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Meritage Announced 2024 Preliminary Unaudited Results; 2025 Outlook: Accelerating Earning Growth
GRAND RAPIDS, Mich., Jan. 17, 2025 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fourth quarter and fiscal year ended December 29, 2024, ahead of presenting at the Sidoti Micro-Cap Conference.
2024 Fourth Quarter Highlights:
Sales increased 0.5% to $168.7 million compared to sales of $167.9 million for the same period last year.
Earnings (Loss) from Operations were $(0.1) million compared to $4.8 million for the same period last year.
Net Income increased 227% to $5.2 million compared to $1.6 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) increased 40.8% to $13.7 million compared to $9.7 million for the same period last year.
2024 Full-Year Highlights:
Sales were $668.8 million compared to $672.5 million last year.
Earnings from Operations were $10.9 million compared to $17.8 million last year. The current fiscal year included operational and one-time charges of $8.6 million associated with non-Wendys restaurant closings and dispositions.
Net Earnings increased 33.1% to $8.0 million compared to $6.0 million last year.
Consolidated EBITDA (a non-GAAP measure) increased 9.0% to $42.4 million compared to $38.9 million last year.
“New Wendy’s restaurants and reworked locations continue to drive strong returns on investment, highlighting the strength and resilience of the Wendy’s restaurant brand. Earnings from operations this year included operational and one-time charges of approximately $8.6 million associated with non-Wendy’s restaurant closings and disposition costs. Our restaurant operations and real estate development teams continued to execute at a best-in-class standards, supported by our robust operating and technology platform,” stated Meritage CEO, Robert E. Schermer, Jr.
Looking ahead, the Company is forecasting strong earnings growth for fiscal 2025, driven by Wendy’s restaurant reimaging and continued margin improvements as commodity and labor inflation moderate. In Q1 2025 we will be rolling out our first Wendy’s FreshAI – the Wendy’s generative AI technology that brings a digital automated ordering experience to the drive-thru customer. The Company is committed to leveraging technology and delivery options designed to improve customer experience and employee efficiency in the restaurants. The company ended the year with 379 restaurants across fifteen states and has an exciting development pipeline of 35-40 new and reimaged locations planned throughout 2025, including additions to our Morning Belle restaurant portfolio, the Company’s growing single shift, breakfast/brunch concept.
2025 Full-Year Outlook: Accelerating Earnings Growth:
Sales growth of +5% to +10%
Earnings from Operations growth of +90% to +100%
Net Earnings growth of +75% to +85%
EBITDA growth of +15% to +25%
The Company’s strategic priorities are focused on developing a culture of leadership, leveraging our operating platform and unique in-house development expertise to deliver consumers the highest level of quality, convenience, and affordability.
As we plan for the next generation of franchise platform growth, the Company remains actively engaged in expanding its strategic partnerships and legacy shareholder liquidity opportunities.
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FAT Brands Announces Record and Distribution Dates for Special Stock Dividend in connection with Twin Hospitality Spin-Off
Twin Hospitality to Commence Trading as Standalone Public Company
LOS ANGELES, Jan. 16, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands, is pleased to announce that its Board of Directors has approved the distribution of a special stock dividend to FAT Brands’ common stockholders of shares of Class A Common Stock (“Twin Common Stock”) of Twin Hospitality Group Inc. (“Twin Hospitality”), the operating unit for its Twin Peaks and Smokey Bones restaurant brands. The distributed shares will represent approximately 5% of the fully diluted shares of Class A Common Stock of Twin Hospitality, and the remaining shares of Twin Hospitality will continue to be held by FAT Brands immediately following the distribution.
The distribution of shares of Twin Common Stock will be made on a pro rata basis to all holders of FAT Brands’ Class A Common Stock and Class B Common Stock as of the close of trading on January 27, 2025 (the “record date”). The distribution will take the form of a special dividend of 0.1520207 share of Twin Common Stock distributed with respect to each one share of FAT Brands Class A Common Stock and Class B Common Stock outstanding as of the record date. The shares of Twin Common Stock are expected to be delivered after the close of trading on January 29, 2025 (the “distribution date”), subject to the satisfaction or waiver of certain conditions, and commence trading on the Nasdaq Global Market under the symbol “TWNP” on the next trading day.
