2 million in fiscal 2022
System-wide sales growth of 6.9% compared to fiscal 2022
System-wide same-store sales growth of 0.8% in fiscal 2023 compared to fiscal 2022
125 new store openings during fiscal 2023
Income from operations of $22.3 million compared to loss from operations of $17.9 million in the fiscal quarter of 2022
Net loss of $90.1 million, or $5.85 per diluted share, compared to $126.2 million, or $8.06 per diluted share, in fiscal 2022
Adjusted EBITDA(1) of $91.2 million compared to $88.8 million in fiscal 2022
Adjusted net loss(1) of $56.5 million, or $3.83 per diluted share, compared to $80.9 million, or $5.32 per diluted share, in fiscal 2022
(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
Noodles & Company Announces Fourth Quarter and Full Year 2023 Financial Results
March 07, 2024 16:06 ET
BROOMFIELD, Colo., March 07, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended January 2, 2024, and provided a 2024 business outlook.
Key highlights for the fourth quarter of 2023 (13 weeks) compared to the fourth quarter of 2022 (14 weeks) include:
Total revenue decreased 8.9% to $124.3 million from $136.5 million. Adjusting for the impact of the 53rd week in the fourth quarter of 2022, total revenue decreased $3.1 million in the fourth quarter of 2023, or 2.4%.
Comparable restaurant sales decreased 4.2% system-wide, including a 4.3% decrease for company-owned restaurants and a 3.6% decrease for franchise restaurants.
Net loss was $6.1 million, or $0.14 loss per diluted share, compared to net income of $1.0 million, or $0.02 per diluted share.
Operating margin was (3.7)% compared to an operating margin of 1.3%.
Restaurant contribution margin(1) decreased 50 basis points to 14.7%.
Five new company-owned restaurants opened and two closed in the fourth quarter of 2023. One franchise restaurant closed in the fourth quarter of 2023.
Key highlights for fiscal year 2023 (52 weeks) compared to fiscal year 2022 (53 weeks) include:
Total revenue decreased 1.2% to $503.4 million from $509.5 million. Adjusting for the impact of the 53rd week in 2022, total revenue increased $3.0 million in 2023, or 0.6%.
Comparable restaurant sales decreased 1.9% system-wide, including a 2.0% decrease for company-owned restaurants and a 1.1% decrease for franchise restaurants.
Net loss was $9.9 million, or $0.21 loss per diluted share, compared to net loss of $3.3 million, or $0.07 loss per diluted share.
Operating margin was (1.0)% compared to an operating margin of (0.2)%.
Restaurant contribution margin(1) increased 100 basis points to 14.9%.
Eighteen new company-owned restaurants opened and six closed in 2023. Three franchise restaurants closed in 2023. The Company had 470 restaurants at the end of 2023, comprised of 380 company-owned and 90 franchise restaurants.
_____________________
(1) Restaurant contribution margin is a non-GAAP measure. A reconciliation of operating income (loss) to restaurant contribution is included in the accompanying financial data. See “Non-GAAP Financial Measures.”
Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “Despite our recent challenges, we believe Noodles is a differentiated brand with an opportunity to be a robust business going forward. We are focused on five strategic priorities to capture this opportunity. Our first area of focus is strengthening operational excellence, with an increased focus on the dimensions of our guest experience that correlate most strongly with traffic growth. Second, a multi-phase menu transformation to stimulate increased guest desire that reflects our new culinary identity of “contemporary comfort kitchen.” Third, building a long-term strategy for growing our catering business. Fourth, leveraging our digital capabilities including our new digital menu boards, customer data platform, the Noodles app and the rewards program to grow our guest base and deliver personalized, targeted marketing. Finally, fortifying our financial position by reducing capital expenditures, slowing new unit growth, researching lower cost restaurant prototypes and capturing increased efficiencies across the business. We believe that focusing on these priorities will allow the brand to resonate with our guests and lead to sustainable long-term, top-line momentum and profitable growth.”
