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Meritage Reports Third Quarter 2022 Results; Solid Sales and New Store Momentum
October 14, 2022 11:33 ET
GRAND RAPIDS, Mich., Oct. 14, 2022 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and the nine months ended October 2, 2022.
2022 Third Quarter Highlights:
Sales increased +8.9% to $160.6 million compared to $147.5 million for the same period last year.
Earnings from Operations increased +63.2% to $3.0 million compared to $1.8 million for the same period last year.
Net Earnings were to $1.8 million compared to $2.4 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) increased +2.9% to $8.8 million compared to $8.6 million for the same period last year.
“Restaurant sales remained solid in the third quarter, despite several one-time disruptions that affected select restaurants in September, including a system voluntary food recall and hurricane. Earnings from operations increased +63.2% over last year, still impacted by elevated supply chain costs. We are anticipating commodity cost relief and believe operating margins will start to normalize as pricing catches up with inflated costs over the next year. Consumer demand in our Wendy’s restaurants continues to demonstrate strength and resiliency in the current economic environment,” stated Meritage CEO, Robert E. Schermer, Jr.
The Company acquired six Wendy’s restaurants in Florida during the period and is developing new restaurants across its 16 states of operations. Newly built Wendy’s restaurants continue to generate strong sales and improved consumer demand.
The Company commenced construction on three Taco John’s restaurants in Michigan under an exclusive 50-store development agreement covering up to four states.
View full version at Meritage Hospitality Group
Domino's Pizza® Announces Third Quarter 2022 Financial Results
Oct 13, 2022, 07:30 ET
Global retail sales growth (excluding foreign currency impact) of 4.7%
U.S. same store sales growth of 2.0%
International same store sales decline (excluding foreign currency impact) of 1.8%
Global net store growth of 225
Diluted EPS down 13.9% to $2.79ANN ARBOR, Mich., Oct. 13, 2022 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the third quarter of 2022. Global retail sales, excluding the negative impact of foreign currency, grew 4.7% in the third quarter of 2022. Without adjusting for the impact of foreign currency, global retail sales declined 1.6% in the third quarter of 2022.
U.S. same store sales increased 2.0% and international same store sales (excluding foreign currency impact) declined 1.8% during the third quarter of 2022. The decline in international same store sales (excluding foreign currency impact) was driven in part by a value added tax holiday in the United Kingdom in the third quarter of 2021 that did not recur in the third quarter of 2022. The Company had third quarter global net store growth of 225 stores, comprised of 24 net U.S. store openings and 201 net international store openings.
Diluted EPS for the third quarter of 2022 was $2.79, a decrease of 13.9% from diluted EPS of $3.24 in the third quarter of 2021.
Subsequent to the end of the third quarter of 2022, on October 11, 2022, the Company's Board of Directors declared a $1.10 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2022 to be paid on December 30, 2022.
Additionally, subsequent to the end of the third quarter of 2022, on September 16, 2022 (the "Closing Date"), certain of the Company's subsidiaries issued a new variable funding note facility which allows for advances of up to $120.0 million of Series 2022-1 Variable Funding Senior Secured Notes, Class A-1 Notes (the "2022 Variable Funding Notes"). The 2022 Variable Funding Notes were undrawn on the Closing Date. The Company's existing $200.0 million Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes (the "2021 Variable Funding Notes") also remain in place.
Further, subsequent to the end of the third quarter of 2022, the Company sold 114 U.S. Company-owned stores in Arizona and Utah to certain of its franchisees for $41.1 million, and the Company expects to record a gain on this transaction in the fourth quarter of 2022. The accounting for this transaction is still in process as of the date of this press release.
"I'm encouraged with our performance and the sequential improvements we made during the third quarter. Our team members and franchisees around the world continued to show the agility and perseverance required to operate in a volatile macro-economic environment," said Russell Weiner, Domino's Chief Executive Officer. "As we begin the fourth quarter, I believe Domino's is poised to emerge from these volatile times stronger than ever. We delivered around one out of every three pizzas in the United States before the pandemic, and we deliver around one out of every three pizzas today. Combined with our strong carryout business where we have continued to accelerate our momentum, I have never been more confident in the future of Domino's Pizza."
