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Krispy Kreme sells majority stake in Insomnia Cookies for $127M
The doughnut chain, which bought the cookie company in 2018, will use the proceeds of the sale to focus on its core business, expand availability of its products and pay down debt.
Published July 22, 2024
Julie Littman
Dive Brief:
Krispy Kreme sold a majority ownership stake in Insomnia Cookies to Verlinvest and Mistral Equity Partners for $127.4 million, the company said Monday. It expects to receive an additional $45 million in the near future following Insomnia Cookies’ refinancing of intercompany debt.
The transaction, which completed on July 17, represents $350 million in total enterprise value, double what it was when the chain bought a majority stake in 2018, according to the press release.
Krispy Kreme said it will use the proceeds of the sale to focus on its doughnut business, expand availability and pay down debt. It will maintain a 34% minority stake in Insomnia Cookies.
Dive Insight:
Under Krispy Kreme, Insomnia Cookies had been growing. Krispy Kreme used its hub and spoke model, in which a large bakery services smaller stores or retailers, to expand the cookie chain. This model was first deployed in the U.K. and Australia and more recently in the U.S., where several markets saw increased profitability as more points of access were added to existing hubs, CFO Jeremiah Ashukian said during a February earnings call. In 2013, sales per hub were up 8.9% year-over-year, he said.
At the end of the first quarter, Insomnia had 277 cookie global bakeries, an increase of about 16% compared to 239 during the quarter ending April 2, 2023, according to an earnings release.
Krispy Kreme began considering a sale of Insomnia Cookies last year. The doughnut chain has been accelerating growth and expects to have its doughnuts in 33,000 points of access by 2026, up from about 14,000 at the end of 2023, driven by existing and new customers in addition to expansion into new markets, CEO Josh Charlesworth said during a May earnings call.
Krispy Kreme expects to add 15,000 points of access in the U.S. by the end of 2026. Much of that will come through its partnership with McDonald’s, which will add 12,000 points of access. The two companies expanded their partnership nationwide earlier this year following a successful trial in Kentucky.
Charlesworth said the expansion of its McDonalds deal will allow Krispy Kreme to expand its distribution network, giving it greater ability it to reach retailers like Walmart, which sells Krispy Kreme doughnuts at roughly 25% of locations, and Target. The company plans to expand into Germany and Brazil this year, following its entry into France, and wants to enter three to five markets new markets per year, Charlesworth said.
View source version at Krispy Kreme
Domino's Pizza® Announces Second Quarter 2024 Financial Results
Global retail sales growth (excluding foreign currency impact) of 7.2%
U.S. same store sales growth of 4.8%
International same store sales growth (excluding foreign currency impact) of 2.1%
Global net store growth of 175
Income from operations increased 0.4%; excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $2.7 million, income from operations increased 1.7%
ANN ARBOR, Mich., July 18, 2024 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the second quarter of 2024.
"Our year-to-date performance demonstrates that our Hungry for MORE strategy is off to a great start, having an immediate impact on sales and profits," said Russell Weiner, Domino's Chief Executive Officer. "For the second straight quarter we drove U.S. comp performance in the healthiest way possible, through profitable order count growth. We had positive order counts in our delivery and carryout businesses, and across all income cohorts. Our strategy is resonating with customers and our system, which gives me great confidence that we can drive significant long-term value creation for our shareholders."
Second Quarter 2024 Operational and Financial Highlights (Unaudited):
The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.
