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THE WENDY'S COMPANY REPORTS PRELIMINARY FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Jan 13, 2023, 07:00 ET
Increases regular quarterly cash dividend to 25 cents per share, announces new $500 million share repurchase authorization
DUBLIN, Ohio, Jan. 13, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported preliminary, unaudited results for the fourth quarter and fiscal year ended January 1, 2023. The Company plans to release its audited financial statements and file its annual report on Form 10-K on March 1, 2023.
"Our 2022 results highlight the strength and resiliency of the Wendy's® brand as we continued to deliver compelling sales and profit growth," President and Chief Executive Officer Todd Penegor said. "During the year, global same-restaurant sales reached double digits on a two-year basis for the second consecutive year, Company restaurant margins expanded by almost 300 basis points in the fourth quarter versus the first quarter, and we opened over 275 restaurants across the globe. Supported by our business momentum and strong liquidity position, I am pleased to announce that our Board of Directors has approved a 100% increase in our quarterly dividend to $0.25 per share and a new $500 million share repurchase authorization. These actions are in alignment with our capital allocation policy while providing significant flexibility to continue to invest in growth."
Nelson Peltz, Chief Executive Officer and a Founding Partner of Trian Fund Management, L.P., Wendy's largest shareholder, and Wendy's Non-Executive Chairman, said, "Trian believes strongly in the future of Wendy's, is confident in the Company's growth plans and is strongly supportive of the capital allocation strategy announced today." Mr. Peltz continued, "Trian believes that the Company is well-positioned to deliver significant long-term value for shareholders and looks forward to continuing to work with the Board and leadership team to do so."
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Shake Shack Provides Fourth Quarter 2022 Business Update
Preliminary Unaudited Results for the Fourth Quarter and Fiscal Year Ended December 28, 2022:(1)
Total revenue of $238.5 million in 4Q22 and $900.5 million in FY22.
Shack sales of $229.9 million in 4Q22 and $869.3 million in FY22.
Licensing revenue of $8.6 million in 4Q22 and $31.2 million in FY22.
System-wide sales of $364.1 million in 4Q22 and $1.4 billion in FY22.
Same-Shack sales up 5.1% versus 2021 in 4Q22 and 7.8% versus 2021 in FY22.
Shack-level operating profit margin(2) expected to be approximately 19% of Shack sales in 4Q22 and approximately 17% of Shack sales in FY22.
Opened 36 new domestic Company-operated Shacks in FY22, 22 of which opened in 4Q22. Opened 33 new licensed Shacks in FY22, 13 of which opened in 4Q22.
January 10, 2023 08:00 AM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) announced preliminary unaudited results for the fiscal fourth quarter and the fiscal year ended December 28, 2022 ahead of presenting at the 25th Annual ICR Conference today in Orlando, Florida.
Presenting from the Company will be Randy Garutti, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The presentation will be held on Tuesday, January 10, 2023 at 9:00 a.m Eastern Time. The presentation will be webcast live from the Company's Investor Relations website at investor.shakeshack.com on the Events & Presentations page.
For more information, please also see the presentation materials, which will be available on the Company's Investor Relations website on the Events & Presentations page.
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First Watch Restaurant Group, Inc. Announces Preliminary Operational Metrics for the Fourth Quarter 2022 and Fiscal Year 2022
January 09, 2023 06:30 ET
BRADENTON, Fla., Jan. 09, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the Daytime Dining concept serving breakfast, brunch and lunch, today reported certain preliminary operational results for the thirteen weeks ended December 25, 2022 (“fourth quarter”) and fiscal year ended December 25, 2022 (“2022”).
Management Commentary:
“First Watch delivered another strong year,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “While the entire industry struggled through a challenging macro environment, we once again distinguished ourselves by achieving same-restaurant sales growth of 14.5% in 2022 – driven largely by same-restaurant traffic growth. I am proud of our teams for their leadership throughout the year and especially in the fourth quarter when they overcame the impacts of Hurricane Ian and Winter Storm Elliott to deliver same-restaurant sales growth. As we look toward 2023, we believe that we are uniquely positioned to not only capitalize on the increasing consumer demand for Daytime Dining but to continue to provide our exceptional experience that has kept customers coming to us for decades.”
