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FAT Brands Announces Confidential Submission of Registration Statement for Twin Peaks
LOS ANGELES, May 14, 2024 (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 the operating unit for its Twin Peaks and Smokey Bones restaurant brands has confidentially submitted a registration statement to the Securities and Exchange Commission to become a standalone public reporting company.
Completion of the potential transaction remains subject to various conditions, including effectiveness of the registration statement and final approval of the board of directors of FAT Brands Inc. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks is rapidly approaching 115 locations in the US and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. At every Twin Peaks, guests are immediately welcomed by a friendly Twin Peaks Girl and served up a menu made for MVPs. From its smashed and seared-to-order burgers to its in-house smoked brisket, and wings, guests can expect menu items that satisfy every appetite. To learn more about franchise opportunities, visit twinpeaksfranchise.com. For more information, visit twinpeaksrestaurant.com.
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Sweetgreen, Inc. Announces First Quarter 2024 Financial Results
May 09, 2024 04:05 PM Eastern Daylight Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its first fiscal quarter ended March 31, 2024.
First quarter 2024 financial highlights
For the first quarter of fiscal year 2024, compared to the first quarter of fiscal year 2023:
Total revenue was $157.9 million, versus $125.1 million in the prior year period, an increase of 26%.
Same-Store Sales Change of 5% was consistent with the prior year period.
AUV of $2.9 million was consistent with the prior year period.
Total Digital Revenue Percentage of 59% and Owned Digital Revenue Percentage of 33%, versus Total Digital Revenue Percentage of 61% and Owned Digital Revenue Percentage of 39% in the prior year period.
Loss from operations was $(26.9) million and loss from operations margin was (17)%, versus loss from operations of $(35.3) million and loss from operations margin of (28)% in the prior year period.
Restaurant-Level Profit(1) was $28.5 million and Restaurant-Level Profit Margin was 18%, versus Restaurant-Level Profit of $16.9 million and Restaurant-Level Profit Margin of 14% in the prior year period.
Net loss was $(26.1) million and net loss margin was (17)%, versus net loss of $(33.7) million and net loss margin of (27)% in the prior year period.
Adjusted EBITDA(1) was $0.1 million, versus Adjusted EBITDA of $(6.7) million in the prior year period; and Adjusted EBITDA Margin was 0%, versus (5)% in the prior year period.
6 Net New Restaurant Openings, versus 9 Net New Restaurant Opening in the prior year period.
(1) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Reconciliation of GAAP to Non-GAAP Measures.” |
“Sweetgreen delivered strong first quarter results across the board. Year-over-year, revenue grew 26% and Restaurant-Level Profit Margin expanded by 400 basis points to 18%. We delivered positive Adjusted EBITDA during a traditionally slower first quarter. We remain confident that our strategy positions Sweetgreen for success today as well as for long-term, capital efficient, profitable growth,” said Jonathan Neman, Co-Founder and Chief Executive Officer. “At the heart of our strategy and our business is our team members. I want to take a moment to extend my gratitude to each of them for their unrelenting drive to further our mission of connecting people to real food.”
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Papa Johns Announces First Quarter 2024 Financial Results
May 09, 2024 07:00 AM Eastern Daylight Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the first quarter ended March 31, 2024.
Highlights
North America comparable sales(a) were down 2% from a year ago as Domestic Company-owned restaurants were down 3% and North America franchised restaurants were down 2%; International comparable sales(a) were down 3% from the prior year period.
8 net unit openings in the first quarter driven by North America growth; on track to achieve North America net unit growth of more than 20% relative to 2023 net unit openings and International gross openings between 100 and 140 new restaurants.
Global system-wide restaurant sales were $1.23 billion, a 1%(b) decrease compared with the prior year first quarter due entirely to the 53rd week in 2023 which shifted the week between Christmas and New Years into the fourth quarter.
Total revenues of $514 million were down 2% compared with a year ago largely driven by lower revenues in our North America commissary segment due to commodity price declines.
Operating income of $34 million decreased 11% compared with the first quarter of 2023, while Adjusted operating income(c) of $43 million increased 10% on improved restaurant-level margins and continued focus on cost discipline.
Diluted earnings per common share of $0.44 compared with $0.65 for the first quarter of 2023; Adjusted diluted earnings per common share(c) was $0.67 compared with $0.68 for the first quarter a year ago.
“Our teams are taking a disciplined approach to running the business, improving restaurant-level margins and increasing operating profits despite a challenging environment in the first quarter,” said Ravi Thanawala, Papa Johns Interim Chief Executive Officer and Chief Financial Officer. “More importantly, we’re making meaningful progress on our Back to Better 2.0 and International Transformation initiatives. The foundational improvements we are implementing in our restaurant operations, digital solutions, and marketing platforms are designed to drive sustainable, profitable growth around the globe. We are confident that our consumer-centric focus and drive to increase franchisee profitability will contribute to our long-term success.”
“The Board of Directors has great confidence in the work that is taking place under Ravi and the Papa Johns leadership team,” said Christopher Coleman, Chair of the Board. “This team, which has significant restaurant, digital, and international experience, is executing on our strategy and evolving our business model for the next chapter of growth. Importantly, their strategic execution is driven by their passion and vision for the Papa Johns brand and an unwavering focus on the consumer and our franchisees. Concurrent with the team’s efforts, the Board is conducting a thorough search process for our next Papa Johns CEO to lead this work into the future.”
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Farmer Brothers reports third quarter fiscal 2024 financial results and publishes quarterly shareholder letter
May 09, 2024 16:05 ET
Fiscal Q3 2024 net sales of $85.4 million
Gross margin increase of 660 basis points year-over-year to 40.1%
NORTHLAKE, Texas, May 09, 2024 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) today reported its third quarter fiscal 2024 financial results for the period ended March 31, 2024. The company filed its Form 10-Q and published its quarterly shareholder letter, which contains additional details regarding the results. Both of those documents can be found on the Investor Relations section of the company’s website.
Financial results Third quarter fiscal 2024 net sales were $85.4 million compared to $85.7 million in the third quarter of fiscal 2023. Overall, net sales decreased slightly on a year-over-year basis due to a reduction in unit sales, offset by higher pricing.
Gross margins increased 660 basis points on a year-over-year basis to 40.1% compared to 33.5% for the third quarter of the prior year. Gross profit during the quarter increased $5.5 million to $34.2 million, or 19% on a year-over-year basis, compared to $28.8 million for the third quarter of fiscal 2023. The increase in gross margin was primarily due to improved pricing and a decrease in underlying commodity cost compared to the prior year period. While the company does not expect results to be linear quarter to quarter, it remains confident it is well positioned to sustain gross margins within this range over time. Operating expenses decreased slightly from $35.6 million in the third quarter of fiscal 2023 to $34.7 million in the third quarter of fiscal 2024. This decrease was due to a $2.3 million increase in net gains associated with the sale of branch properties and other assets, but was partially offset by a $1.3 million increase in selling expenses and a $0.2 million increase in general and administrative expenses during the third quarter. The selling expense increase was primarily due to additional costs related to vehicle rent expense, healthcare benefits and other benefit-related expenses, partially offset by a decrease in advertising-related expenses.
Net income from continuing operations moved to a loss of $0.7 million in the third quarter of fiscal 2024 compared to a loss of $6.9 million during the prior year period, an improvement of approximately $6.2 million on a year-over-year basis. Adjusted EBITDA1 for the third quarter of fiscal 2024 remained positive for the second consecutive quarter at $0.3 million compared to a loss of $0.6 million in the third quarter of fiscal 2023.