View full version at Domino's
Subway® Record-Setting Sales Results Continue Following 'Subway Series' Launch
Oct 12, 2022, 08:30 ET
All-new menu and way to order leads to multiple weeks of highest weekly AUVs in 10 yearsMILFORD, Conn., Oct. 12, 2022 /PRNewswire/ -- Subway®, one of the world's largest restaurant brands, announced continued strong sales following the launch of Subway Series, an all-new menu with signature sandwiches and a simplified ordering process that builds on last summer's Eat Fresh® Refresh and marks the continuation of the brand's transformation journey. Over the past 18 months, Subway has seen positive growth in U.S. restaurant same-store sales, with record-setting sales initially driven in 2021 by the launch of Eat Fresh Refresh and now accelerated further by Subway Series. A key driver of Subway's positive sales momentum is attributed to Subway Series product mix and new product introductions related to Subway Series, as well as new channel growth, such as digital. Highlights include:
7.4% increase in same-store sales during the Subway Series eight-week launch window, compared to the same eight-week launch window in 2021 for the Eat Fresh Refresh. The top three combined quartiles (about 15,000 restaurants) were up more than 12%, compared to 2021.
8.4% increase in same-store sales in Q3, accelerating to a nearly 11% increase in September, compared to the same period in 2021. The top three combined quartiles (about 15,000 restaurants) experienced a sales increase of 13.8% for Q3 and nearly 18% for September, compared to 2021.
Consistently exceeding highest average unit volume (AUV) per week records from 2012. "The results from the Subway Series launch and the positive reaction from guests and franchisees demonstrates that our transformation strategy is working," said Trevor Haynes, president of Subway North America. "As we continue to evolve from a default choice to a destination for our guests, our priority remains working alongside our franchisees to find new and exciting opportunities to elevate the guest experience and drive profitability and traffic."
View full version at Subway
Puttshack Raises $150 Million in Growth Capital
Oct 11, 2022, 09:00 ET
New capital to fuel U.S. expansion of the market leading, upscale tech-infused mini golf conceptCHICAGO, Oct. 11, 2022 /PRNewswire/ -- Puttshack, the world's first and only upscale tech-infused mini golf experience with global food and beverage, announced today it has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack's rapid growth strategy in the United States, bringing its cutting-edge and high-energy experience to more cities across the nation.
Puttshack first introduced its tech-driven mini golf game in 2018 with the opening of its first location in London. Currently, Puttshack has two locations in the U.S. and four in the U.K. New venues in Boston and Miami are scheduled to open in fall 2022, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh, and Scottsdale, plus a second location in Atlanta, are all anticipated to open in 2023, with other U.S. locations to be announced very soon. This latest round of funding allows the team to continue securing unique and desirable real estate opportunities as it expands into more top markets.
"As the global leader in the emerging and growing market of competitive socializing, we have found immense success since opening our first two U.S. venues in Atlanta and Chicago last year," said Logan Powell, Group CFO of Puttshack. "This new capital from BlackRock will allow us to further expand and bring our one-of-a-kind concept to more cities across the country. Our guests are our top priority; therefore, we will continue investing in innovative technologies to enhance the overall guest experience with a seamless booking platform and novel mini golf game components only available at Puttshack."
Proven in attracting the young adult target demographic, Puttshack combines its patented ground-breaking technology with a first-class, immersive social environment to elevate the game of mini golf into an experience that is unlike anything currently on the market. The brand's patented Trackaball™ technology is integrated throughout the entire game, including automated scoring, bonus points opportunities, interactive games at each hole and more. The game play is matched by an innovative, globally inspired dining menu and curated beverage program, as well as world-class hospitality and an upscale nightclub vibe.
"Puttshack is tapping into new markets with its innovative approach on the beloved game of mini golf, making it the clear leader in the social entertainment industry," said William Im, Director in BlackRock's credit team. "The demand in this space is compelling, and we are excited to support Puttshack in its rapid expansion. There is a positive outlook on the horizon with substantial growth for the company."