View full version at Noodles & Company
El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2023 Financial Results
March 07, 2024 16:05 ET
COSTA MESA, Calif., March 07, 2024 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 27, 2023.
Highlights for the fourth quarter ended December 27, 2023 compared to the fourth quarter ended December 28, 2022 were as follows:
Total revenue was $112.2 million compared to $115.9 million.
System-wide comparable restaurant sales(1) increased 0.9%.
Income from operations was $7.5 million compared to $9.5 million.
Restaurant contribution(1) was $14.8 million, or 15.8% of company-operated restaurant revenue, compared to $14.7 million, or 14.7% of company-operated restaurant revenue.
Net income was $4.4 million, or $0.14 per diluted share, compared to net income of $6.5 million, or $0.18 per diluted share.
Adjusted net income(1) was $5.2 million, or $0.16 per diluted share, compared to $6.0 million, or $0.16 per diluted share.
Adjusted EBITDA(1) was $13.6 million, compared to $13.3 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 below under “Key Financial Definitions.” A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures.”
Maria Hollandsworth, President and Chief Operating Officer of El Pollo Loco Holdings, Inc., stated, “We are pleased with the progress our team has made during the fourth quarter as they execute against our initiatives geared toward top-line growth and profitability improvements. As we look into 2024, we aim to lean into what makes El Pollo Loco unique – our one-of-a-kind, better-for-you marinated flame grilled chicken that delivers a truly special flavor that our customers crave. Through menu innovations, marketing initiatives and renewed focus on four-wall operational excellence, we will build upon the foundation we have laid down last year to unlock the immense potential we have ahead of us.”
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GEN Restaurant Group, Inc. Announces Fourth Quarter 2023 Financial Results
CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023.
Highlights for the Fourth quarter ended December 31, 2023 were as follows:
Revenue increased 10.4% to $45.1 million, compared to $40.8 million in the fourth quarter of 2022;
Comparable restaurant sales decreased 1.7% as compared to the fourth quarter in 2022;
Income from operations was $(0.9) million and (2.0)% of revenue;
Restaurant-level adjusted EBITDA(1) was $7.2 million and 16.0% of revenue;
Net Income (loss) was $(0.2) million and (0.4%) of revenue;
Adjusted EBITDA(1) was $1.6 million and 3.6% of revenue inclusive of pre-opening expense of approximately $1.2 million.
(1) Adjusted EBITDA and restaurant-level adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and restaurant-level adjusted EBITDA to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below.
David Kim, Co-Chief Executive Officer of GEN Restaurant Group, Inc., stated, “We accomplished much during our first year as a public company, from achieving record revenues of $181 million during 2023, representing growth of over 10% year over year, and successfully opening six new restaurants, to completing the integration of two operating companies and the transition to Sysco as our distribution partner. Through the investments we made in our people during the fourth quarter, we now have a solid foundation to create great guest experiences and drive further growth for GEN Korean BBQ as we add new restaurants throughout the country. Coupled with the attractive new unit economics that are among the best in the industry, we look forward to capturing the immense opportunities ahead and enhancing long-term shareholder value."
View full version at GEN Restaurant
First Watch Restaurant Group, Inc. Reports Strong 2023 Financial Results and Provides 2024 Outlook
March 05, 2024 07:00 ET
Total revenues of $891.6 million, up 22.1% and System-wide sales of $1.1 billion, up 20.6%
Same-restaurant sales growth of 7.6%* with positive same-restaurant traffic growth
Income from operations margin of 4.7% and Restaurant level operating profit margin of 20.0%
Net income of $25.4 million and Adjusted EBITDA of $99.5 million
51 system-wide restaurants opened across 19 states
BRADENTON, Fla., March 05, 2024 (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 fourteen weeks ended December 31, 2023 (“Q4 2023”) and the 53-week fiscal year ended December 31, 2023 (“2023”) compared to the thirteen weeks ended December 25, 2022 (“Q4 2022”) and the 52-week fiscal year ended December 25, 2022 (“2022”) and provided an outlook for the 52-week fiscal year ending December 29, 2024 (“2024”).