Second Quarter | Two Fiscal Quarters | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Global retail sales: (in millions of U.S. dollars) | ||||||||||||||||
U.S. stores | $ | 2,222.1 | $ | 2,081.2 | $ | 4,434.0 | $ | 4,132.2 | ||||||||
International stores | 2,206.1 | 2,128.7 | 4,358.2 | 4,191.3 | ||||||||||||
Total | $ | 4,428.2 | $ | 4,209.9 | $ | 8,792.2 | $ | 8,323.5 | ||||||||
Second Quarter | Two Fiscal Quarters | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Global retail sales growth: (versus prior year period, excluding foreign currency impact) | ||||||||
U.S. stores | + 6.8 % | + 1.7 % | + 7.3 % | + 3.4 % | ||||
International stores (1) | + 7.7 % | + 10.1 % | + 7.2 % | + 8.3 % | ||||
Total (2) | + 7.2 % | + 5.8 % | + 7.3 % | + 5.8 % | ||||
Same store sales growth: (versus prior year period) | ||||||||
U.S. Company-owned stores | + 4.5 % | + 5.5 % | + 6.5 % | + 6.4 % | ||||
U.S. franchise stores | + 4.8 % | (0.1) % | + 5.2 % | + 1.6 % | ||||
U.S. stores | + 4.8 % | + 0.1 % | + 5.2 % | + 1.8 % | ||||
International stores (excluding foreign currency impact) | + 2.1 % | + 3.6 % | + 1.5 % | + 2.3 % |
(1) | 2024 second quarter and two fiscal quarters figures each exclude the impact of the Russia market. Including the impact of the Russia market, international stores retail sales growth, excluding foreign currency impact, was 7.2% and 6.7% for the second quarter and two fiscal quarters of 2024, respectively. | |
(2) | 2024 second quarter and two fiscal quarters figures each exclude the impact of the Russia market. Including the impact of the Russia market, total global retail sales growth, excluding foreign currency impact, was 7.0% for each of the second quarter and two fiscal quarters of 2024. |
View full version at Domino's
One Table Restaurant Brands files for Chapter 11 bankruptcy protections
Fees on third-party orders and rising debt costs meant a partial recovery from 2020 was not enough to allow the parent company of Tender Greens and Tacaya to repay its creditors.
Aneurin Canham-Clyne
Dive Brief:
One Table Restaurant Brands, the parent company of the 24-unit chain Tender Greens and the 15-unit chain Tocaya, filed for Chapter 11 bankruptcy protections Wednesday, court documents show.
One Table was created in 2021 after the COVID-19 devastated Tender Greens and Tocaya. The unusual business combination was intended to “provide a leveraged platform of shared people resources and supply chain synergies,” according to a declaration in support of the company’s bankruptcy filed by CEO Harald Herrmann on Thursday.
The company was also impacted by high debt following the business combination, as well as a loss of traffic and high commission rates for third-party delivery, according to Herrmann.
Dive Insight:
Both brands never saw their sales volumes recover from COVID-19, with Tender Greens average unit volume falling from $3.4 million in 2019 to $2.9 million in 2023, a partial recovery from its 2020 low of $2.3 million. Tocaya’s AUV slid from $3.4 million to $2.1 million in 2023, its lowest AUV including 2020, Herrmann said.
In addition to falling sales, four-wall profits slid at both brands, from 16% at Tender Greens and 13.1% at Tocaya before the pandemic to a present level of 9.4% and 1.6%, respectively.
When the brands combined, both were carrying debt used to finance expansion between 2017 and 2019, according to Herrmann’s declaration. That debt was consolidated as part of the combination, but became unsustainable as profits and sales fell and interest rates increased. The interest rate on the company’s $28 million credit agreement rose from 11.6% at the time of the merger to 15.9% today.
One Table attributed the shortfall in part to a loss of traffic from office workers that has persisted over the years. The brands are based in California and Arizona and were particularly dependent on downtown foot traffic in Los Angeles, according Herrmann. At the same time, sales shifted towards third-party carryout and delivery, which now comprise 30% to 40% of the company’s sales volume. This has generally been to the disadvantage of the company.
“A commission rate of between 15%-18% depending upon the provider, coupled with related packaging costs of 4%, make these sales less profitable,” Herrmann wrote in the declaration. “Passing this entire cost along to the consumer is not possible as it would have a negative impact on demand for the Restaurants.”
From 2021 to 2023, the chains were part of an exclusive sales agreement with Uber Eats and Postmates, which included a sales volume guarantee; to meet that guarantee the delivery platforms, Herrmann alleges, discounted to such an extreme degree that it was cheaper to order delivery than to eat in one of the restaurants.