No fractional shares of Twin Common Stock will be distributed. Instead, the fractional shares will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to FAT Brands stockholders who would otherwise be entitled to receive a fractional share of Twin Common Stock.
Holders of FAT Brands’ outstanding Warrants (NASDAQ: FATBW) who wish to receive the distribution of Twin Common Stock are reminded to exercise their Warrants for Class A Common Stock in advance of the record date. Warrants that are not exercised prior to the record date will not receive the distribution of Twin Common Stock, but instead will have their exercise price adjusted downward under the warrant agency agreement. The current exercise price of the Warrants is $2.2142, which will be adjusted downward following the record date by an amount equal to the fair market value of the distributed shares of Twin Common Stock divided by the sum of all shares of Class A Common Stock outstanding on the record date plus the number of unexercised Warrants on the record date, but not below zero.
No vote or action is required by the FAT Brands common stockholders to receive the special stock dividend of Twin Common Stock, which will be issued in book-entry form. The FAT Brands common stockholders who hold their shares through brokers or other nominees will have shares of Twin Common Stock credited to their accounts by their nominees or brokers.
FAT Brands plans to send an information statement regarding the distribution and the spin-off to its common stockholders. The information statement will include further details about the distribution and will also be posted under the Investor Relations tab on FAT Brands’ website at: https://ir.fatbrands.com/news/default.aspx
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Shake Shack Provides Fourth Quarter 2024 Business Update and Long-Term Targets
Updates Company-operated footprint target to at least 1,500 Shacks
4QFY2024 Adjusted EBITDA grew 48% year-over-year
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) announced preliminary unaudited results for the fiscal fourth quarter and fiscal year ended December 25, 2024 ahead of presenting at the 27th Annual ICR Conference today in Orlando, Florida. The Company also provided an updated outlook on its long-term targets, including now seeing the potential for its Company-operated footprint to reach at least 1,500 Shacks over time, versus the prior target of 450 that was provided in conjunction with the Company's February 2015 initial public offering.
"Since the Company's founding in 2004, Shake Shack has been on a continuous journey of expanding how we bring Enlightened Hospitality to our guests and elevate our team members and our communities. We are proud to announce that we ended FY2024 with 329 Company-operated Shacks with a marked improvement in our profitability and returns. However, we believe that we are just getting started, and see an ample runway for growth ahead. We are committed to bringing the world's best fine casual experience to as many guests, team members, and communities as possible. In doing so, we aim to bring pride to everyone in our Company and to deliver a strong financial benefit for our team members and shareholders.
"We designed our six 2025 Strategic Priorities to deliver on our robust opportunity, mission and objective. These are to (1) Build a culture of leaders, (2) Optimize restaurant operations, (3) Drive comp sales by increasing guest frequency, (4) Build and operate our Shacks with best-in-class returns, (5) Accelerate our Licensed business, and (6) Invest in long-term strategic capabilities. Leveraging our internal data models, as well as more than 20 years of opening and operating our Shacks with among industry-leading returns, we now see our domestic Company-operated footprint to reach at least 1,500 Shacks," said CEO Rob Lynch.
"We ended 2024 with broad based strength in the business. Our preliminary unaudited results show that in the fourth quarter FY2024, we grew same-Shack sales by 4.3%, Total revenue by 14.8%, expanded our restaurant margins by nearly 300 basis points year-over-year to 22.7% - the highest fourth quarter level since 2017, and grew Adjusted EBITDA by 48% year-over-year, more than 3x our Total revenue growth rate and the highest Adjusted EBITDA level on record. We opened 43 Company-operated Shacks in FY2024, also a record high for the Company. Our guidance for 2025 and our outlook for the next three years represents some of the highest growth in the restaurant industry as we invest and execute against our robust long-term opportunity ahead. In FY2025, we expect to grow Total revenue by 16% - 18% year-over-year, continue to expand our restaurant margins to approximately 22% and grow Adjusted EBITDA by 14% - 20% versus FY2024," said CFO Katie Fogertey.