Balance Sheet and Liquidity As of March 31, 2024, Farmer Brothers had $5.5 million of unrestricted cash and cash equivalents and $0.2 million in restricted cash. The company had outstanding borrowings of $23.3 million, utilized $4.6 million of the letters of credit sub-limit and had $30.5 million of availability under its revolver credit facility. The company believes it is adequately capitalized to finance its operations in fiscal 2024 and expects to achieve its goal to be free cash flow2 positive in early fiscal 2025.
“Farmer Brothers delivered another solid quarter of execution. Highlighted by year-over-year improvement in gross margin and adjusted EBITDA, our recent performance reflects the strides we have made and the early wins we have achieved related to the transformation of our direct store delivery (DSD) business,” said President and Chief Executive Officer John Moore. “There is still much work to be done though as we are just beginning to realize results associated with a number of our initiatives. Overall, we remain focused on streamlining production, realizing sustainable operational and cost efficiencies, and driving customer growth and retention. We are confident the foundation we are building will create long-term, sustainable growth and profitable value creation.”
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Chuy’s Holdings, Inc. Announces First Quarter 2024 Financial Results
May 09, 2024 16:05 ET
AUSTIN, Texas, May 09, 2024 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) (the "Company") today announced financial results for the first quarter ended March 31, 2024.
Highlights for the first quarter ended March 31, 2024 were as follows:
Revenue was $110.5 million compared to $112.5 million in the first quarter of 2023. Revenue was negatively impacted by approximately $1.8 million as a result of a one-week calendar shift due to a 53rd week in fiscal 2023.
On a fiscal basis, comparable restaurant sales decreased 5.2% as compared to the first quarter of 2023. On a calendar basis, comparable restaurant sales decreased 4.3% as compared to the first quarter of 2023. The Company estimates that calendar basis comparable restaurant sales were negatively impacted in total by approximately 115 basis points from unfavorable weather conditions and the timing of Easter.
Net income decreased $1.3 million, to $6.9 million, or $0.40 per diluted share, as compared to $8.2 million, or $0.45 per diluted share, in the first quarter of 2023.
Adjusted net income(1) decreased $1.3 million, to $7.3 million, or $0.42 per diluted share, as compared to $8.5 million, or $0.47 per diluted share, in the first quarter of 2023.
Restaurant-level operating margin(1) decreased $1.4 million, to $20.8 million as compared to $22.2 million in the first quarter of 2023. Restaurant-level operating margin(1) as a percentage of revenue was 18.8%, as compared to 19.7% in the first quarter of 2023.
Cash and cash equivalents were $56.4 million and the Company had no debt outstanding with $25.0 million available under its revolving credit facility.
Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc., stated, “In the first quarter, we experienced the same weather and macro challenges facing the broader restaurant industry leading to top-line growth that was below our expectations. That said, we were encouraged by the sequential monthly improvements in our underlying trends as we moved through the quarter, when adjusted for the Easter calendar shift. In addition, we continued to see growth in our off-premise business as consumers embrace the opportunity to enjoy Chuy’s high-quality, made-from-scratch food from the comfort of their own home. Finally, despite top-line headwinds, our team’s continued focus on four-wall operational excellence allowed us to deliver an 18.8% restaurant-level operating margin which remains among the best in our industry.”
Hislop added, “Unit growth remains a core piece of our long-term growth strategy. During the quarter, we successfully opened one restaurant in New Braunfels, TX, followed by an additional restaurant opening in Austin, TX, subsequent to the end of the first quarter. We are pleased with the performance of our new restaurants thus far and remain on track to achieve our restaurant opening goals for the year.”
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Dine Brands Global, Inc. Reports First Quarter 2024 Results
PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the first quarter of fiscal year 2024.
“While we are not content with the start of the year, we are encouraged by the response of our value offerings and targeted promotions which drove improved performance as the quarter progressed,” said John Peyton, chief executive officer, Dine Brands Global, Inc. “This quarter is an important reminder that our guests are craving abundant value and we are committed to meet their need through our upcoming campaigns and new menu items, while leveraging the resources of our platform to support franchisees.”
Vance Chang, chief financial officer, Dine Brands Global, Inc. added, “Our brands have been tested through many economic cycles in the past decades and while our first quarter results reflect the impact of consumer price sensitivity and challenging weather conditions, our fundamental business model remains steady with solid cash flow and positioning us to deliver on our guidance for the year.”
Domestic Restaurant Sales for the First Quarter of 2024
Applebee’s year-over-year domestic comparable same-restaurant sales declined 4.6% for the first quarter of 2024. Off-premise sales mix accounted for 22.1% in the first quarter of 2024 compared to 23.1% in the first quarter of 2023.
IHOP’s year-over-year domestic comparable same-restaurant sales declined 1.7% for the first quarter of 2024. Off-premise sales mix accounted for 21.0% in the first quarter of 2024 compared to 21.7% in the first quarter of 2023.
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Craveworthy Brands Acquires Multi-Brand Fast Casual Operator Untamed Brands
Craveworthy's acquisition of Untamed, boasting two dynamic concepts, marks a pivotal moment in the Company's trajectory of supercharged growth.
Craveworthy Brands, the parent company of Wing It On!, The Budlong, Krafted Burger + Tap, Genghis Grill, BD’s Mongolian Grill, Flat Top Grill, Lucky Cat Poke Co., Pastizza, Scramblin’ Ed’s, Soom Soom Mediterranean, Dirty Dough Cookies and Sigri Indian BBQ. (PRNewsfoto/Craveworthy Brands)
Restaurant Platform Company Supercharges Growth with taim Mediterranean Kitchen and Hot Chicken Takeover, Expanding Footprint from Coast to Coast
Unites Synergistic Brands to Create Leader in Healthy Mediterranean and Popular Chicken Segments with Unparalleled Dining Experiences
CHICAGO , May 8, 2024 /PRNewswire/ -- Craveworthy Brands ("Craveworthy",) the innovative fast casual restaurant platform company that is home to leading concepts such as BD's Mongolian Grill, Dirty Dough, Flat Top Grill, Genghis Grill, Krafted Burger Bar + Tap, Lucky Cat Poke Co., Pastizza Pizza & Pasta, Scramblin' Ed's, Sigri Indian BBQ, Soom Soom Mediterranean ("Soom Soom",) The Budlong Southern Chicken ("Budlong",) and Wing It On!, has announced that it has completed the acquisition of Untamed Brands ("Untamed",) the multi-brand operator and parent company of taim Mediterranean Kitchen ("taim") and Hot Chicken Takeover ("HCT".)
Craveworthy's acquisition of Untamed, boasting two dynamic concepts, marks a pivotal moment in the Company's trajectory of supercharged growth and solidifies its position as a leading force in the healthy Mediterranean and popular chicken segments, respectively. Following the recent addition of Sigri Indian BBQ to its growing list of restaurant brands, this milestone underscores Craveworthy's unwavering commitment to innovative culinary excellence and satisfying guests with unparalleled dining experiences in various fast casual sectors.
Untamed Brands launched in 2021 with taim, a New York City-based concept founded in 2005 by double-time Food Network champion and Chef Einat Admoney, as a falafel joint that complemented her full-service concept Balaboosta. Taim uses market-fresh produce, authentic herbs and spices and time-honored techniques of Mediterranean cooking to serve craveable pitas, bowls, salads and mezze. Taim currently operates 13 restaurants across New York and Washington D.C.
In late 2021, Untamed Brands acquired HCT, a Columbus-based concept with a cult-like following, serving Nashville-style hot chicken and Southern-influenced sides. HCT was founded in 2014 by Joe DeLoss with a fair chance hiring mission which provides supportive careers to individuals whose personal circumstances may typically prevent them from obtaining steady employment, creating a sense of belonging and community. HCT currently operates seven restaurants throughout Central Ohio and two Columbus sports team stadium locations.