Ernst & Young Capital Advisors, LLC served as financial advisor to Puttshack.
For more information about Puttshack, please visit www.puttshack.com.
For all media inquiries, including interviews and additional assets, please reach out to puttshackpr@revolutionworld.com.
About Puttshack
Puttshack is a leading concept in the emerging and growing market of competitive socializing. Combining a tech-infused mini golf game with exceptional food and beverage offering, Puttshack has multi-generation appeal. Patented Trackaball™ technology allows guests to play a point scoring game surrounded by an upscale and exciting environment. Puttshack is the perfect place for a date, a night out with friends and family, celebrating birthdays or hosting a company offsite. Since opening its first location in 2018, Puttshack now has four London locations and two U.S. locations in Atlanta and Chicago, with ambitious global plans for expansion.
View source version at Puttshack
LEVY TAKES MINORITY STAKE IN BOKA RESTAURANT GROUP
Move comes as Chicago-based Boka continues expansion in Los Angeles and New York City.
By Lisa Jennings on Sep. 30, 2022
Girl & the Goat in Chicago and Los Angeles are under the Boka Restaurant Group umbrella.
Noncommercial foodservice giant Levy has taken a minority stake in the multiconcept Boka Restaurant Group, parent to the Girl & the Goat and other brands.
Both companies are based in Chicago. Levy is known for creating food-and-beverage concepts for entertainment venues and sports stadiums and is a partner of Compass Group North America.
Boka, co-founded by Kevin Boehm and Rob Katz, includes in its portfolio more than 20 concepts in partnership with seven prominent chefs. Boehm and Katz won a James Beard Foundation Award in 2019 for Outstanding Restaurateur.
View source version at Levy
MTY Food Group Inc. Successfully Completes Acquisition of BBQ Holdings, Inc.
Sep 28, 2022, 09:00 ET
MONTREAL, Sept. 28, 2022 /PRNewswire/ -- MTY Food Group Inc. ("MTY") (TSX: MTY) is pleased to announce that it has completed the acquisition of BBQ Holdings, Inc. ("BBQ Holdings") (NASDAQ: BBQ) through the consummation of a merger of its wholly-owned subsidiary, Grill Merger Sub, Inc. ("Merger Sub"), with and into BBQ Holdings without a vote of the BBQ Holdings stockholders in accordance with Section 302A.613(4) of the Minnesota Business Corporation Act (the "MBCA"). In the merger, each share of BBQ Holdings' common stock outstanding immediately prior to the effective time of the merger (other than any shares held in the treasury of BBQ Holdings, owned by MTY or any of its respective subsidiaries or held by any BBQ Holdings' shareholder who has validly exercised its dissenter's rights under the MBCA) has been converted into the right to receive US $17.25 per share, net to the seller in cash, without interest and subject to any tax withholdings. As a result of the merger, BBQ Holdings became an indirect wholly-owned subsidiary of MTY. BBQ Holdings' support center will continue to be located and operated in Minnetonka, Minnesota.
As a result of the acquisition, shares of common stock of BBQ Holdings ceased trading prior to the open of the market on September 28, 2022 and will no longer be listed on the Nasdaq Stock Market.
National Bank Financial Inc. acted as sole financial advisor to MTY, and Morrison & Foerster LLP acted as its legal advisor. Kroll, LLC acted as financial advisor to BBQ Holdings, and Dentons Sirote PC and Lathrop GPM LLP acted as BBQ Holdings' legal advisors.
About MTY
MTY franchises and operates quick-service and casual dining restaurants under over 80 different banners in Canada, the United States and internationally. Based in Montreal, MTY is a family whose heart beats to the rhythm of its brands, the very soul of its multibranded strategy. For over 40 years, it has been increasing its presence by delivering new restaurant concepts and making acquisitions and strategic alliances that have allowed it to reach new heights year after year. By combining new trends with operational know-how, the brands forming the MTY now touch the lives of millions of people every year. With over 6,900 locations in operation, the many brands of MTY have the key to responding to the different tastes and needs of consumers today and tomorrow.