The company also cited general inflationary pressures and the impact of the FAST Act on California labor markets. While the law does not apply to One Table’s brands — neither are large enough to be requires to pay $20 an hour — restaurant executives predicted at the time of its passage that smaller chains would need to raise wages to remain competitive.
2024 has seen a number of major restaurant bankruptcies. Red Lobster, for example, filed for Chapter 11 protections earlier this year after sale-leaseback transactions pushed its real estate costs up. Both Tijuana Flats and Rubio’s Coastal Grill went bankrupt, with the latter citing California labor costs.
View source version at One Table Restaurants
Darden Restaurants to Acquire Chuy's Holdings, Inc. in Approximately $605 Million Transaction
ORLANDO, Fla. and AUSTIN, Texas, July 17, 2024 /PRNewswire/ -- Darden Restaurants, Inc. ("Darden") (NYSE:DRI) and Chuy's Holdings, Inc. ("Chuy's") (Nasdaq: CHUY), jointly announced today that they have entered into a definitive agreement pursuant to which Darden will acquire all of the outstanding shares of Chuy's for $37.50 per share, in an all-cash transaction with an enterprise value of approximately $605 million. Chuy's will complement Darden's portfolio of iconic brands, which currently includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze.
Founded in Austin, Texas, in 1982, Chuy's owns and operates full-service restaurants serving a distinct menu of authentic, made-from-scratch Tex-Mex inspired dishes. Chuy's highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, "unchained" look and feel, as expressed by Chuy's motto "If you've seen one Chuy's, you've seen one Chuy's!" Chuy's had 101 restaurants in 15 states as of July 16, 2024, and in the latest twelve months ending March 31, 2024 generated total revenues over $450 million, and average annual restaurant volumes of $4.5 million.
"Chuy's is a differentiated brand within the full-service dining industry with strong performance and growth potential," said Darden President and CEO Rick Cardenas. "Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy. I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category."
Steven Hislop, Chairman, CEO and President of Chuy's, stated, "We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities."
Highlights
Darden has agreed to acquire Chuy's for $37.50 per share in cash, with a total transaction enterprise value of approximately $605 million, a 40% premium to the 60-day volume weighted average price.
Purchase price represents a 10.3x implied multiple of Chuy's latest twelve months ending March 31, 2024 Transaction Adjusted EBITDA.*
Darden expects pre-tax net synergies of approximately $15 million by the end of its fiscal 2026.
Total acquisition and integration-related expenses are expected to be approximately $50 to $55 million, pre-tax.
Expected to be neutral to Darden's diluted net earnings per share for its fiscal 2025, excluding acquisition and integration-related expenses, and accretive by approximately 12 to 15 cents in its fiscal 2027.
Transaction is expected to be completed in Darden's fiscal second quarter, subject to satisfaction of customary closing conditions.
The transaction has been unanimously approved by the boards of directors of both Darden and Chuy's.
* See the "Non-GAAP Information" below for more details, including Darden's definition of Transaction Adjusted EBITDA and a reconciliation to Chuy's Net Income. |
Summary of the Transaction
Under the terms of the merger agreement, Darden will acquire all of the outstanding shares of Chuy's for $37.50 per share in cash. Chuy's board of directors unanimously approved the merger agreement with Darden and determined to recommend that Chuy's stockholders vote to adopt the merger agreement. The definitive merger agreement includes a 30-day "go-shop" period that will allow Chuy's to affirmatively solicit alternative proposals from interested parties.
Darden has sufficient liquidity to complete the all-cash transaction. Darden expects to continue to maintain a strong balance sheet and have sufficient capital to achieve its stated capital allocation priorities of maintaining existing restaurants, growing new restaurants and returning capital to shareholders through dividends and strategic share repurchases.
The transaction is expected to close in Darden's fiscal second quarter subject to certain conditions set forth in the merger agreement, including the approval by a majority of Chuy's stockholders, the expiration or termination of the applicable waiting period under the HSR Act and other customary conditions.
Advisors
BofA Securities is acting as financial advisor and Hunton Andrews Kurth LLP is acting as legal advisor to Darden.