“First Watch achieved a number of significant milestones in 2023 including essentially doubling system-wide sales to more than $1 billion since 2019 and posting nearly $100 million in Adjusted EBITDA. We also eclipsed the meaningful milestone of opening our 500th restaurant, all while delivering high single digit same-restaurant sales growth and positive same-restaurant traffic growth,” said Chris Tomasso, First Watch CEO and President. “Given the untapped market potential in the Daytime Dining segment, combined with our operational focus and proven portability, we are optimistic about the growth ahead.”
View full version at First Watch
Sweetgreen, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results
February 29, 2024 04:05 PM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG), the mission-driven restaurant brand creating healthier communities by connecting people to real food, today announced financial results for its fourth fiscal quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
For the fourth quarter of fiscal year 2023, compared to the fourth quarter of fiscal year 2022:
Total revenue was $153.0 million versus $118.6 million in the prior year period, an increase of 29%.
Same-Store Sales Change of 6% versus Same-Store Sales Change of 4% in the prior year period.
AUV of $2.9 million was consistent with the prior year period.
Total Digital Revenue Percentage of 58% and Owned Digital Revenue Percentage of 34%, versus Total Digital Revenue Percentage of 61% and Owned Digital Revenue Percentage of 40% in the prior year period.
Loss from operations was $(29.3) million and loss from operations margin was (19)%, versus loss from operations of $(47.7) million and loss from operations margin of (40)% in the prior year period.
Restaurant-Level Profit(1) was $24.8 million and Restaurant-Level Profit Margin was 16%, versus Restaurant-Level Profit of $12.8 million and Restaurant-Level Profit Margin of 11% in the prior year period.
Net loss was $(27.4) million and net loss margin was (18)%, versus net loss of $(49.3) million and net loss margin of (42)% in the prior year period.
Adjusted EBITDA(1) was $(1.8) million and Adjusted EBITDA Margin was (1)%, versus Adjusted EBITDA of $(17.9) million and Adjusted EBITDA Margin of (15)% in the prior year period.
1 Net New Restaurant Opening versus 10 Net New Restaurant Openings in the prior year period.
Full Year Fiscal 2023 Financial Highlights
For fiscal year 2023 compared to fiscal year 2022:
Total revenue was $584.0 million versus $470.1 million in the prior fiscal year, an increase of 24%.
Same-Store Sales Change of 4% versus Same-Store Sales Change of 13% in the prior fiscal year.
AUV of $2.9 million was consistent with the prior year period.
Total Digital Revenue Percentage of 59% and Owned Digital Revenue Percentage of 36%, versus Total Digital Revenue Percentage of 62% and Owned Digital Revenue Percentage of 41% in the prior fiscal year.
Loss from operations was $(122.3) million and loss from operations margin was (21)%, versus loss from operations of $(193.3) million and loss from operations margin of (41)% in the prior fiscal year.
Restaurant-Level Profit(1) was $101.9 million and Restaurant-Level Profit Margin was 17%, versus Restaurant-Level Profit of $69.3 million and Restaurant-Level Profit Margin of 15% in the prior fiscal year.
Net loss was $(113.4) million and net loss margin was (19)%, versus net loss of $(190.4) million and net loss margin of (41)% in the prior fiscal year.
Adjusted EBITDA(1) was $(2.8) million versus Adjusted EBITDA of $(49.9) million in the prior fiscal year and Adjusted EBITDA Margin was 0% versus (11)% in the prior year period.
35 Net New Restaurant Openings versus 36 Net New Restaurant Openings in the prior fiscal year.
__________________________________________(1) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, 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.”