Craveworthy will seamlessly integrate taim with Soom Soom, which is the Mediterranean concept Craveworthy partnered with C3 to franchise in 2023. Taim will share an identity and vision with Soom Soom, amplifying the unified brands' appeal for bold Mediterranean flavors and reach with a newly expanded footprint from coast to coast. HCT's locations will serve as a catalyst for the creation of a fresh hot chicken concept with Craveworthy's Budlong, synergizing their complementary offerings and kick-starting rapid growth. Taim and HCT will feature new branding, refreshed restaurant designs and further emphasize the guest dining experience in the coming future.
Beyond the acquisition, Craveworthy will customize franchise programs for the revitalized brands and seek hungry entrepreneurs who are eager to partner with up-and-coming restaurant concepts that are full of potential. By instilling its proven operating procedures, creative marketing strategies and dedicated finance processes, the Company will optimize restaurant systems and elevate awareness of the brands.
Founded in 2022, Craveworthy Brands is a hospitality-first company dedicated to invigorating and supercharging legacy brands while nurturing and growing emerging brands as well as delivering truly craveable food and immersive guest experiences. As Craveworthy continues to expand its presence nationally, it projects $1B in systemwide sales within approximately five years and plans to acquire additional brands, open nearly 17 corporate locations and open over 60 virtual restaurants throughout 2024.
LEADERSHIP COMMENTARY
"Taim and HCT are beloved concepts with long histories of serving high-quality cuisine and providing excellent service. They bring a fresh perspective and complement our existing portfolio extremely well, which allows us to cater to diverse consumer preferences and truly tap into new markets," said CEO and Founder of Craveworthy Brands, Gregg Majewski.
"Craveworthy has a wealth of experience in nurturing emerging restaurant brands and implementing scalable strategies. Combining our strengths and shared commitment to culinary innovation, hospitality and elevating guest experiences, this will be an exciting, new chapter for taim and HCT," said Phil Petrilli, CEO and Founder of Untamed Brands.
"Successfully integrating taim and HCT will be a game-changer for Craveworthy Brands and place the Company at the helm of the restaurant landscape, as we continue to expand our footprint and presence throughout the U.S.," continued Majewski.
TRANSACTION ADVISORS
Harrington Park Advisors served as exclusive financial advisor and DLA Piper served as legal counsel to Untamed Brands.
About Craveworthy Brands Craveworthy Brands, the parent company of Bd's Mongolian Grill, Dirty Dough, Flat Top Grill, Genghis Grill, Krafted Burger Bar + Tap, Lucky Cat Poke Co., Pastizza Pizza & Pasta, Scramblin' Ed's, Sigri Indian BBQ, Soom Soom Mediterranean, The Budlong Southern Chicken and Wing It On!, is dedicated to invigorating and supercharging legacy brands while nurturing and growing emerging brands. The company brings together diverse, yet complementary brands and an accomplished, veteran leadership team in the growing culinary space. In addition to building and operating leading restaurant brands, Craveworthy Brands is active in the communities it serves and creates exciting career opportunities for its team members. Bridging the distinctive individuality of its concepts with a shared culture and spirit of collaboration, the Company's goal is to create truly unique and craveworthy experiences every day, every shift and at every turn. Learn more about Craveworthy and its brands at CraveworthyBrands.com.
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Potbelly Corporation Reports Strong Results for First Fiscal Quarter 2024
May 08, 2024 16:05 ET
First quarter system-wide sales growth of 1.9% and AWS of $24,250
32 additional new franchise shop commitments in the first quarter
Announces $20 million share repurchase program
CHICAGO, May 08, 2024 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), (“Potbelly” or the “Company”) the iconic neighborhood sandwich shop concept, today reported financial results for its first fiscal quarter ended March 31, 2024.
Key highlights for the quarter ended March 31, 2024, compared to March 26, 2023:
Total revenues decreased by 6.0% to $111.2 million compared to $118.3 million, which included revenue from 33 shops that were refranchised in 2023.
Average Weekly Sales (AWS) increased 1.6% to $24,250 and, inclusive of the impact of refranchising 33 former company locations in 2023, total company shop sales decreased by 8.0% to $107.6 million compared to $116.9 million.
Same-store sales in the first quarter of (0.2)%, with expansion of traffic share during the quarter.
GAAP net loss attributable to Potbelly Corporation was $2.8 million compared to $1.3 million. GAAP diluted earnings per share (EPS) was ($0.09) compared to ($0.05).
Adjusted net income1 attributable to Potbelly Corporation was $0.2 million compared to $0.6 million. Adjusted diluted EPS1 was $0.01 compared to $0.02.
Adjusted EBITDA1 increased 2.2% to $5.7 million compared to $5.6 million. (1) Adjusted net income, adjusted diluted EPS and adjusted EBITDA are non-GAAP measures. For reconciliations of these measures to the most directly comparable GAAP measure, see the accompanying financial tables. For a discussion of why we consider them useful, see “Non-GAAP Financial Measures” below.
Bob Wright, President and Chief Executive Officer of Potbelly Corporation, commented, “We’re proud of our solid start to the year across multiple fronts. In terms of profitability, we successfully managed both restaurant-level and corporate costs, driving a 150-basis point expansion in shop-level margins as well as strong corporate profitability with adjusted EBITDA of $5.7 million. On the development front, our franchise sales team added 32 additional commitments to our pipeline during the quarter leading to a 26% increase in open and committed shops year-over-year. We remain excited by the possibilities of this unique brand and believe that we continue to put the building blocks in place to achieve this potential.”
Wright added, “In addition, our board of directors authorized a $20 million share repurchase program, driven by their confidence in the sustainability of the momentum in our business, our strong balance sheet and the increased predictability of our cash flows due to our ongoing transition to a capital-light, franchised business model. This confidence is a testament to the disciplined execution of our team members as we seek to drive long-term, sustainable growth.”
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Portillo’s Inc. Announces First Quarter 2024 Financial Results
May 07, 2024 08:00 ET
CHICAGO, May 07, 2024 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 31, 2024.
Michael Osanloo, President and Chief Executive Officer of Portillo’s, said “It’s an exciting time at Portillo’s. We’re proud of how we exited the quarter and will continue to build top-line momentum through disciplined sales-driving initiatives and new unit development. Today we revealed Portillo’s four strategic pillars, which will guide our 2024 goals and serve as the foundation for quality growth. Running world class operations, innovating and amplifying the Portillo’s Experience, building restaurants with industry-leading returns, and taking great care of our teams are the primary drivers of value creation at Portillo’s.”
Financial Highlights for the First Quarter 2024 vs. First Quarter 2023:
Total revenue increased 6.3% or $9.8 million to $165.8 million;
Same-restaurant sales* decreased 1.2%;
Operating income increased $1.6 million to $10.1 million;
Net income increased $6.6 million to $5.3 million;
Restaurant-Level Adjusted EBITDA** increased $1.6 million to $36.4 million; and
Adjusted EBITDA** increased $2.1 million to $21.8 million.
For the quarter ended March 31, 2024, same-restaurant sales compares the 13 weeks from January 1, 2024 through March 31, 2024 to the 13 weeks from January 2, 2023 through April 2, 2023.*Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release.
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First Watch Restaurant Group, Inc. Reports Strong Q1 2024 Financial Results
May 07, 2024 07:00 ET
Total revenues increased 14.7%; same-restaurant sales growth of 0.5%*Income from operations margin of 5.1% and restaurant level operating profit margin of 20.8%Net income of $7.2 million and Adjusted EBITDA of $28.6 million9 system-wide restaurants opened across 8 states
BRADENTON, Fla., May 07, 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 thirteen weeks ended March 31, 2024 (“Q1 2024”).