Piper Sandler is acting as financial advisor and Winston & Strawn LLP is acting as legal advisor to Chuy's.
Investor Conference Call
Darden will host a conference call to discuss the transaction on Thursday, July 18, 2024, at 10:00 am ET. To listen to the call live, please go to https://event.choruscall.com/mediaframe/webcast.html?webcastid=17uPZVSK at least fifteen minutes early to register, download, and install any necessary audio software. Prior to the call, a slide presentation will be posted on the Investor Relations section of Darden's website at: www.darden.com. For those who cannot access the Internet, please dial 877-407-9219. For those who cannot listen to the live broadcast, a replay will be available on the Investor Relations section of Darden's website at: www.darden.com shortly after the call.
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze. For more information, please visit www.darden.com.
About Chuy's
Founded in Austin, Texas in 1982, Chuy's owns and operates full-service restaurants across 15 states serving a distinct menu of authentic, made from scratch Tex-Mex inspired dishes. Chuy's highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, "unchained" look and feel, as expressed by Chuy's motto "If you've seen one Chuy's, you've seen one Chuy's!" For further information, please visit www.chuys.com.
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Meritage Reports Second Quarter 2024 Results; Continued Earnings Growth Ahead
GRAND RAPIDS, Mich., July 12, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
Sales were $172.4 million compared to $176.6 million for the same period last year.
Earnings from Operations were $7.1 million compared to $8.9 million for the same period last year.
Net Earnings were $3.4 million compared to $5.9 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) was $12.9 million compared to $15.6 million for the same period last year.
“Sales improved in the latter half of the quarter as our Wendy’s value offerings and new product offerings helped offset a promotional retail environment. During the first six months of the year our prime costs have steadily improved as food and labor costs regulate. Company sales comparisons remain positive year to date, highlighting the strength and resilience of the Wendy’s brand. We remain focused on driving earnings growth through an increase in store-level performance and new unit development, while leveraging our best-in-class operating platform. We are highly encouraged about Wendy’s new senior leadership’s view on prospects for menu innovation, marketing, digital investments and technology to support restaurant margin performance and system alignment” stated Robert E. Schermer, Jr., the Company’s CEO.
Six-Month 2024 Highlights
Sales for the six months increased to $335.2 million compared to sales of $334.3 million for the same period last year.
Earnings from Operations increased 11.5% to $11.0 million compared to $9.8 million for the same period last year.
Net Earnings increased 11.8% to $5.0 million compared to $4.5 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) increased 8.4% to $22.8 million compared to $21.0 million for the same period last year.
The Company has committed significant long-term capital resources to support Wendy’s brand initiatives, including continued expansion under the Groundbreaker Incentive Program. Newly built restaurants continue to deliver strong sales and earnings results as guests continue to reward us for the upgraded restaurant facilities and improved overall customer experience.
Meritage continues to distinguish itself as a national leader and innovator in the quick service industry, striving for best-in-class results through a performance-based culture committed to operational excellence, strategic acquisitions, and real estate development.
About the Company
Meritage Hospitality Group is the nation’s premier restaurant operator, currently with 388 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 12,000 employees. As of June 30, 2024, the Company had fully diluted weighted average common shares outstanding of 8,539,892.
The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
View source version at Meritage
Good Times Restaurants Reports Third Fiscal Quarter Same Store Sales
GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that same store sales1 increased 5.8% for its Good Times brand and increased 1.2% for its Bad Daddy’s brand compared to the same prior-year fiscal quarter and average weekly sales2 were $31,780 and $52,555 for its Good Times and Bad Daddy’s brands, respectively, for its third fiscal quarter ended June 25, 2024.
Ryan Zink, President and CEO, said, “The positive same store sales trends at Good Times demonstrate the strength of the brand. In May, we completed the remodel of one of our restaurants in Lakewood, Colorado and we closed on the purchase of the Good Times restaurant in the Denver suburb of Parker, Colorado and are extremely pleased with its first few weeks of operations as a company-owned restaurant. Further, as of the first day of the fourth fiscal quarter, we have installed our next generation point-of-sale system in eleven of our twenty-six company-owned Good Times Restaurants.”