The presentation at ICR will be held on Monday, January 13, 2025 at 9:00 a.m. Eastern Time. Presenting from the Company will be Rob Lynch, Chief Executive Officer, and Katie Fogertey, Chief Financial Officer. 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 prior to the start of the presentation.
View full version at Shake Shack
The ONE Group Reports Preliminary Fourth Quarter and Full Year 2024 Sales Results
Revenues Expected to Increase 145% to $221.0 Million for the Fourth Quarter
Participating at the 27th Annual ICR Conference Beginning with a Fireside Chat at 11:00 AM ET Today
January 13, 2025 07:00 AM Eastern Standard Time
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported preliminary sales results for the fourth quarter and full year ended December 31, 2024.
Preliminary sales highlights for the fourth quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter revenues exclude any contribution from the acquisition of Benihana Inc., which closed in May 2024):
Total GAAP revenues are expected to be approximately $221.0 million, an approximate 145% increase from $89.9 million for the same quarter last year; and
Comparable sales* are expected to have decreased approximately 4.3%
Preliminary sales highlights for the full year 2024 compared to the full year 2023 are as follows (the prior year revenues exclude any contribution from the acquisition of Benihana Inc., which closed in May 2024):
Total GAAP revenues are expected to be approximately $672.0 million, an approximate 102% increase from $332.8 million last year; and
Comparable sales* are expected to have decreased approximately 6.8%
“We closed the year strong, delivering revenue toward the high end of our guided range. The fourth quarter also marked our best comparable sales quarter of the year with significant improvement sequentially. Notably, we returned to positive transactions at STK while the initiatives we’ve implemented at Benihana are beginning to take hold as evidenced by their improved sales performance. These trends, in our view, bode well for our Company as we begin the new year. We are also pleased with the progress we’ve made in integrating Benihana and RA Sushi while realizing cost savings,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
“We are laser focused on our balance sheet and are excited for our next phase of growth. We plan to open five to six Company-owned locations annually while focusing on the asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas. Our focus continues to be free cash flow generation, balance sheet flexibility and maximizing shareholder returns," Hilario concluded.
*Comparable sales, a non-GAAP financial measure, represent total U.S. food and beverage sales at owned and managed units opened for at least a full 24-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 and new restaurant openings.
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Papa Johns Announces Preliminary 2024 Sales and Unit Development Ahead of 27th Annual ICR Conference
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today reported preliminary sales and unit development information for the fourth quarter and full year ended December 29, 2024.
“We are pleased with the progression of our transaction trends and new restaurant openings in the fourth quarter,” said Todd Penegor, Papa Johns President and Chief Executive Officer. “Our focus on traffic-driving investments with an emphasis on crafting high-quality, traditional pizza – while amplifying our brand promise and more effectively engaging our customers across all channels – has contributed to these improving trends. Additionally, the growth in new restaurants across the globe highlights our franchisees’ confidence in the strength of the Papa Johns brand and our growth opportunities going forward.”
The Company also announced the opening of its 6,000th restaurant in fiscal year 2024, marking a growth milestone. “I’m grateful for our franchise partners who share our excitement for Papa Johns growth potential, and we will continue to work with existing franchisees, while welcoming new ones, to deliver on our strategy to build and win in our strongest and most high-potential markets globally,” Penegor said.
The Company expects the following preliminary and unaudited financial results for the fourth quarter and full year, as compared with the prior year periods:
Fourth Quarter Preliminary Results
Global system-wide sales were approximately $1.2 billion, an approximately 8%(a) decrease from the prior year fourth quarter due to the additional week of operations in fiscal 2023. Excluding the 53rd week in 2023, global system-wide sales were roughly flat(a) from the prior year period.
North America comparable sales(b) were down 4% compared with the prior year period as transaction and ticket were each down 2%. North America franchised restaurants comparable sales were down 4% while Domestic Company-owned restaurants were down 6% from a year ago.
International comparable sales(b) were up 2% from the prior year period.