Sales and Traffic Highlights:
Fourth Quarter2022Same-Restaurant Sales Growth+7.7%+14.5%Same-Restaurant Sales Growth compared to 2019 (*)+29.3%+29.6%Same-Restaurant Traffic Growth-0.6%+7.7%Same-Restaurant Traffic Growth compared to 2019 (*)+5.2%+6.5%
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* Comparison to the thirteen weeks ended December 29, 2019 and fiscal year ended December 29, 2019 is provided for enhanced comparability.
During the fourth quarter, Hurricane Ian forced temporary closures of First Watch restaurants in Florida, South Carolina and Georgia. We believe that Hurricane Ian had a negative impact of at least 0.7% on both same-restaurant sales growth and same-restaurant traffic growth in the fourth quarter.
Restaurant Development:
During 2022, there were 43 system-wide restaurant openings consisting of 29 company-owned restaurants and 14 franchise-owned restaurants.
During the fourth quarter, First Watch opened 16 system-wide restaurants consisting of 11 company-owned restaurants and 5 franchise-owned restaurants. One company-owned restaurant that was expected to open in December 2022 was slightly delayed and is now open.
At December 25, 2022, First Watch had 474 system-wide restaurants, consisting of 366 company-owned restaurants and 108 franchise-owned restaurants across 29 states.
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BurgerFi Provides Fiscal Year 2022 Business Update
Sets Initial Business Outlook for Fiscal Year 2023
January 09, 2023 07:00 ET
FORT LAUDERDALE, Fla., Jan. 09, 2023 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza brand under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”), today reported preliminary sales results for the year ended January 2, 2023. The Company also has introduced its business outlook for fiscal year 2023.
Management Commentary
Ophir Sternberg, Executive Chairman of BurgerFi, stated, “2022 was a transformative year for the company representing the first full year of Anthony’s integrated into our system. We have two very high quality, differentiated brands that are on trend with the consumer. For 2023, we are well positioned on our growth trajectory as we have signed our first multi-unit development agreement for Anthony’s. I believe that we have long runway of growth ahead for asset-light expansion of both brands.”
Ian Baines, Chief Executive Officer of BurgerFi, added, “We are pleased to share these preliminary sales results for fiscal year 2022. Throughout 2022, our teams have been laser focused on initiatives to deliver synergies, improved customer experience with the goal of improve sales and operations to enhance the margin profile of both brands. Notably, we have seen supply chain stabilization and a slowdown in employee turnover in the fourth quarter. While we have begun to see operating improvements, I believe there is ample room for progress throughout 2023 to grow restaurant level margins in both brands. Looking ahead, our 2023 pipeline is strong as we anticipate the opening of 15-20 new franchised restaurants including 2-3 new Anthony’s.”
Preliminary outcomes for the fiscal year ended January 2, 2023 are as follows:
Total revenue of approximately $178 million;
11 new BurgerFi Restaurants opened this year (3 company-owned and 8 franchised); and
No update to our previously communicated Adjusted EBITDA guidance of $9-10 million or capital expenditures of approximately $2 million.
Restaurant Development
As of January 2, 2023, there were 174 total BurgerFi and Anthony’s restaurants of which 114 were BurgerFi (25 corporate-owned and 89 franchised) and 60 were corporate-owned Anthony’s. During the fourth quarter 2022, there were 2 franchised BurgerFi’s opened and 5 franchise closures.
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Denny’s Corporation Releases Preliminary Financial Results for Fourth Quarter and Fiscal Year 2022
Company Reiterates Fourth Quarter 2022 Guidance Expectations
January 09, 2023 08:30 ET
SPARTANBURG, S.C., Jan. 09, 2023 (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 selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 28, 2022.
Kelli Valade, Chief Executive Officer, stated, "We were pleased to conclude 2022 with another solid quarter of same-restaurant** sales performance in a challenging environment. We remain focused on increasing staffing levels, extending operating hours, and upholding our commitment to everyday value in the near-term while we move forward with exciting revitalization strategies to further propel our business into the future."
Preliminary Results
Denny's fourth quarter domestic system-wide same-restaurant sales** grew 2.0% compared to the equivalent fiscal period in 2021, including a 1.7% increase at domestic franchised restaurants and a 6.0% increase at company restaurants.
Denny's fiscal year domestic system-wide same-restaurant sales** grew 6.3% compared to the equivalent fiscal period in 2021, including a 6.0% increase at domestic franchised restaurants and a 10.4% increase at company restaurants.
In 2022, the Company opened 30 restaurants, including 8 international locations, and closed 66 restaurants, bringing the year-end total restaurant count to 1,656. In addition, 49 remodels were completed during the fiscal year, including 11 at company restaurants.