“The improvement in Bad Daddy’s sales performance is encouraging, with the concept generating same store sales gains for the quarter. We are seeing progressive improvements in sales across all geographic regions, the result of a sharp focus on the guest and elevated operating standards,” Zink continued.
Mr. Zink concluded, “Our strategy continues to combine re-investment in our existing restaurants to drive organic sales growth, cautious and measured new-unit development, and return of capital to shareholders through share repurchases. We continue to believe that the market will ultimately recognize the value we are creating with this disciplined approach centered around delivering enjoyable and memorable guest experiences through excellent operations.”
About Good Times Restaurants Inc.:
Good Times Restaurants Inc. owns, operates, and licenses 41 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 31 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring 100% all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.
View source version at Good Times Restaurants
Kura Sushi USA Announces Fiscal Third Quarter 2024 Financial Results
IRVINE, Calif., July 09, 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 third quarter ended May 31, 2024.
Fiscal Third Quarter 2024 Highlights
Total sales were $63.1 million, compared to $49.2 million in the third quarter of 2023;
Comparable restaurant sales increased 0.6% for the third quarter of 2024 as compared to the third quarter of 2023;
Operating loss was $1.2 million, compared to operating income of $1.3 million in the third quarter of 2023;
Net loss was $0.6 million, or $(0.05) per diluted share, compared to net income of $1.7 million, or $0.16 per diluted share, in the third quarter of 2023;
Adjusted net income* was four thousand dollars, or $0.00 per diluted share, compared to an adjusted net income* of $1.7 million or $0.16 per diluted share, in the third quarter of 2023;
Restaurant-level operating profit* was $12.6 million, or 20.0% of sales;
Adjusted EBITDA* was $4.5 million; and
Four new restaurants opened during the fiscal third quarter of 2024.
* Adjusted net income, 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, “We believe the current headwinds are macro-driven and transitory, but with the difficulty in predicting the duration of macroeconomic shifts, we believe the most prudent course of action is to position ourselves to be able to continue to deliver strong financial results and uninterrupted progress on our core strategic goals of at least 20% annual unit growth, G&A leverage, and operational excellence regardless of the broader economic environment. While the third quarter results were unexpected, nothing has changed about Kura Sushi’s tremendous potential.”
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Perkins Restaurant & Bakery Reintroduces Itself as Perkins American Food Co., Revealing Bold New Brand Identity
Heritage brand marks evolution with a modern, “vintage fresh” new restaurant design and brand look, including a new logo
The redesigned 3,500 sq ft Perkins American Food Co. showcases how modern American hospitality comes to life. The company is making sweeping changes across the organization, including a new name, logo, restaurant designs, and elevated services, all while staying true to its brand pillars - value, quality, and service.
June 25, 2024 08:16 AM Eastern Daylight Time
ATLANTA--(BUSINESS WIRE)--Clearly, Perkins isn’t stuck in its ways, but it is grounded in its roots. The brand is opening its doors to welcome guests to Perkins American Food Co., where modern American hospitality is reimagined to both take you back and move you forward. The humble pancake house from 1958 in the heartland of the Midwest is now a leading family dining brand with nearly 300 locations across the United States and Canada. It is now refashioned for the consumer of today and was announced at its 2024 Brand Conference in Minnesota that brought together corporate team members, franchisees, and key stakeholders.
Perkins is as American as apple pie, making the classics of yesterday meet the modern tastes of today with new foods and a new restaurant look for guests to enjoy. The company is making sweeping changes across the organization, including a new name, logo, restaurant designs, and elevated services, all while staying true to its brand pillars - value, quality, and service. And this new brand identity is here - guests will see the latest change beginning next week in advertising, social channels, the website, and interior signage.
“Perkins is an American-born brand where hospitality comes to life for the eclectic tastes of today’s adventurous diners. We are bringing the same soul, with a new attitude,” said Toni Ronayne, President of Perkins American Food Co. “Our rebrand is way more than a new logo and descriptor. This is a declaration of our values, our food and our roots, by showing how modern American hospitality comes to life. We’re always stepping forward and evolving, just like the communities we serve.”