Total net new restaurants of 122 in the fourth quarter 2024.
North America net new restaurants of 60 driven by 63 new restaurant openings.
International net new restaurants of 62 driven by 83 new restaurant openings.
____________________________ |
a Excludes the impact of foreign currency. |
b North America and International comparable sales for the fourth quarter are reported on a 13-week basis comparing September 30, 2024 through December 29, 2024 with October 2, 2023 through December 31, 2023. |
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First Watch Restaurant Group, Inc. Reports Preliminary Operational Metrics for the Fourth Quarter and Fiscal Year 2024
January 13, 2025 07:00 ET
BRADENTON, Fla., Jan. 13, 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 certain preliminary operational metrics for the thirteen weeks ended December 29, 2024 (“fourth quarter”) and fiscal year ended December 29, 2024 (“2024”).
“We delivered on our fourth quarter target of 25 new restaurant openings, including 23 Company-owned sites. Furthermore, fourth quarter same restaurant sales and traffic growth were at the upper end of our expected range,” said Chris Tomasso, First Watch CEO and President. “In 2025, we plan to build on our leading position in the Daytime Dining category through a robust real estate pipeline and with our talented team committed to driving our long-term growth strategy.”
Sales and Traffic Highlights
| Fourth Quarter |
| 2024 |
Same-Restaurant Sales Growth(*) | -0.3% |
| -0.5% |
Same-Restaurant Traffic Growth(*) | -3.0% |
| -4.0% |
*Comparing the thirteen-week periods ended December 29, 2024 and December 31, 2023, and 52 weeks ended December 29, 2024 and December 31, 2023 in order to compare like-for-like periods.
Restaurant Development
During the fourth quarter 2024, there were 25 new system-wide restaurant openings consisting of 23 company-owned restaurants and 2 franchise-owned restaurants. Select new restaurant openings experienced minor delays, which resulted in fewer fourth quarter operating weeks than previously planned.
During 2024, there were 50 system-wide new restaurant openings (43 company-owned and 7 franchise-owned), and two closures.
At December 29, 2024, First Watch had 572 system-wide restaurants, consisting of 489 company-owned restaurants and 83 franchise-owned restaurants across 29 states.
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Potbelly Corporation Reports Preliminary Results for Fourth Fiscal Quarter of 2024
January 13, 2025 07:00 ET
Company to host a fireside chat and investor meetings at the 27th Annual ICR Conference
Company expects to deliver positive fourth quarter same store sales growth
38 new shop sites in various stages of development for opening in 2025
CHICAGO, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), (“Potbelly” or the “Company”) the iconic neighborhood sandwich shop concept, today reported preliminary estimated results for the fourth fiscal quarter ended December 29, 2024.
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Fourth Quarter 2024 | Guidance (as of 11/7/24) | Preliminary Results |
Same Store Sales % Growth | -2.5% to -0.5% | +0.2% to +0.3% |
New Unit Growth | 9-11 shops | 8 shops |
Adjusted EBITDA | $7.0M to $8.0M | $8.0M to $8.4M |
Bob Wright, President and Chief Executive Officer of Potbelly Corporation, commented, “Our preliminary fourth quarter results exceeded our expectations as our product innovation, digital marketing and operations excellence helped deliver positive comp growth. We are equally proud to have managed costs effectively, expanding restaurant margins and driving growth in corporate profitability during the fourth quarter which we expect will result in approximately 10% adjusted EBITDA growth for the full year. During the fourth quarter, we successfully opened eight new shops and added another 30 new franchise shop commitments, bringing our total open and committed shops to 727 as of December 29th, 2024. As we look to 2025, we are excited to have 38 new shop sites already in various stages of development to open this year. Our teams are actively working to add additional shops to our 2025 pipeline over the coming months. Overall, we believe 2025 will be an exciting year for Potbelly as we accelerate our unit growth and continue to strengthen our brand.”
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Denny’s Corporation Releases Preliminary Financial Results for Fourth Quarter and Fiscal Year 2024
Company to Host Fireside Chat at the 27th Annual ICR Conference on January 14 at 10:30 A.M. Eastern Time
SPARTANBURG, S.C., Jan. 13, 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 selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 25, 2024.