“First Watch posted another solid quarter with positive same restaurant sales*, traffic trends that improved sequentially through the quarter and year-over-year adjusted EBITDA growth,” said Chris Tomasso, First Watch CEO and President. “We continue to focus on delivering exceptional experiences for our customers and our employees validated by customer experience scores that have never been higher and continued improvement in employee turnover. We remain confident in our long-term growth prospects driven by our proven portability and a total addressable market more than three times our current size.”
Highlights for Q1 2024 compared to Q1 2023:
Total revenues increased 14.7% to $242.4 million in Q1 2024 from $211.4 million in Q1 2023
System-wide sales increased 9.4% to $289.6 million in Q1 2024 from $264.7 million in Q1 2023
Same-restaurant sales growth of 0.5%* and same-restaurant traffic growth of (4.5)%*
Income from operations margin decreased to 5.1% during Q1 2024 from 7.4% in Q1 2023
Restaurant level operating profit margin** decreased to 20.8% in Q1 2024 from 21.2% in Q1 2023
Net income decreased to $7.2 million, or $0.12 per diluted share, in Q1 2024 from $9.4 million, or $0.15 per diluted share in Q1 2023
Adjusted EBITDA** increased to $28.6 million in Q1 2024 from $27.4 million in Q1 2023
Opened 9 system-wide restaurants in 8 states resulting in a total of 531 system-wide restaurants (432 company-owned and 99 franchise-owned) across 29 states
___________________* Comparing the thirteen-week periods ended March 31, 2024 and April 2, 2023 in order to compare like-for-like periods** See “Non-GAAP Financial Measures” below
For additional financial information related to thirteen weeks ended March 31, 2024, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2024, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.
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Good Times Restaurants Reports Results for the 2024 Second Fiscal Quarter Ended March 26, 2024
May 02, 2024 04:05 PM Eastern Daylight Time
DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the 2024 second fiscal quarter.
Key highlights of the Company’s financial results include:
Total Revenues for the quarter increased 1.9% to $35.4 million compared to the second quarter of fiscal 2023
Same Store Sales1 for company-owned Bad Daddy’s restaurants decreased 3.2% for the quarter compared to the second quarter of fiscal 2023
Same Store Sales for company-owned Good Times restaurants increased 0.9% for the quarter compared to the second quarter of fiscal 2023
Net Income Attributable to Common Shareholders was $0.6 million for the quarter
The Company ended the quarter with $4.0 million in cash and $1.3 million of long-term debt
The Company repurchased 252,496 shares of its common stock during the quarter
Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our Good Times brand continued to produce impressive same store sales this quarter considering the unfavorable weather in the Colorado market, and we are excited about the trends we are experiencing so far in the third fiscal quarter. During the first week of the third quarter, we commenced our fourth remodel, including structural repairs, and during which we expect to be closed for approximately five weeks. Like our other remodels, this one will include new signage, an exterior refresh and a mural inspired by Colorado heritage, created by a local artist. In April we began the pilot phase of our next-generation point-of-sale system, in test at two locations. We selected the Toast point-of-sale system after several months of system evaluations, contract negotiations, configuration and testing. This is the latest initiative in our strategic plan to modernize our brand. The intuitive user interface will enhance the employee experience, which in turn will translate into more efficient order entry and payment, and ultimately, faster speed of service. Upon a successful pilot period, we expect to rapidly roll out this new system throughout the Company-owned restaurants. Additionally, during the quarter, we featured our fish sandwich, a perennial spring favorite, which exceeded our prior year sales by 14% and which was accompanied by seasoned tots and Cold Brew Crunch, our custard flavor of the month. Near the beginning of the third quarter, we added an additional hour of service time in many of our restaurants as late-night meals and snacks gain in popularity. Our experienced Good Times team continues to impress me as they adapt to dynamically changing customer behavior in the highly competitive quick service segment of the industry.”
Mr. Zink continued, “I am also thrilled with the improvement in top-line trends at our Bad Daddy’s brand. In addition to the sequential quarterly improvement in same store sales, we have significantly improved our performance compared with the Black Box casual dining benchmark. After lagging the index for much of the prior year, Bad Daddy’s is trending similarly to, and in some weeks exceeding, that benchmark. We believe our improvement is due to our management team’s improved focus on operations excellence and the efforts we are making to revitalize our bar execution and beverage program. During the quarter we launched one-day promos related to Margarita Day, St. Patrick’s Day, and certain sporting events that positively affected both guest traffic and bar-centric traffic. In March, our bar mix, as a percentage of on-premises sales, increased compared to the prior year, which was the first month we have seen such growth in more than a year. To celebrate both Cinco De Mayo and National Burger Month, during May we will offer a Birria Burger that features a house-made consommé with a powerful flavor profile that is particularly relevant. As we continue to develop solid processes for introducing new and reoccurring limited time products, our operations team remains truly focused on driving a step change in hospitality as we continue to differentiate our brand from others in casual dining that have reduced portion sizes, taken an indifferent attitude toward product quality and compromised on service.”
“Our vision and strategy for both brands is rooted in a belief that consistency in restaurant operations and genuine hospitality, appropriate both to the concept and to the guest’s dining occasion, are the strongest drivers of reliable same store sales increases. I believe that our operations leadership at both concepts and all of our support capability leaders are aligned with this approach,” Zink concluded.
Additionally, the Company announced that it was in negotiations to purchase the currently franchised Good Times in the Denver suburb of Parker, Colorado. The Company anticipates this transaction to close prior to the end of the third fiscal quarter.
View full version at Good Times
Shake Shack Announces First Quarter 2024 Financial Results
Total revenue of $290.5 million, up 14.7% versus 2023, including $280.6 million of Shack sales and $9.9 million of Licensing revenue.
System-wide sales of $443.3 million, up 12.3% versus 2023.
Same-Shack sales up 1.6% versus 2023, with trends improving each month of the quarter. April SSS grew 4.9% year-over-year.
Operating income of $0.0 million, versus an operating loss of $3.2 million in 2023.
Restaurant-level profit(1) of $54.7 million, or 19.5% of Shack sales.
Net income of $2.2 million versus a net loss of $1.6 million in 2023.
Adjusted EBITDA(1) of $35.9 million, up 30.2% versus 2023.
Net income attributable to Shake Shack Inc. of $2.0 million, or earnings of $0.05 per diluted share.
Adjusted pro forma net income(1) of $5.6 million, or earnings of $0.13 per fully exchanged and diluted share.
Opened four new Company-operated Shacks, including two drive-thrus. Opened four new licensed Shacks.
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the first quarter of 2024 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q1 2024 Shake Shack Shareholder Letter.
Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Randy Garutti, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until May 09, 2024 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13745222.
The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
About Shake Shack
Shake Shack serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack’s purpose is to Stand For Something Good®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 520 locations system-wide, including over 335 in 33 U.S. States and the District of Columbia, and 185 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.
Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.
View full version at Shake Shack
THE WENDY'S COMPANY REPORTS FIRST QUARTER 2024 RESULTS
May 02, 2024, 07:00 ET
DUBLIN, Ohio, May 2, 2024 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended March 31, 2024.
"The momentum we built across our business in the first quarter puts us on track to achieve our 2024 outlook and on the path toward unlocking the full potential of the powerful Wendy's® brand," President and Chief Executive Officer Kirk Tanner said. "We delivered global same-restaurant sales growth, which accelerated by 120 basis points on a two-year basis versus the previous quarter. This was driven in part by high-single digit year-over-year U.S. breakfast sales growth and global digital sales mix of nearly 17%. This performance supported a 60 basis point expansion in U.S. Company-operated restaurant margin versus the prior year, illustrating the benefits of these profitable initiatives. We remain focused on executing against our plans and investments through a customer-centric approach, supporting our ability to drive long-term shareholder value."