In the fourth quarter, the Company allocated $7.8 million to share repurchases, resulting in $64.9 million allocated to share repurchases for the full year. As of December 28, 2022, the Company had approximately $153 million remaining under its existing repurchase authorization.
Business Outlook
Based on preliminary results, the Company is reiterating its fourth quarter 2022 guidance expectations provided with the Company’s third quarter 2022 results, which were announced on November 1, 2022:
Denny's domestic system-wide same-restaurant sales** between 1% and 3%.
Consolidated total general and administrative expenses between $17 million and $18 million, including approximately $2 million related to share-based compensation expense.
Consolidated Adjusted EBITDA* between $21 million and $23 million.
The Company expects to release financial and operating results for its fourth quarter and fiscal year ended December 28, 2022, along with financial guidance for 2023, after the market closes on Monday, February 13, 2023.
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Dutch Bros Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2022 New Shop Openings and Same Shop Sales Results
Opened 133 Systemwide Locations in 20221 Doubling Shop Count Since March 2019 with Plans to Add 150 More Shops in 2023
Releases Revenue Guidance of $950 Million to $1 Billion in 2023
Issues Long-Term Growth Targets
Participating in the 25th Annual ICR Conference on January 9–10; Hosting Fireside Chat on January 10 and in the 12th Annual Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit on January 23–24; Hosting Fireside Chat on January 23
January 09, 2023 07:00 AM Eastern Standard Time
GRANTS PASS, Ore.--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS; the “Company”) one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported preliminary highlights for the quarterly and annual periods ended December 31, 20221. The Company also released revenue guidance for 2023, issued long-term growth targets and announced its participation at the 25th Annual ICR Conference and 12th Annual Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit.
Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “In 2022, we delivered another strong year of growth with 133 new shop openings systemwide.1 That growth is a testament to our team’s ongoing ability to execute on our proven growth strategy. For a third year in a row, we’ve exceeded our new shop development targets, doubling our shop count since March 2019, despite unprecedented disruption to communities and the economy. As we continue on our 30+ year growth journey, we’re entering 2023 from a position of strength, supported by a robust new unit pipeline, building market share in existing markets and growing our people systems.”
He continued, “In 2023, we’re targeting 150 new shops, which positions us to achieve our five-year goal of 800 systemwide shops by year-end. Additionally, we’re within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025, creating jobs and opportunities for our employees and the communities in which we serve.”
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Kura Sushi USA Announces Fiscal First Quarter 2023 Financial Results
January 05, 2023 16:05 ET
IRVINE, Calif., Jan. 05, 2023 (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 first quarter ended November 30, 2022.
Fiscal First Quarter 2023 Highlights
Total sales were $39.3 million, compared to $29.8 million in the first quarter of 2022;
Comparable restaurant sales increased 6.9% for the first quarter of 2023 as compared to the first quarter of 2022;
Operating loss was $2.2 million, compared to operating loss of $1.3 million in the first quarter of 2022;
Net loss was $2.1 million, or $(0.21) per diluted share, compared to net loss of $1.3 million, or $(0.13) per diluted share, in the first quarter of 2022;
Restaurant-level operating profit* was $7.2 million, or 18.2% of sales;
Adjusted EBITDA* was $0.6 million; and
Two new restaurants opened during the fiscal first quarter of 2023.
* 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 excited to report another strong quarter where we outperformed industry averages with regards to traffic growth, saw two strong restaurant openings, and delivered restaurant-level operating profit margin that exceeded the same period prior to the pandemic. Our performance has been driven by the steadfast support from our loyal guests and warm receptions by new fans alike. In an environment where consumers are forced to be more careful with their discretionary spending, we’re delighted to see that when our guests go out to eat, they choose to dine with us.”
Uba added, "Our three goals for this year are to continue our rapid unit expansion, grow into our G&A, and to maintain the operational excellence and incredible values that have made us our guest’s top choice for dining out.”
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Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2022
December 19, 2022 04:05 PM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 1, 2022.
The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended October 1, 2022 and October 2, 2021 both included 52 weeks and the quarters ended October 1, 2022 and October 2, 2021 both included 13 weeks.
Financial Results
Total revenues for the 13 weeks ended October 1, 2022 were $46,884,000 versus $42,839,000 for the 13 weeks ended October 2, 2021. The 13 weeks ended October 2, 2021 includes revenues of $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021.