Kelli Valade, Chief Executive Officer, stated, "We continued our positive momentum through the fourth quarter by delivering solid domestic system-wide same-restaurant sales* and outpacing both Denny’s and Keke’s respective BBI indices. Keke’s development also accelerated, as we opened eight new cafes and entered four new states. These results reflect our teams’ and franchise partners’ steadfast commitment to executing our strategy. We close 2024 proud of these and other accomplishments, and recognize there is still more to do. As we look ahead, we remain focused and diligent in driving incremental traffic, improving operational efficiency and creating value for shareholders.”
Fourth Quarter Preliminary Results
Denny’s domestic system-wide same-restaurant sales* were 1.1%.
Keke’s domestic system-wide same-restaurant sales* were 3.0%.
Denny’s opened four franchised restaurants.
Closed 30 Denny’s restaurants as part of the planned acceleration of lower volume restaurant closures.
Reignited Denny’s Diner 2.0 remodel program and completed six remodels.
Keke’s opened eight new cafes during the fourth quarter and entered four new states including California, Colorado, Nevada, and Texas.
Keke’s expanded its first ever remodel test program to two additional cafes.
Fiscal Year 2024 Preliminary Results
Denny’s domestic system-wide same-restaurant sales* were (0.2)%.
Keke’s domestic system-wide same-restaurant sales* were (1.7)%.
Denny’s opened 14 franchised restaurants.
Closed 88 Denny’s restaurants as part of the planned acceleration of lower volume restaurant closures.
Reignited Denny’s Diner 2.0 remodel program and completed 23 remodels, including 7 company restaurants.
Record 12 Keke’s openings in a single year, while growing to six different states.
Completed three Keke’s remodels at company cafes.
Ended 2024 with $261.3 million of borrowings under credit facility.
Based on preliminary results, the Company anticipates achieving the low end of its previously communicated Adjusted EBITDA** guidance range of $81 million to $84 million.
The Company expects to release financial and operating results for its fourth quarter and fiscal year ended December 25, 2024, along with financial guidance for 2025, before the market opens on Wednesday, February 12, 2025.
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Noodles & Company Announces Preliminary Revenue Results for the Fourth Quarter of 2024
Company to Host Investor Meetings at 27th Annual ICR Conference
January 13, 2025 07:00 ET
BROOMFIELD, Colo., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today released preliminary, unaudited sales results for the fourth fiscal quarter ended December 31, 2024.
Preliminary Fourth Quarter of 2024 Sales Results Compared to the Fourth Quarter of 20231:
Fourth quarter system-wide comparable sales increased 0.8%, comprised of a 0.5% increase at company-owned restaurants and a 1.9% increase at franchise restaurants.
Fourth quarter company-owned average unit volumes were flat versus prior year at $1.3 million.
Fourth quarter company-owned digital sales increased 5.6%.
_____________________1 These sales results are preliminary and unaudited, have not been reviewed by the Company’s independent registered public accountants, and remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change.
Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “We are pleased with our significant sales improvement during the fourth quarter compared to the third quarter, outperforming the BlackBox Fast Casual Index on both sales and traffic, with comp growth accelerating through the quarter. As we expected when we reported our third quarter results, our improved comp sales trajectory in the fourth quarter was driven by a combination of factors, including the rollout of our three new menu items, the promotional offers that we ran during the first two months of the quarter, and the renewed momentum in our third-party delivery channel. We are especially pleased that we saw the strongest comp sales performance during the last four weeks of the fourth quarter after our promotional activity had ended.”
Madsen concluded, "Looking ahead, we believe we have positioned the Company to capitalize on the significant opportunities ahead. Our comprehensive menu transformation is progressing as planned, and we continue to drive traffic through our digital channels and expansive loyalty program. In addition, by strategically reducing our planned capital expenditures in 2025, we believe we are well-positioned to improve the strength of our balance sheet. Overall, we are pleased with the fourth quarter recovery of our sales and traffic performance and believe we have a strong foundation to begin 2025."