First Quarter 2024 Summary
See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.
View full version at Wendy's
Texas Roadhouse, Inc. Announces First Quarter 2024 Results
May 02, 2024 16:03 ET
LOUISVILLE, Ky., May 02, 2024 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial results for the 13 weeks ended March 26, 2024.
Financial Results
Financial results for the 13 weeks ended March 26, 2024 and March 28, 2023 were as follows:
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| 13 Weeks Ended | |||||||
($000's, except per share amounts) |
| March 26, 2024 |
| March 28, 2023 |
| % change | |||
Total revenue |
| $ | 1,321,217 |
| $ | 1,174,356 |
| 12.5 | % |
Income from operations |
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| 133,128 |
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| 100,945 |
| 31.9 | % |
Net income |
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| 113,206 |
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| 86,387 |
| 31.0 | % |
Diluted earnings per share |
| $ | 1.69 |
| $ | 1.28 |
| 31.4 | % |
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|
|
|
|
|
|
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|
|
Results for the 13 weeks ended March 26, 2024, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 8.4% at company restaurants and increased 7.7% at domestic franchise restaurants;
Average weekly sales at company restaurants were $159,378 of which $20,815 were to-go sales as compared to average weekly sales of $148,437 of which $19,030 were to-go sales in the prior year;
Restaurant margin dollars increased 23.0% to $228.4 million from $185.7 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased to 17.4% from 15.9% in the prior year driven by higher sales partially offset by higher general liability insurance expense. The benefit of a higher average guest check and improved labor productivity more than offset wage and other labor inflation of 4.3% and commodity inflation of 0.9%;
Diluted earnings per share increased 31.4% primarily driven by higher restaurant margin dollars partially offset by higher general and administrative expenses and higher depreciation and amortization expenses;
Nine company restaurants and three franchise restaurants were opened; and
Capital allocation spend included capital expenditures of $77.7 million, dividends of $40.8 million, and repurchases of common stock of $8.9 million.
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We are off to a tremendous start in 2024 with strong traffic trends continuing to drive our sales growth. These results demonstrate the success of our operators’ commitment to providing legendary food and service to each guest on every shift.”
Morgan continued, “On the development front, as of today, we have opened 10 company restaurants in 2024 with another 18 currently under construction. We remain confident that our commitment to growth, along with a disciplined capital allocation strategy, will continue to generate long-term shareholder value.”
View full version at Texas Roadhouse
BJ’s Restaurants, Inc. Reports Fiscal First Quarter 2024 Results
May 02, 2024 16:02 ET
HUNTINGTON BEACH, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 first quarter ended Tuesday, April 2, 2024.
Fiscal First Quarter 2024 Compared to First Quarter 2023
Total revenues decreased 1.2% to $337.3 million
Comparable restaurant sales declined 1.7%
Total restaurant operating weeks increased by one week
Net income of $7.7 million, compared to $3.5 million; diluted net income per share of $0.32, compared to $0.15
Adjusted EBITDA of $29.4 million, compared to $25.0 million, as described below in the reconciliation between GAAP and non-GAAP adjusted financial measures
“Our strong first quarter results demonstrate the momentum building in our business from our growth and productivity initiatives, especially when considering the extent of weather impacts early in the quarter,” commented Greg Levin, Chief Executive Officer and President. “The commitment by our restaurant team members to deliver gracious hospitality and serve memorable brewhouse experiences to our guests, coupled with these growth and productivity initiatives, drove restaurant level operating margin to 15.0%, a 240 basis point improvement compared to last year. Following heavier than usual winter storms impacting industrywide sales in January, our comparable restaurant sales improved through the quarter. Despite the sales headwinds from winter weather, we made meaningful year-over-year improvements in restaurant margins, Adjusted EBITDA and net income. These improvements demonstrate the solid foundation we are building for continued growth, and we remain confident that our restaurant level margins will approach pre-pandemic levels by year-end 2024,” continued Levin.
“Late in the first quarter, we opened our 217th restaurant in Brookfield, Wisconsin, our first restaurant in the state. We remain on track to open two additional restaurants in the second half of 2024 and are actively building our development pipeline for 2025 and beyond. All future BJ’s will feature our new prototype that will cost approximately $1 million less to build, provide greater operating efficiencies, and incorporate the best elements of our ongoing restaurant remodel initiative, including a new bar statement with the guest-favorite 130" television as a centerpiece. Our 2024 new restaurant openings are complemented by our ongoing remodel initiative, which continues to deliver positive guest responses and attractive financial returns. By the end of 2024, we expect approximately half of our restaurants to be either a newer prototype or recently remodeled, further elevating the attractiveness of our concept to current and new guests,” concluded Levin.
View full version at BJ's Restaurants
Wingstop Inc. Reports Fiscal First Quarter 2024 Financial Results
Domestic Restaurant AUV Exceeds $1.9 Million Driven by 21.6% Domestic Same Store Sales Growth
Delivers 14.2% Unit Growth
DALLAS, May 1, 2024 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal first quarter ended March 30, 2024.
Highlights for the fiscal first quarter 2024 compared to the fiscal first quarter 2023:
System-wide sales increased 36.8% to $1.1 billion
65 net new openings in the fiscal first quarter 2024
Domestic same store sales increased 21.6%
Domestic restaurant AUV increased to $1.9 million
Digital sales increased to 68.3% of system-wide sales
Total revenue increased 34.1% to $145.8 million
Net income increased 83.5% to $28.7 million, or $0.98 per diluted share
Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 61.8% to $28.7 million, or $0.98 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 45.3% to $50.3 million
Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") are set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"Our fiscal first quarter 2024 showcased the momentum behind the Wingstop brand and the continued strength of our strategies, delivering 21.6% domestic same-store sales growth driven almost entirely by transaction growth," said Michael Skipworth, President & Chief Executive Officer. "Our domestic AUV exceeded $1.9 million, further strengthening best-in-class returns for our brand partners and is strengthening our development pipeline, which gives us confidence in our ability to scale Wingstop into a Top 10 Global Restaurant Brand."
Key operating metrics for the fiscal first quarter 2024 compared to the fiscal first quarter 2023:
Thirteen Weeks Ended | |||||||
March 30, 2024 | April 1, 2023 | ||||||
Number of system-wide restaurants open at end of period | 2,279 | 1,996 | |||||
Number of domestic franchise restaurants open at end of period | 1,924 | 1,710 | |||||
Number of international franchise restaurants open at end of period (1) | 305 | 243 | |||||
System-wide sales (in millions) | $ 1,124 | $ 822 | |||||
Domestic AUV (in thousands) | $ 1,918 | $ 1,662 | |||||
Domestic same store sales growth | 21.6 % | 20.1 % | |||||
Company-owned domestic same store sales growth | 6.2 % | 10.3 % | |||||
Net income (in thousands) | $ 28,747 | $ 15,669 | |||||
Adjusted net income (in thousands) | $ 28,747 | $ 17,771 | |||||
Adjusted EBITDA (in thousands) | $ 50,263 | $ 34,584 | |||||
(1) Including U.S. territories. |
Fiscal first quarter 2024 financial results
Total revenue for the fiscal first quarter 2024 increased to $145.8 million from $108.7 million in the fiscal first quarter last year. Royalty revenue, franchise fees and other increased $18.9 million, of which $9.4 million was due to domestic same store sales growth of 21.6%, and $7.2 million was due to net new franchise development. Advertising fees increased $12.7 million due to a 36.8% increase in system-wide sales in the fiscal first quarter 2024. Company-owned restaurant sales increased $5.5 million due to the addition of seven net new company-owned restaurants since the prior fiscal first quarter and 6.2% company-owned domestic same store sales growth driven primarily by an increase in transactions.