Total revenues for the year ended October 1, 2022 were $183,674,000 versus $131,870,000 for the year ended October 2, 2021. The year ended October 2, 2021 includes revenues of $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which were closed during fiscal 2021.
The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13 weeks ended October 1, 2022 was $2,352,000 versus $5,210,000 for the 13 weeks ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the 13 weeks ended October 1, 2022 was $762,000 or $0.21 per basic and diluted share, compared to net income of $6,828,000 (which includes PPP Loan Forgiveness of $3,082,000) or $1.93 and $1.89 per basic and diluted share, respectively, for the 13 weeks ended October 2, 2021.
The Company's EBITDA, excluding the PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the year ended October 1, 2022 was $13,987,000 versus $7,955,000 for the year ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the year ended October 1, 2022 was $9,281,000 (which includes PPP Loan Forgiveness of $2,420,000) or $2.61 and $2.58 per basic and diluted share, respectively, compared to net income of $12,895,000 (which includes PPP Loan Forgiveness of $10,400,000) or $3.67 and $3.58 per basic and diluted share, respectively, for the year ended October 2, 2021.
As of October 1, 2022, the Company had cash and cash equivalents of $23,439,000, a certificate of deposit in the amount of $5,021,000 maturing in January 2023, and total outstanding debt of $23,729,000.
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Good Times Restaurants Reports Results for the Fourth Quarter and Fiscal Year Ended September 27, 2022
December 15, 2022 04:05 PM Eastern Standard Time
GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today reported financial results for the fiscal fourth quarter and fiscal year ended September 27, 2022.
Key highlights of the Company’s financial results include:
Total Revenues increased 11.5% to $138.2 million for the year compared to the 2021 fiscal year
Total Restaurant Sales for Bad Daddy’s restaurants increased $1.5 million to $26.0 million for the fourth quarter compared to the prior year fourth quarter and increased $14.6 million to $103.2 million for the year compared to the 2021 fiscal year
Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 3.7% for the fourth quarter compared to the prior year fourth quarter and increased 11.2% for the year compared to the 2021 fiscal year
Total Restaurant Sales for Good Times restaurants increased $0.2 million to $8.9 million for the fourth quarter compared to the same prior year fourth quarter and decreased $0.4 million to $34.0 million for the year compared to the 2021 fiscal year
Same Store Sales for company-owned Good Times restaurants increased 5.9% for the fourth quarter compared to the prior year fourth quarter and increased 1.1% for the year compared to the 2021 fiscal year
Net Loss Attributable to Common Shareholders was $1.3 million for the fourth quarter and was $2.6 million for the year
Adjusted EBITDA2 (a non-GAAP measure) was $0.9 million for the fourth quarter and was $4.8 million for the year
The Company ended the fourth quarter with $8.9 million in cash and no long-term debt
Ryan M. Zink, the Company’s Chief Executive Officer, said, “Fiscal 2022 was an exciting year from a top-line standpoint, as we grew same store sales at both brands for the full year. During the fourth quarter, our Good Times brand grew same store sales by nearly 6%, which included approximately 7.7% year over year price increases. The minimal traffic declines at our primarily drive-thru brand are encouraging as consumers seem to be resuming their pre-pandemic behaviors. Bad Daddy’s has also benefitted from this shift in behavior as seen in the 11% same store sales increase this year. Both brands have started fiscal 2023 with positive same store sales.”
“Profitability, however, has suffered as we have prioritized preservation of food quality, portion sizes, reasonable pricing and restaurant staffing over a single year’s profitability. We believe that long-term profitability is driven by loyal customers, and that loyal customers are created through consistent brand execution. Building on customer loyalty, we are offering gift cards at large box retailers which drives direct sales through gift card redemption and is increasing brand awareness outside our four walls. Although this program caused additional advertising costs, primarily through commissions incurred, we believe that there is significant long-term value through the new customers reached,” Zink continued.
Mr. Zink concluded, “In the first quarter of fiscal 2023, we have completed deployment of new digital menu boards and lane timer systems at Good Times and are actively developing the next generation mobile app for Good Times which will include loyalty and in-restaurant payment functionality, providing greater incentive for loyal customers to engage with this app. Our signage projects at Good Times are underway with completion expected of a third to half of our system in fiscal 2023. At Bad Daddy’s, we intend to resume expansion with the opening of one restaurant in Huntsville, Alabama. Additionally, we are in active negotiation on multiple sites in the Raleigh, North Carolina and Birmingham, Alabama markets.”
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