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Kura Sushi USA Announces Fiscal First Quarter 2025 Financial Results
IRVINE, Calif., Jan. 07, 2025 (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, 2024.
Fiscal First Quarter 2025 Highlights
Total sales were $64.5 million, compared to $51.5 million in the first quarter of 2024;
Comparable restaurant sales increased 1.8% for the first quarter of 2025 as compared to the first quarter of 2024;
Operating loss was $1.5 million, compared to an operating loss of $2.8 million in the first quarter of 2024;
Net loss was $1.0 million, or $(0.08) per diluted share, compared to net loss of $2.0 million, or $(0.18) per diluted share, in the first quarter of 2024
Restaurant-level operating profit* was $11.7 million, or 18.2% of sales;
Adjusted EBITDA* was $3.6 million; and
Six new restaurants opened during the fiscal first quarter of 2025.
*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, “Our fiscal year is off to an excellent start, and we’re very encouraged to see that our comps have returned to positive territory. Our new openings are exceeding expectations and have us even more excited about Kura’s ultimate opportunity in the U.S. Adjusted EBITDA margins have achieved an all-time high for a fiscal first quarter, thanks to companywide efforts to control costs. We’re off to a great start, and I’m extremely excited for another banner year at Kura Sushi.”
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Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2024
December 16, 2024 04:20 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 September 28, 2024.
The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 28, 2024 and September 30, 2023 both included 52 weeks and the quarters ended September 28, 2024 and September 30, 2023 both included 13 weeks.
Financial Results
Total revenues for the 13 weeks ended September 28, 2024 were $43,406,000 versus $44,400,000 for the 13 weeks ended September 30, 2023.
Total revenues for the year ended September 28, 2024 were $183,545,000 versus $184,793,000 for the year ended September 30, 2023. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation in the prior period from February 5, 2023 through April 27, 2023 (the "Closure Period"). Revenues for the comparable current period were $3,056,000 as compared to $1,068,000 for the Closure Period.
Company-wide same store sales decreased 3.6% for the 13 weeks ended September 28, 2024 as compared to the same period of last year. For the year ended September 28, 2024, company-wide same store sales decreased 1.1% as compared to last year.
Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended September 28, 2024, was $(4,457,000) or $(1.24) per basic and diluted share compared to a net loss of $(10,364,000) or $(2.88) per basic and diluted share, for the 13 weeks ended September 30, 2023. The Company's Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, for the 13 weeks ended September 28, 2024 was $503,000 versus $585,000 for the 13 weeks ended September 30, 2023 and excludes: (i) a loss on the closure of El Rio Grande in the amount of $876,000 for the 13 weeks ended September 28, 2024, (ii) non-cash goodwill impairment charges of $4,000,000 and $10,000,000, respectively, for the 13 weeks ended September 28, 2024 and September 30, 2023, and (iii) other items as set out in the table below. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.
Net loss attributable to Ark Restaurants Corp. for the year ended September 28, 2024, was $(3,896,000) or $(1.08) per basic and diluted share compared to a net loss of $(5,928,000) or $(1.65) per basic and diluted share, for the year ended September 30, 2023. The Company's EBITDA, as adjusted, for the year ended September 28, 2024 was $6,128,000 versus $9,266,000 for the year ended September 30, 2023 and excludes: (i) a loss on the closure of El Rio Grande of $876,000 in fiscal 2024, (ii) impairment losses on right-of-use ("ROU") and long-lived assets of $2,500,000 in fiscal 2024, (iii) non-cash goodwill impairment charges of $4,000,000 and $10,000,000, respectively, for the fiscal years ended 2024 and 2023, and (iv) other items as set out in the table below. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.
As of September 28, 2024, the Company had cash and cash equivalents of $10,273,000 and total outstanding debt of $5,235,000.
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Domino's Pizza® to Transfer Stock Exchange Listing to Nasdaq
Dec 12, 2024, 07:00 ET
ANN ARBOR, Mich., Dec. 12, 2024 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, today announced that it will voluntarily transfer its stock exchange listing to the Nasdaq Global Select Market from the New York Stock Exchange, effective December 31, 2024, after market close. Domino's common stock is expected to begin trading as a Nasdaq-listed security on January 2, 2025. The Company will retain its current ticker symbol "DPZ."