View full version at Wingstop
The ONE Group Hospitality, Inc. Completes Acquisition of Owner of Benihana
First Quarter 2024 Earnings Conference Call and Webcast Scheduled for May 7, 2024 at 4:30 PM ET
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS), today announced it has completed its previously announced acquisition of Safflower Holdings Corp., the owner of Benihana Inc. (“Benihana”), for $365 million in cash.
“We are delighted to have completed the acquisition and look forward to this next chapter for our Company,” said Emanuel “Manny” Hilario, President and Chief Executive Officer of The ONE Group. “Benihana provides us with additional growth and development opportunities and supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts. Most importantly, I’d like to welcome our nearly 6,500 new Benihana teammates and our new Board Members, Scott Ross and James Chambers.”
Deutsche Bank Securities Inc. served as sole financial advisor to The ONE Group and lead arranger for the term loan and credit facility. Stoel Rives LLP served as legal advisor to The ONE Group. Piper Sandler & Co served as financial advisor to Benihana. Sidley Austin LLP and Akin Gump Strauss Hauer & Feld LLP served as legal advisors to Benihana.
Earnings Conference Call and Webcast
Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast to discuss first quarter 2024 financial results on Tuesday, May 7, 2024 at 4:30 PM ET. A press release containing the first quarter 2024 financial results will be issued after market close that same afternoon.
The conference call can be accessed live over the phone by dialing 416-764-8658. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 03183315. The replay will be available until Tuesday, May 21, 2024.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events.”
About The ONE Group
The ONE Group Hospitality, Inc. (NASDAQ: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos, and other high-end venues both domestically and internationally. The ONE Group’s focus is to be the global leader in VIBE dining, and its primary restaurant brands and operations are:
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe, and the Middle East, featuring premium steaks, seafood, and specialty cocktails in an energetic upscale atmosphere.
Benihana, a leading operator of highly differentiated experiential brands that owns the only national teppanyaki brand in the US. The Company also franchises Benihanas in the U.S., Caribbean, Central America, and South America.
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
ONE Hospitality, The ONE Group’s food and beverage hospitality services business, develops, manages, and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.
View source version at The ONE Group
Yum! Brands Reports First-Quarter Results
KFC International +10% Unit Growth; Taco Bell U.S. SSSG +2%;
Record Digital System Sales Mix of Over 50%
May 01, 2024 07:00 AM Eastern Daylight Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2024. Worldwide system sales, excluding foreign currency translation, grew 2%, with 6% unit growth and a 3% same-store sales decline. First-quarter GAAP operating profit declined 1% and first-quarter core operating profit grew 6%. First-quarter GAAP EPS was $1.10 and first-quarter EPS excluding Special Items was $1.15. First-quarter EPS includes negative after-tax impacts of $0.08 from investment losses and $0.03 from foreign currency translation.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “Despite a difficult operating environment, we delivered 6% Core Operating Profit growth demonstrating the resilience of our business model. As expected, same-store sales were pressured this quarter, but we are encouraged by strong 2-year same-store sales growth and positive momentum exiting the quarter. First-quarter unit growth was robust with over 800 new unit openings, leading to 6% unit growth and positioning us to surpass 60,000 restaurants this year. Our digital sales mix reached a new record, exceeding 50% for the first time in our history. Our world-class franchisees, globally iconic brands, and distinctive digital capabilities give me high confidence in our future growth."
FIRST-QUARTER HIGHLIGHTS
Worldwide system sales grew 2%, excluding foreign currency translation, with KFC at 4%, Taco Bell at 4% and Pizza Hut (4)%.
Unit count increased 6% driven by 808 gross new units.
Digital sales approached $8 billion, with record digital mix over 50%.
GAAP operating profit declined 1% and core operating profit grew 6%.
Foreign currency translation unfavorably impacted divisional operating profit by $11 million.
View full version at Yum! Brands
FAT Brands Inc. Reports First Quarter 2024 Financial Results
May 01, 2024 16:05 ET
Conference call and webcast today at 5:00 p.m. ET
LOS ANGELES, May 01, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal first quarter ended March 31, 2024.
“Over the last three years, we have expanded our footprint 10-fold by strategically building a diverse portfolio that now includes 18 iconic concepts spanning over 2,300 locations worldwide, across more than 40 countries and 49 U.S. states,” said Andy Wiederhorn, Chairman of FAT Brands. “Our franchise interest remains high across all brands, as evidenced by the participation and units sold at our biannual FAT Brands Summit held in April. During the first quarter, we finalized a strategic development deal for 40 co-branded Round Table Pizza and Fatburger locations and continue to see heightened interest from our franchise partners, who are eager to explore additional co-branding opportunities that leverage synergies within our brand offerings.”
Ken Kuick, Co-Chief Executive Officer of FAT Brands, commented, “During the first quarter, we signed over 150 development deals, increasing our pipeline to over 1,200 locations.” Kuick continued, “Continuing in 2024 is our focus on the expansion of Twin Peaks. We opened three new lodges during the first quarter, and plan to open 15 to 20 new Twin Peaks lodges in 2024, ending the year with approximately 125 lodges. Additionally, our first conversion of a Smokey Bones location is officially underway. We see this as the first of many sites we will use to fuel Twin Peaks’ fast-paced growth.”
Rob Rosen, Co-Chief Executive Officer of FAT Brands, concluded, “Opportunities in 2024 are abundant. Our long-term strategy is to create value through the organic expansion of our existing brands, acquire additional brands that strategically complement our portfolio, realize value from strategic divestments when appropriate to manage outstanding debt, and ultimately increase long-term value for our stakeholders.”
Fiscal First Quarter 2024 Highlights
Total revenue improved 43.8% to $152.0 million compared to $105.7 million in the fiscal first quarter of 2023
System-wide sales growth of 4.8% in the fiscal first quarter of 2024 compared to the prior year fiscal quarter
Year-to-date system-wide same-store sales declined of 4.0% in the fiscal first quarter of 2024 compared to the prior year
16 new store openings during the fiscal first quarter of 2024
Net loss of $38.3 million, or $2.37 per diluted share, compared to $32.1 million, or $2.05 per diluted share, in the fiscal first quarter of 2023
EBITDA(1) of $9.4 million compared to $7.7 million in the fiscal first quarter of 2023
Adjusted EBITDA(1) of $18.2 million compared to $19.2 million in the fiscal first quarter of 2023
Adjusted net loss(1) of $32.9 million, or $2.05 per diluted share, compared to adjusted net loss of $23.5 million, or $1.53 per diluted share, in the fiscal first quarter of 2023
(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
Subway® Sale to Roark is Complete
Apr 30, 2024, 12:00 ET
Transaction signals next phase of Subway's journey, capitalizing on three years of growth
MIAMI, April 30, 2024 /PRNewswire/ -- Subway®, one of the world's largest restaurant brands, today completed its previously announced sale to affiliates of Roark.
The acquisition comes on the heels of Subway's three exceptional years of sales growth and positive global net restaurant growth for the first time since 2016. The brand has continued to innovate in 2024, with the introduction of Subway Sidekicks, a hot new menu category, and a fresh lineup of signature wraps, served on a new lavash-style flatbread.
Subway® Sale to Roark is Complete
"The entire Subway system is excited that our sale to Roark is complete," said John Chidsey, CEO of Subway. "As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet."