View source version at MTY
CRACKER BARREL REPORTS FOURTH QUARTER FISCAL 2022 RESULTS AND PROVIDES FISCAL 2023 OUTLOOK
Sep 27, 2022, 08:00 ET
Board declares $1.30 quarterly dividend per shareLEBANON, Tenn., Sept. 27, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2022 ended July 29, 2022. Fourth Quarter Fiscal 2022 Highlights
The Company reported fourth quarter total revenue of $830.4 million. Compared to the prior year fourth quarter, total revenue increased 5.9%.
Comparable store restaurant sales increased 6.1%, while comparable store retail sales increased 3.0%.
GAAP operating income for the fourth quarter was $33.0 million, or 4.0% of total revenue, and adjusted1 operating income was $36.2 million, or 4.4% of total revenue.
GAAP net income was $33.4 million, or 4.0% of total revenue. EBITDA1 was $62.4 million, or 7.5% of total revenue.
GAAP earnings per diluted share were $1.47, and adjusted1 earnings per diluted share were $1.57.
The Company paid $29.9 million in dividends and repurchased $58.1 million in shares for a total of $88.1 million returned to shareholders in the fourth quarter, as part of a total $246.4 million returned to shareholders during the full fiscal year.
The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share. Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I'm proud of the efforts of our teams to meet the challenges we faced in fiscal 2022 as we delivered value to our guests and our shareholders. Our retail business had a historic year and we made great progress on key initiatives to improve the guest experience, maintain solid staffing levels, preserve a high value perception, innovate our menu, and broaden our appeal to more guests. We also returned more than $245 million to our shareholders in the form of dividends and share repurchases while maintaining a strong balance sheet. Despite the high levels of commodity inflation we faced throughout the year, we kept a long-term focus and invested to retain a position of value leadership through a thoughtful combination of pricing strategy and menu design, despite the short-term impact on margin. Our commitment to value and in delivering a great guest experience helped us weather a weaker than expected summer travel season, gas prices that exceeded expectations, and historic inflationary pressures on the consumer, and we were encouraged by better traffic and sales trends in the final few weeks of the quarter. I believe our focus on delivering a compelling value and experience to our guests, coupled with our cost savings programs, investments in technology, and strategies to attract a broader group of guests, position us well for fiscal 2023 and beyond, particularly when inflationary pressures eventually ease."
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RAVE Restaurant Group, Inc. Reports Fourth Quarter and Year End Financial Results
Sep 23, 2022, 09:00 ET
DALLAS, Sept. 23, 2022 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the fourth quarter and fiscal year ended June 26, 2022.
Fourth Quarter Highlights:
The Company recorded net income of $6.8 million for the fourth quarter of fiscal 2022 compared to net income of $0.9 million for the same period of the prior year.
Income before taxes was $1.1 million for the fourth quarter of fiscal 2022 compared to net income before taxes of $0.9 million for the same period of the prior year.
Adjusted EBITDA was stable at $1.2 million for the fourth quarter of both fiscal 2022 and fiscal 2021.
Total revenue increased by $0.4 million to $2.8 million for the fourth quarter of fiscal 2022 compared to the same period of the prior year.
The Company used $0.5 million to repurchase shares of its common stock in the fourth quarter of fiscal 2022.
Pizza Inn domestic comparable store retail sales increased 13.5% in the fourth quarter of fiscal 2022 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales increased 16.6% in the fourth quarter of fiscal 2022 compared to the same period of the prior year.
On a fully diluted basis, net income increased $0.33 per share to $0.38 per share for the fourth quarter of fiscal 2022 compared to net income of $0.05 per share for the same period of the prior year.
Cash and cash equivalents increased $0.5 million during the fourth quarter of fiscal 2022 to $7.7 million at June 26, 2022.
Pizza Inn domestic unit count finished at 128.
Pizza Inn international unit count finished at 31.