“2023 was a strong year for Sweetgreen - we continued to demonstrate high growth, substantial operating leverage and executed on significant innovation across the business. In the fourth quarter, we expanded restaurant-level profit margins by 500 basis points in 2023 compared to 2022, and our guidance calls for Adjusted EBITDA profitability in 2024(2),” said Jonathan Neman, CEO and Co-Founder. “We have a strong foundation to build off in 2024, and we will continue to focus on menu innovation, great restaurant operations, and the Infinite Kitchen to capture demand and drive traffic. I couldn't be more optimistic and excited for the year ahead.”
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Papa Johns Announces Fourth Quarter and Full Year 2023 Financial Results
February 29, 2024 07:00 AM Eastern Standard Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) today announced financial results for the fourth quarter and year ended December 31, 2023.
Fourth Quarter Highlights
North America comparable sales(a) were up 2% compared with the fourth quarter of 2022 as transaction and ticket growth delivered 2% comparable sales at both Domestic Company-owned restaurants and North America franchised restaurants; International comparable sales(a) were down 6%.
89 net unit openings driven by 36 North America and 53 International net unit openings.
Global system-wide restaurant sales were $1.34 billion, an 11%(b) increase from the prior year fourth quarter. Excluding the 53rd week in 2023, global system-wide sales were up approximately 2%(b).
Total revenues of $571 million were up $45 million, or 9%, compared with a year ago. Excluding the 53rd week, Total revenues were up approximately 1%.
Diluted earnings per common share of $0.79, up from $0.66 for the fourth quarter of 2022; Adjusted diluted earnings per common share(c) was $0.91, up from $0.71 a year ago.
Full Year Highlights
North America comparable sales(a) were up 1% from a year ago driven by a 3% increase in Domestic Company-owned restaurants; International comparable sales(a) were down 3%.
208 net unit openings for the full year 2023 with 57 net unit openings in North America and 151 net unit openings in International markets.
Global system-wide restaurant sales were $5.04 billion, a 5%(b) increase over the prior year. Excluding the 53rd week in 2023, global system-wide sales were up 3%(b).
Total revenues of $2.14 billion were up $34 million, or 2%, from 2022. Excluding the 53rd week in 2023, Total revenues were down less than 1% driven by lower revenues in our North America commissary segment due to commodity price declines.
Diluted earnings per common share of $2.48 compared with $1.89 for 2022; adjusted diluted earnings per common share(c) was $2.71 compared with $2.94 a year ago.
“Papa Johns finished 2023 with a solid fourth quarter and achieved record system-wide sales for the year, marking this as our fourth consecutive year of positive North America comparable restaurant sales,” said Rob Lynch, Papa Johns President and CEO. "More importantly, we made significant progress in several key operational areas during the year. We improved our Domestic company-owned restaurant-level margins, grew our global footprint and enhanced our digital solutions and marketing platforms. These efforts have strengthened Papa Johns and laid the foundation for our next phase of growth.”
Lynch continued, “We are also making progress on our International transformation initiatives, which include optimizing our UK business model. We continue to see sequential improvement in our UK sales, with UK franchisees reporting their second consecutive quarter of positive comparable sales in the fourth quarter. We are building on the progress in this important market as we continue to take strategic actions that will drive improved profitability and further strengthen our franchisee base.”
“Looking ahead, we are excited about the long-term future of Papa Johns as we embark on our Back to Better 2.0 growth initiatives and focus on accelerating our North America development. While we recognize the dynamic global environment may present challenges in the near term, we will maintain flexibility as we focus on advancing our strategic initiatives. We remain confident in our business model, our long-term strategy, the strength of our brand, loyalty of our customer base and our ability to deliver value for all stakeholders,” concluded Lynch.
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Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Fiscal Year Ended December 31, 2023
1.6% increase in fiscal 2023 comparable restaurant revenue
$57.7 million improvement in net loss and a 33% increase in Adjusted EBITDA during fiscal 2023
February 28, 2024 04:05 PM Eastern Standard Time
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal fourth quarter and year ended December 31, 2023.