Looking ahead, the company will continue its work to Build a Better Subway for its franchisees, employees and guests with a focus on ongoing culinary and digital innovation, modernization of restaurants, and strategic international expansion. There are no anticipated changes to the company's leadership team, strategic focus or operating plans.
About Subway® RestaurantsAs one of the world's largest quick service restaurant brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls to millions of guests, across more than 100 countries and territories in nearly 37,000 restaurants every day. Subway restaurants are owned and operated by Subway franchisees—a network that includes thousands of dedicated entrepreneurs and small business owners—who are committed to delivering the best guest experience possible in their local communities.
For more Subway News visit: Newsroom (subway.com)
Subway® is a Registered Trademark of Subway IP LLC. © 2024 Subway IP LLC
About RoarkRoark is an Atlanta-based private equity firm with $38 billion in equity under management. Roark focuses on consumer and business service companies, with a specialization in franchise and multi-location businesses in the retail, restaurant, consumer and business services sectors. For more information, please visit www.roarkcapital.com.
View source version at Subway
Denny’s Corporation Reports Results for First Quarter 2024
April 30, 2024 16:05 ET
SPARTANBURG, S.C., April 30, 2024 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its first quarter ended March 27, 2024 and provided a business update on the Company’s operations.
Kelli Valade, Chief Executive Officer, stated, "I am very pleased that our first quarter domestic same-restaurant sales and traffic outperformed both the family and casual dining segments, while overcoming the industry's tough operating environment. We were also excited for Keke's to expand outside of Florida and begin testing our new design in the latest Florida openings. I am encouraged by the sales driving initiatives planned for the back half of the year including expanding our third virtual brand, Banda Burrito, launching our test with Franklin Junction, reigniting our Denny's remodel program and having the full force of our local co-op advertising fund for the first time since the pandemic began. These initiatives are sure to generate incremental sales and margins at our flagship brand.”
First Quarter 2024 Highlights(1)
Total operating revenue was $110.0 million compared to $117.5 million in the prior year quarter.
Denny's domestic system-wide same-restaurant sales** were (1.3%) compared to the equivalent fiscal period in 2023, including (1.2%) at domestic franchised restaurants and (3.0%) at company restaurants.
Opened eight restaurants, including three international Denny's locations and three Keke's company locations.
Operating income was $10.0 million compared to $16.1 million in the prior year quarter.
Adjusted franchise operating margin* was $30.1 million, or 52.2% of franchise and license revenue, and Adjusted company restaurant operating margin* was $6.0 million, or 11.5% of company restaurant sales.
Net income was $4.7 million, or $0.09 per diluted share.
Adjusted net income* and adjusted net income per share* were $5.7 million and $0.11, respectively.
Adjusted EBITDA* was $18.4 million.
(1) Beginning fiscal 2024, the Company has evolved its definition of non-GAAP measures. Please see the definitions, explanations, and reconciliations further in this release.
View full version at Denny's
McDONALD'S REPORTS FIRST QUARTER 2024 RESULTS
Apr 30, 2024, 07:00 ET
Global comparable sales have grown nearly 2% for the quarter, marking 13 consecutive quarters of positive comparable sales growth
Consolidated revenues for the quarter were more than $6 billion, an increase over prior year of over 4% in constant currencies
Systemwide sales* to loyalty members across 50 loyalty markets were nearly $25 billion for the trailing twelve-month period and over $6 billion for the quarter
CHICAGO, April 30, 2024 /PRNewswire/ -- McDonald's Corporation today announced results for the first quarter ended March 31, 2024.
"Our global comparable sales growth in the first quarter marks 13 consecutive quarters of positive comparable sales growth with 30% growth over the last 4 years," said CEO Chris Kempczinski. "As consumers are more discriminating with every dollar that they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants. As we look to the rest of 2024 and beyond, we remain focused on leveraging the competitive advantages within our Accelerating the Arches plan and growing QSR market share to drive long-term growth."
First quarter financial performance:
Global comparable sales increased 1.9%, reflecting positive comparable sales in the U.S. and International Operated Markets segment. Comparable sales in the International Developmental Licensed Markets segment were slightly negative as the segment continued to be impacted by the war in the Middle East:
U.S. increased 2.5%
International Operated Markets segment increased 2.7%
International Developmental Licensed Markets segment decreased 0.2%
Consolidated revenues increased 5% (4% in constant currencies).
Systemwide sales increased 3% (3% in constant currencies).
Consolidated operating income increased 8% (8% in constant currencies). Results reflected pre-tax charges of $35 million and $180 million for the current year and prior year, respectively, primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current and prior year charges, consolidated operating income increased 2% (2% in constant currencies).**
Diluted earnings per share was $2.66, an increase of 9% (9% in constant currencies). Excluding the current year charges described above of $0.04 per share, diluted earnings per share was $2.70, an increase of 2% (2% in constant currencies) when also excluding prior year charges.**
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BRINKER INTERNATIONAL REPORTS THIRD QUARTER OF FISCAL 2024 RESULTS; AND UPDATES FISCAL 2024 GUIDANCE
Apr 30, 2024, 06:45 ET
DALLAS, April 30, 2024 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today reported financial results for the third quarter ended March 27, 2024.
Third Quarter Fiscal 2024 Financial Highlights
Company sales were $1,108.9 million in the third quarter of fiscal 2024 compared to $1,072.9 million in the third quarter of fiscal 2023. Comparable restaurant sales increased 3.3%, with an increase in comparable restaurant sales of 3.5% for Chili's and 1.7% for Maggiano's. The comparable restaurant sales increase at Chili's was primarily due to increased menu pricing and favorable dine-in traffic. The overall traffic decline of 1.8% includes a negative impact of approximately 2.5% from our strategic decision to de-emphasize virtual brands. Higher Company sales resulted in operating income margin increasing to 6.2% and restaurant operating margin (non-GAAP) increasing to 14.2% for the third quarter.
Net income and diluted net income per share were $48.7 million and $1.08, respectively, in the third quarter of fiscal 2024. Diluted net income per share, excluding special items (non-GAAP), was $1.24 in the third quarter of fiscal 2024, compared to $1.23 in the third quarter of fiscal 2023.
"Our strong third quarter results were driven by the continued progress on guest experience, team member experience, and traffic driving initiatives," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "Those initiatives are allowing us to significantly outperform the industry on sales and traffic as well as continue to improve our restaurant four wall economics."
Third Quarter Financial Results
Third Quarter | |||||
2024 | 2023 | Variance | |||
Company sales | $ 1,108.9 | $ 1,072.9 | $ 36.0 | ||
Total revenues | $ 1,120.3 | $ 1,083.2 | $ 37.1 | ||
Operating income | $ 69.9 | $ 64.2 | $ 5.7 | ||
Operating income as a % of Total revenues | 6.2 % | 5.9 % | 0.3 % | ||
Restaurant operating margin, non-GAAP(1) | $ 157.1 | $ 143.3 | $ 13.8 | ||
Restaurant operating margin as a % of Company sales, non-GAAP(1) | 14.2 % | 13.4 % | 0.8 % | ||
Net income | $ 48.7 | $ 50.7 | $ (2.0) | ||
Adjusted EBITDA, non-GAAP(1) | $ 122.4 | $ 113.0 | $ 9.4 | ||
Net income per diluted share | $ 1.08 | $ 1.12 | $ (0.04) | ||
Net income per diluted share, excluding special items, non-GAAP(1) | $ 1.24 | $ 1.23 | $ 0.01 |
Comparable Restaurant Sales(2)
Q3:24 vs 23 | |
Brinker | 3.3 % |
Chili's | 3.5 % |
Maggiano's | 1.7 % |
(1) | See Non-GAAP Information and Reconciliations section below for more details. |
(2) | Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
Updates to Full Year Fiscal 2024 Guidance
We are providing the following updates to our full year fiscal 2024 guidance:
Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $3.80 - $4.00;
Total revenues are expected to be in the range of $4.33 billion - $4.35 billion; and
Capital expenditures are expected to be in the range of $185 million - $195 million.