Pie Five domestic unit count finished at 31.
Annual Highlights:
Net income improved by $6.5 million to $8.0 million in fiscal 2022 compared to net income of $1.5 million in fiscal 2021.
Income before taxes improved by $0.9 million to $2.4 million in fiscal 2022 compared to $1.5 million in fiscal 2021.
Adjusted EBITDA of $2.8 million for fiscal 2022 was an $0.8 million increase from the prior year.
On a fully diluted basis, the Company reported net income of $0.45 per share in fiscal 2022 compared to $0.09 per share in the prior year.
RAVE total domestic comparable store retail sales increased 23.2% for the year ended June 26, 2022 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 24.7% for the year ended June 26, 2022 compared to the same period of the prior year.
Pie Five comparable store retail sales increased 17.1% for the year ended June 26, 2022 compared to the same period of the prior year.
Total consolidated revenue increased by $2.1 million during fiscal 2022 to $10.7 million at June 26, 2022.
Both fiscal 2022 and fiscal 2021 contained 52 weeks.
Cash and cash equivalents decreased $0.6 million during fiscal 2022 to $7.7 million at June 26, 2022. "After nine consecutive quarters of profitability, we are transitioning from a turnaround to a stable company primed for growth," said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. "Our fourth quarter and fiscal year show significant same store sales growth at both Pizza Inn and Pie Five, net income growth, EBITDA growth, and strong operating cash performance."
View full version at RAVE Restaurant Group
Darden Restaurants Reports Fiscal 2023 First Quarter Results; Declares Quarterly Dividend; And Reiterates Fiscal 2023 Financial Outlook
Sep 22, 2022, 07:00 ET
ORLANDO, Fla., Sept. 22, 2022 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the first quarter ended August 28, 2022. First Quarter 2023 Financial Highlights
Total sales increased 6.1% to $2.4 billion driven by a blended same-restaurant sales increase of 4.2% and sales from 34 net new restaurants
Same-restaurant sales:
Consolidated Darden
4.2 %
Olive Garden
2.3 %
LongHorn Steakhouse
4.2 %
Fine Dining
7.6 %
Other Business
7.6 %
Reported diluted net earnings per share was $1.56 as compared to last year's reported diluted net earnings per share of $1.76
The Company repurchased $199 million of its outstanding common stock "I am pleased with the performance of all our brands in what remains a challenging inflationary and uncertain macroeconomic environment," said Darden President & CEO Rick Cardenas. "We had a solid quarter and we saw more normal seasonality return to our business, which we did not experience last year. Darden's strategy, together with the breadth of our brand portfolio, our team members' passion to serve, and the strength of our balance sheet, gives me confidence in our ability to continue to win."
View source version at Darden Restaurants
Investindustrial to buy majority stake in food chain Eataly
By Elisa Anzolinand Federico MaccioniMILAN, Sept 21 (Reuters) - European private equity firm Investindustrial will buy a majority stake in Eataly to accelerate the upmarket Italian food chain's global expansion, the two companies said in a joint statement on Wednesday.
The sale comes after family-owned Eataly suffered a blow like other retailers from the COVID-19 pandemic and it also expands Investindustrial's involvement in the food sector.
The deal envisages a capital increase worth 200 million euros ($198 million) as well as a further investment by Investindustrial to purchase shares held by the current investors.
The accord gives the company an enterprise value of over 400 million euros before the planned capital increase, a source close to the matter told Reuters.
Eataly has 44 outlets in 15 different countries, which sell high quality Italian food and host some restaurants.
Last year Eataly opened a new flagship store in London and it is planning further new launches, including smaller stores in the United States where it already has eight of its flagship stores in locations including New York and Los Angeles.
Investindustrial, advised by UniCredit, will get 52% of Eataly, which is currently controlled by the Farinetti family with a 58% stake and the Baffigo-Miroglio family with a 20% stake.
The capital injection will allow the "opening of flagship stores and the development of new formats, as well as enabling the acquisition of all the minority shares in Eataly's existing U.S. business", the statement said.
View source version at Eataly
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