Highlights for the Fourth Quarter Fiscal of 2023 Compared to the Fourth Quarter Fiscal of 2022:
Total revenues are $309.0 million, an increase of $19.4 million, inclusive of an additional week in the quarter.
Comparable restaurant revenue(1) decreased 2.7%.
Net loss is $13.7 million, an improvement of $31.0 million from a net loss of $44.7 million during the same period of 2022.
Adjusted EBITDA(2) is $10.6 million, a 26% increase.
Highlights for Fiscal 2023 Compared to Fiscal 2022:
Total revenues are $1.3 billion, an increase of $37.5 million.
The fifty-third week in 2023 contributed $24.5 million of restaurant revenue.
Comparable restaurant revenue(1) increased 1.6%.
Net loss is $21.2 million, an improvement of $57.7 million from a net loss of $78.9 million during 2022.
Adjusted EBITDA(2) is $68.9 million, a 33% increase.
Completed two Sale-Leaseback transactions, generating net proceeds of $58.8 million and a gain, net of expenses of $29.4 million.
Repaid $24.9 million of debt and repurchased $10.0 million of stock.
(1) | Comparable restaurant revenue represents revenue from Company-owned restaurants that have operated five full quarters as of the 52 weeks ending December 24, 2023. The comparable restaurant base includes 408 and 406 restaurants in the fourth quarter and full year, respectively, out of the total 415 Company-owned restaurants. | |
(2) | See below for a reconciliation of adjusted EBITDA, a non-GAAP measure, to Net loss. |
G.J. Hart, Red Robin’s President and Chief Executive Officer said, “2023 was a successful transformational year for our iconic brand. Operationally, we made significant investments in what we serve and how we serve it to ensure the Guest experience at Red Robin is a memorable one and we continue to receive positive feedback from Guests. Financially, we made substantial progress by delivering a 1.6% increase in comparable restaurant revenue, a 33% increase in Adjusted EBITDA, and we strengthened our balance sheet by completing two tranches of sale-leaseback transactions to reduce our long-term debt by almost $25 million dollars.”
Hart concluded, “While we have made significant progress across all points of our North Star Plan, 2023 was only the first step of our multi-year strategy. In 2024 we expect continued operational execution of a great Guest experience, additional marketing support and new campaigns to communicate the upgrades we have made, the launch of our new loyalty program, and aligning incentives under our Partner compensation model, will accelerate our path to achieve our goal - to bring Guests back into our restaurants for connection over craveable food that only Red Robin can provide.”
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Dine Brands Global, Inc. Reports Fourth Quarter and Fiscal Year 2023 Results
February 28, 2024 07:00 AM Eastern Standard 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 fourth quarter and fiscal year 2023.
“Our solid performance in the fourth quarter concluded a year of significant progress for Dine. We delivered another year of positive comp sales growth at IHOP and Applebee’s and generated year-over-year EBITDA growth while fully integrating Fuzzy’s into our system,” said John Peyton, chief executive officer, Dine Brands Global, Inc. “We are further strengthening our recipe for growth in 2024 with our methodical development strategy that will generate sustainable value over the long-term for our shareholders and franchisees.”
Vance Chang, chief financial officer, Dine Brands Global, Inc. added, “Our financial performance in the fourth quarter and throughout the course of 2023 has allowed us to strengthen our balance sheet and invest in our business while returning capital to shareholders. In spite of the challenging operating environment, we continued to improve our profitability and exceeded our EBITDA guidance. Overall, Dine remains very well positioned to support its franchisees, navigate near-term headwinds and drive growth over time.”
Domestic Restaurant Sales for the Fourth Quarter of 2023
Applebee’s year-over-year comparable same-restaurant sales declined 0.5% for the fourth quarter of 2023. Off-premise sales accounted for 20.8% of sales mix, representing per restaurant average weekly sales of approximately $10,900.