The new branding, developed in partnership with branding agency Dunn & Co. and design firm Aria Group, is just a slice of Perkins growth. Current initiatives include a revamped menu, expansion of value offerings, and expansion of capabilities, including third-party deliveries, off-premise dining, catering, and a loyalty program coming soon. The new store will have people turning heads and saying, “Is that Perkins?” The first redesigned store is slated to open in Orlando in late 2024, which will be the first market to unveil the redesign.
The menu provides guests with the hearty meals they crave, tried-and-true classics they love, and culinary twists that unite tradition and innovation on the same plate. Perkins food is hand-crafted, culturally inspired, and generously portioned, just how modern American food should be. With the revamp of the menu, the brand is focusing on value and providing crave-worthy plates. Bakery remains a key focus, and the in-house bakeries will continue to produce iconic pies, muffins and cookies daily while expanding into new and exciting treats that will elevate the brand’s bakery offering.
“These are truly exciting times for Perkins and we are delighted to share these momentous changes with our guests, teams, and franchise partners,” said Ronayne. “As we step into the future, the heart of the brand remains the same, while our evolution gains fantastic momentum.”
About Perkins American Food Co.
Perkins American Food Co., formerly Perkins Restaurant & Bakery®, is the latest evolution of the heritage brand that is as American as apple pie. Grounded in tradition and their key pillars of value, quality, and service, Perkins boasts the same heart and soul since its founding in 1958, but with a new attitude.
The brand serves up American classics of yesterday that meet the tastes of guests today, generously portioned and priced just right. Their hospitality, accentuated with a strong commitment to kindness, continues to shine through as a key differentiator along with innovation to continually evolve and offer guests what they want and crave.
Perkins currently operates nearly 300 company-owned and franchise locations across the U.S. and Canada. The company is owned by Ascent Hospitality Management.
View source version at Perkins Restaurants
Darden Restaurants Reports Fiscal 2024 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; And Provides Fiscal 2025 Outlook
Jun 20, 2024, 07:00 ET
ORLANDO, Fla., June 20, 2024 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 26, 2024.
Fourth Quarter 2024 Financial Highlights
Total sales increased 6.8% to $3.0 billion driven by sales from the addition of 80 company-owned Ruth's Chris Steak House (Ruth's Chris) restaurants and 37 other net new restaurants
Same-restaurant sales:
Consolidated Darden* | 0.0 % | ||||||
Olive Garden | (1.5) % | ||||||
LongHorn Steakhouse | 4.0 % | ||||||
Fine Dining* | (2.6) % | ||||||
Other Business | (1.1) % |
Reported diluted net earnings per share from continuing operations were $2.58
Excluding $0.07 of Ruth's Chris transaction and integration related costs, adjusted diluted net earnings per share from continuing operations were $2.65, an increase of 2.7%**
The Company repurchased $97.3 million of its outstanding common stock
Fiscal 2024 Financial Highlights
Total sales increased 8.6% to $11.4 billion driven by a blended same-restaurant sales* increase of 1.6% and sales from the addition of 80 company-owned Ruth's Chris restaurants and 37 other net new restaurants
Same-restaurant sales:
Consolidated Darden* | 1.6 % | ||||||
Olive Garden | 1.6 % | ||||||
LongHorn Steakhouse | 4.7 % | ||||||
Fine Dining* | (2.4) % | ||||||
Other Business | (0.7) % |
Reported diluted net earnings per share from continuing operations were $8.53
Excluding $0.35 of Ruth's Chris transaction and integration related costs, adjusted diluted net earnings per share from continuing operations were $8.88, an increase of 11.0%**
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
"We had a strong year by staying disciplined, being brilliant with the basics, and controlling what we could control," said Darden President & CEO Rick Cardenas. "This enabled us to exceed the high end of the EPS range we provided at the beginning of the fiscal year despite weakening conditions that emerged in the back half of the year."
View full version at Darden
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