We are reiterating the following full year fiscal 2024 guidance:
Weighted average shares are expected to be in the range of 45 million - 46 million.
The potential for changes in macroeconomic conditions, among other risks, could cause actual results to differ materially from those projected. We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.
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Restaurant Brands International Inc. Reports First Quarter 2024 Results
Apr 30, 2024, 06:30 ET
Consolidated system-wide sales grow 8.1% year-over-yearGlobal comparable sales of 4.6% driven by 7.5% at TH Canada, 4.2% at BK International, 3.9% at BK US and 6.2% at PLK USSolid growth in system-wide sales translates into bottom-line growth for franchisees and the Company $300 million expanded remodel program at BK US puts business on path to reach 85% to 90% modern image by 2028
TORONTO, April 30, 2024 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2024. Josh Kobza, Chief Executive Officer of RBI commented, "I am proud of the hard work our teams and franchisees are doing to deliver high-quality products, great service and a compelling value proposition for guests every day. Our results are a reflection of their efforts and the strong foundation we have built that sets us up to drive continued improvements in franchisee profitability and deliver our long-term outlook."
First Quarter 2024 Highlights:
Consolidated comparable sales increased 4.6% and net restaurants grew 3.9% versus the prior year
System-wide sales increased 8.1% year-over-year
Income from Operations of $544 million versus $447 million in the prior year
Net Income of $328 million versus $277 million in prior year
Diluted EPS was $0.72 versus $0.61 in prior year
Adjusted Operating Income of $540 million increased 7.7% organically versus the prior year
Adjusted Diluted EPS of $0.73 decreased (0.9)% organically versus the prior year
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Domino's Pizza® Announces First Quarter 2024 Financial Results
Apr 29, 2024, 06:05 ET
Global retail sales growth (excluding foreign currency impact) of 7.3%
U.S. same store sales growth of 5.6%
International same store sales growth (excluding foreign currency impact) of 0.9%
Global net store growth of 164
Income from operations increased 18.6%; excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $1.4 million, income from operations increased 19.4%
ANN ARBOR, Mich., April 29, 2024 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the first quarter of 2024.
"Our first quarter results demonstrated that our Hungry for MORE strategy is off to a strong start: delivering MORE sales, MORE stores, and MORE profits," said Russell Weiner, Domino's Chief Executive Officer. "The Renowned Value we created through our new and improved Domino's Rewards loyalty program drove outsized comp performance, which flowed through to the bottom line with double-digit profit growth. Importantly, our growth in the U.S. came through positive order counts in both our carryout and delivery businesses for the second quarter in a row. Further, this order growth was across all income cohorts. In Q1 we also went live with marketing on Uber Eats, and we remain on track to exit the year at 3% or MORE of sales coming through this new channel. We are laser focused on driving franchisee profitability and store growth, which will fuel the Company's ability to win and create meaningful long-term value for our shareholders."
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CHIPOTLE ANNOUNCES FIRST QUARTER 2024 RESULTS
Apr 24, 2024, 16:10 ET
COMPARABLE SALES INCREASE 7% DRIVEN BY OVER 5% TRANSACTION GROWTH AS MARGINS EXPAND
NEWPORT BEACH, Calif., April 24, 2024 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its first quarter ended March 31, 2024.
First quarter highlights, year over year:
Total revenue increased 14.1% to $2.7 billion
Comparable restaurant sales increased 7.0%
Operating margin was 16.3%, an increase from 15.5%
Restaurant level operating margin was 27.5%1, an increase of 190 basis points
Diluted earnings per share was $13.01, a 23.9% increase from $10.50. Adjusted diluted earnings per share, which excluded a $0.36 after-tax impact from an increase in legal reserves, was $13.371, a 27.3% increase from $10.501.
Opened 47 new restaurants with 43 locations including a Chipotlane
"We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.
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Tijuana Flats Announces Ownership Change
New ownership group acquires iconic Tex-Mex brand with plans to reorganize and refresh customer experience
April 19, 2024 02:28 PM Eastern Daylight Time
MAITLAND, Fla.--(BUSINESS WIRE)--Central Florida-based Tijuana Flats (TF) announced today that a new ownership group has acquired the brand with a plan of revitalizing its restaurants and reinvigorating the customer experience. The change marks a new chapter for the organization which was founded nearly 30 years ago. The new ownership group, Flatheads, LLC, listed the immense brand recognition, strong following and customer loyalty, plus future potential of the brand as some of the key reasons it was excited about its new investment in the restaurant chain. Prior to the change of ownership this month, Tijuana Flats had been owned by TJF USA, LLC.
Joe Christina, Chief Executive Officer of Tijuana Flats, said, “Our company is excited by the new ownership group’s plan to reinvest, focus, and emphasize the things that originally brought so many people to love Tijuana Flats. We understand the immediate financial actions taken by them to ensure the long-term health of this great and iconic brand.”
In conjunction with the announcement of new ownership, Tijuana Flats said today that it has filed for Chapter 11 bankruptcy protection and has closed 11 restaurants this week. Its executives said the sale and subsequent filing are the culmination of a strategic review that started in November of 2023 when the company began exploring various options which had included a potential sale. Furthermore, the decision to close restaurants, though difficult, was a result of a unit-by-unit analysis of financial performance, occupancy costs, and market conditions. Tijuana Flats will continue to provide full support to its franchisees and its remaining locations will continue to operate as usual. Flatheads, LLC said they recognized the critical juncture at which Tijuana Flats stood, therefore felt immediate action was needed to preserve the organization. They stated it was not only their desire to see this great brand and its legacy continue, but also to go back to basics and original roots by building on customer service, quality food, and fair prices so that the organization can thrive and reach new heights.
Joe Christina, who joined the brand in November of 2022, will remain as CEO of the company. He is a 40-year restaurant pro who brings extensive and proven industry experience to the table, having grown notable global brands. “Since joining the brand, I have been committed to leading with a vision to serve every guest the most flavorful Tex-Mex food and provide the best guest experience in the country,” said Christina.
The new ownership group said it was encouraged by the changes Christina has already put in place since his arrival and is looking forward to working with him and his leadership team to strengthen the brand. As one example, Tijuana Flats rolled out a new menu effective April 1st together with new packaging for take-out and delivery designed to enhance the product and improve delivery times to its customers. Flatheads has said its aim is to renew the restaurant's focus on quality controls, speed of service, consistency of food, serving size, and improving the in-store experience. As part of that goal, it plans to make renovations to many of its locations to give them a refresh and make dining at its restaurants a great choice for its customers.
Christina added, “Our new partners share a desire to continue the corporate culture and vision of Tijuana Flats, protecting and supporting our team members and franchisees so they can best serve their customers. With this new ownership structure, and a robust strategic plan, we are well-positioned for an emergence in the fast casual space. I look forward to evolving and expanding our brand and supporting the communities we serve.”
About Tijuana Flats
Tijuana Flats is a fast-casual Tex-Mex restaurant founded in 1995 in Winter Park, Florida. It currently has 65 company-owned locations throughout Florida, along with 26 franchised restaurants located in Florida, Alabama, North Carolina, and Tennessee. For more information, visit https://www.tijuanaflats.com/ .
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