IHOP’s year-over-year domestic comparable same-restaurant sales increased 1.6% for the fourth quarter of 2023. Off-premise sales accounted for 20.4% of sales mix, representing per restaurant average weekly sales of approximately $8,000.
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CAVA Group Reports Fourth Quarter and Full Year Fiscal 2023 Results
Full Year CAVA Revenue Growth of 59.8% Driven by CAVA Same Restaurant Sales Growth of 17.9%
72 Net New CAVA Restaurant Openings During Fiscal 2023
Full Year CAVA Restaurant-Level Profit Margin of 24.8%
February 26, 2024 07:25 PM Eastern Standard Time
WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal fourth quarter and fiscal year ended December 31, 2023.
“2023 was a landmark year for CAVA, one that demonstrated our significant whitespace opportunity and the strength of our operating model and Team Members as we define the next big cultural cuisine category. Following a successful IPO, we delivered three consecutive quarters of positive net income, driven by full-year revenue growth of nearly 60%. CAVA Same Restaurant Sales grew nearly 18%, including traffic growth of more than 10%, and we opened 72 net new restaurants, increasing our footprint by 30%. With our powerful unit economic engine and investments in an efficient, scalable operation, we are well positioned to deliver on our extraordinary potential,” said Brett Schulman, Co-Founder and CEO.
Fiscal Fourth Quarter 2023 Highlights:
CAVA Revenue grew 52.5% to $175.5 million as compared to $115.0 million in the prior year quarter.
Net New CAVA Restaurant Openings of 19, bringing total CAVA Restaurants to 309, a 30.4% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 11.4%, which excludes the 53rd week of fiscal 2023.
CAVA Restaurant-Level Profit of $39.3 million or growth of 70.7% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 22.4%, a 240 basis point increase over the prior year quarter.
CAVA Digital Revenue Mix was 35.9%.
CAVA Group Net Income of $2.0 million compared to net loss of $18.8 million in the prior year quarter.
CAVA Group Adjusted EBITDA of $15.7 million compared to $3.5 million in the prior year quarter.
Fiscal Year 2023 Highlights:
CAVA Revenue grew 59.8% to $717.1 million as compared to $448.6 million in the prior year.
Net New CAVA Restaurant Openings of 72
CAVA Same Restaurant Sales Growth of 17.9%, which excludes the 53rd week of fiscal 2023.
CAVA AUV of $2.6 million, excluding the 53rd week of fiscal 2023, as compared to $2.4 million in the prior year.
CAVA Restaurant-Level Profit of $177.5 million or growth of 94.8% over the prior year, with CAVA Restaurant-Level Profit Margin of 24.8%, a 450 basis point increase over the prior year.
CAVA Digital Revenue Mix was 36.0%.
CAVA Group Net Income of $13.3 million compared to net loss of $59.0 million in the prior year.
CAVA Group Adjusted EBITDA of $73.8 million compared to $12.6 million in the prior year.
CAVA Fiscal Fourth Quarter 2023 Review:
CAVA Revenue was $175.5 million, an increase of 52.5% compared to the fiscal fourth quarter of 2022. The increase was driven by 95 Net New CAVA Restaurant Openings during or subsequent to the fiscal fourth quarter of 2022, CAVA Same Restaurant Sales Growth of 11.4%, and the impact of the 53rd week in fiscal 2023. CAVA Same Restaurant Sales Growth consists of 6.2% from guest traffic and 5.2% from menu price and product mix.
CAVA Restaurant-Level Profit Margin was 22.4%, an increase of 240 basis points compared to the fiscal fourth quarter of 2022. CAVA Restaurant-Level Profit Margin increased due to lower food, beverage, and packaging as a percentage of revenue, driven by lower input costs and higher incidence of premium menu items driving favorable product mix, as well as sales leverage including the impact of the 53rd week, partially offset by incremental wage investments.
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