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout pizza. It ranks among the world's top public restaurant brands with a global enterprise of more than 21,000 stores in over 90 markets. Domino's had global retail sales of over $18.9 billion for the trailing four quarters ended September 8, 2024. Its system is comprised of independent franchise owners who accounted for 99% of Domino's stores as of the end of the third quarter of 2024. In the U.S., Domino's generated more than 85% of U.S. retail sales in 2023 via digital channels and has developed several innovative ordering platforms including seven unique ways to order Domino's.
Order – dominos.com Company Info – biz.dominos.com Media Assets – media.dominos.com
Please visit our Investor Relations website at ir.dominos.com to view news, announcements, earnings releases, investor presentations and conference webcasts.
View source version at Domino's
SPB Hospitality Sells Brewery and Specialty Brands to an affiliate of Kelly Companies of Southern California
December 10, 2024 · ·
Transaction propels SPB’s strategic focus while enhancing Kelly’s diverse portfolio
Houston, TX (RestaurantNews.com) SPB Hospitality, a portfolio company of Fortress Investment Group and a leader in the restaurant industry, has finalized the sale of its brewery and specialty restaurants to an affiliate of Kelly Companies of Southern California. This strategic transaction sharpens SPB’s focus on its flagship brands — Krystal, Logan’s Roadhouse, Old Chicago Pizza & Taproom, J. Alexander’s, Stoney River Steakhouse and Grill, Amada Vino + Tapas and Village Whiskey — while enabling Kelly Companies to expand its reach with some of the most celebrated names in the brewery and specialty dining space.
The sale includes iconic brewery restaurants Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, ChopHouse & Brewery, Ragtime Tavern and Seven Bridges Grille & Brewery. They will join Kelly’s diverse lineup of over 20 locations, including well-loved concepts such as Claim Jumper Steakhouse & Bar, Lucky Bastard Saloon, and Whiskey River Saloon.
“This marks a transformational chapter for SPB Hospitality as we double down on the growth of our flagship brands and the integration of our recently acquired concepts from Chef Jose Garces,” said Josh Kern, CEO of SPB Hospitality. “These breweries and specialty restaurants we’re transitioning to Kelly Companies have a rich heritage, and we are confident their team will build on this success and continue serving their communities with excellence.”
Kelly Companies views the acquisition as a chance to strengthen and deepen its portfolio while honoring the legacy of these iconic brands.
“Adding these beloved brewery and specialty concepts is a perfect complement to our existing restaurants, allowing us to deliver even more unique and memorable dining experiences,” said Michael Kelly, CEO of Kelly Companies of Southern California. “We are committed to honoring their roots, nurturing their community connections and exploring opportunities for growth and innovation.”
This transaction encompasses 16 locations, including flagship and airport venues. Financial terms of the deal were not disclosed.
About SPB Hospitality
SPB Hospitality operates a diverse portfolio of quick-service and full-service dining restaurants across 35 states. Its brands include Krystal, Logan’s Roadhouse, Old Chicago Pizza & Taproom, and high-end concepts like J. Alexander’s and Stoney River Steakhouse & Grill, alongside Chef Jose Garces’ Amada and Village Whiskey. Visit SPBHospitality.com to learn more, or contact Melissa Hodge at melissa.hodge@spbhospitality.com for franchising opportunities.
About Fortress Investment Group LLC
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49 billion of assets under management as of September 30, 2024, on behalf of over 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. To learn more, visit Fortress.com.
About Kelly Companies of Southern California
Kelly Companies of Southern California’s affiliates operate restaurant locations nationwide. Its eclectic portfolio includes Fox & Hound Bar + Grill, Craft Republic Bar & Grill, Lucky Bastard Saloon, and Whiskey River Saloon, among others. Known for delivering dynamic dining experiences, the group combines innovation with hospitality to bring people together over great food and atmosphere. Learn more at KellyCompanies.com/restaurant-concepts.
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