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Good Times Restaurants Reports Fourth Fiscal Quarter Same Store Sales
GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that same store sales1 decreased 0.1% for its Good Times brand and increased 3.2% for its Bad Daddy’s brand for its fourth fiscal quarter ended September 24, 2024, compared to the prior-year fiscal quarter. For the 2024 fiscal year, same store sales increased 2.9% and decreased 1.2% for its Good Times and Bad Daddy’s brands, respectively, compared to the prior fiscal year.
Ryan Zink, President and CEO, said, “Our Good Times brand has been negatively impacted by the return of deep discounting in the quick-service environment. We remain committed to our quality position and cannot match the low-price points of the mass market competition. Bambinos, our signature sliders, represent a great value option on our menu. We intend to more prominently feature both the single and three-pack options. We are also excited about the introduction of a Bambino Supremo three-pack in November for a limited time, which includes pickles, bacon, and white American cheese.
“I am pleased with the way in which Bad Daddy’s finished the fiscal year, growing same store sales during what has been an incrementally challenging period in casual dining. We believe that our focus on back-to-basics restaurant operations along with relevant food and beverage limited time offers has significantly improved trends.”
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Domino's Pizza® Announces Third Quarter 2024 Financial Results
Global retail sales growth (excluding foreign currency impact) of 5.1%
U.S. same store sales growth of 3.0%
International same store sales growth (excluding foreign currency impact) of 0.8%
Global net store growth of 72
Income from operations increased 5.0%; excluding the $1.4 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 5.7%
ANN ARBOR, Mich., Oct. 10, 2024 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the third quarter of 2024.
"Our third quarter results once again demonstrated that our Hungry for MORE strategy is resonating, despite a pressured global marketplace," said Russell Weiner, Domino's Chief Executive Officer. "In our international business, we are on track for our 31st consecutive year of same store sales growth, demonstrating our sustained long-term track record of success. In the U.S., we drove our 4th straight quarter of profitable order count growth, highlighting that our strategies are driving positive outcomes. The Hungry for MORE pillar of Renowned Value will be the primary focus for our business in near-term as we look to continue to create our own tailwinds around the world. Renowned Value is a competitive advantage for Domino's and one where we are industry leaders. With the slate of initiatives we have in place, I am confident that we will continue to win and grow our market share across the globe for years to come."
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Meritage Reports Third Quarter 2024 Results Sales & Operating Margin Growth Ahead
GRAND RAPIDS, Mich., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and nine months ended September 29, 2024.
2024 Third Quarter Highlights:
Sales were $164.8 million compared to $170.3 million for the same period last year.
Earnings from Operations were $0.4 million compared to $3.2 million for the same period last year. Of note, third quarter 2024 results included a one-time, non-cash expense of $1.8 million related to closure and dispositions.
Net Loss was $1.8 million compared to $0.0 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) was $6.3 million compared to $8.1 million for the same period last year.
“Company restaurant sales exceeded half a billion dollars for the first nine months, and earnings were equal to last year when adjusted for the one-time, non-cash expense of $1.8 million for closure and dispositions. We anticipate operating margins to improve as the rate of inflation in our prime costs (food, paper, and labor) continues to subside, and our restaurants introduce new products and promotions.” stated Meritage CEO, Robert E. Schermer, Jr.
The Wendy’s brand continues to demonstrate resiliency in a high inflationary period for consumers by offering speed, convenience, and affordability. Sales in our newly developed Wendy’s locations remain robust. Additionally, development costs have improved from their peak high in 2023, and interest rates have started to come down.
2024 Year-To-Date Highlights:
Sales for the nine months were $500.1 million compared to $504.6 million for the same period last year.
Earnings from Operations were $11.0 million compared to $13.0 million for the same period last year.
Net Earnings were $2.8 million compared to $4.4 million for the same period last.
Consolidated EBITDA (a non-GAAP measure) was $28.7 million compared to $29.1 million for the same period last year.
The Company finished the third quarter with 381 restaurants in operation.
Year-to-date results included a one-time, non-cash expense of $1.8 million related to closure and dispositions.
Outlook: Accelerating Sales & Margin Expansion Ahead
Looking ahead, Meritage is forecasting accelerated sales and operating margin expansion driven by newly developed Wendy’s and Morning Belle restaurants, reimaged restaurants, and future acquisitions.
The Company is committed to delivering on its capital allocation strategy of reinvesting in the business to drive profitable growth, and the proportionate return of free cash flow to shareholders through a combination of dividend growth and share repurchases as free cash flow and liquidity events permit.
Meritage continues to distinguish itself as an operations leader and platform innovator, striving for best-in-class results through a performance-based culture committed to operational excellence, strategic acquisitions, and real estate development.
About Meritage:
Meritage Hospitality Group is the nation’s premier restaurant operating platform, currently with 381 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 12,000 employees. As of the third quarter in 2024, the Company had total weighted average fully diluted common shares outstanding of approximately 6,797,000 shares.
The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
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Performance Food Group Company Completes the Acquisition of Cheney Bros, Inc.
RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (PFG) (NYSE:PFGC) today announced that it has completed the acquisition of Cheney Bros., Inc. (“Cheney Brothers”), a leading independent broadline foodservice distributor based in Riviera Beach, Florida. The acquisition creates a stronger presence in the Southeast region and provides additional distribution capacity. Cheney Brothers generates approximately $3.2 billion in annual revenue. The company has approximately 3,600 employees and operates five distribution centers in Florida and North Carolina. PFG continues to expect to generate approximately $50 million of annual run-rate cost synergies in the third full fiscal year following the closing of the transaction.
“We are excited to close the acquisition and welcome Cheney’s many talented associates to the PFG family of companies,” said George Holm, PFG Chairman & CEO. “Cheney has built a strong business and this transaction expands PFG’s platform and geographic reach to help our diverse customer base thrive. I would like to personally thank Byron Russell, Cheney Brothers’ CEO, for his excellent stewardship for over 40 years. Under his leadership, Cheney Brothers has grown into one of the most successful privately held foodservice distributors in the United States. I look forward to creating shared success in the future."
Compelling Strategic and Financial Benefits
Expands Geographic Reach: The addition of Cheney Brothers’ distribution footprint in key geographies enhances PFG’s existing distribution platform and overall density. By closing the transaction, PFG adds five state-of-the-art broadline distribution facilities with excess capacity for further growth across four Southeastern states.
Complementary Customer-Centric Operating Models: Consistent go-to-market approaches and selling cultures are focused on customer success. Cheney Brothers provides food and foodservice to a diverse range of customers including independent restaurants, restaurant chains, hotels, country clubs, institutional groups and other foodservice operators.
Compelling Private Brand Opportunity: Cheney Brothers has a high mix of sales to independent restaurants but a low mix of private brand penetration to independent restaurants. PFG has a meaningful opportunity to expand the sale of private brands to Cheney Brothers’ independent restaurant customers by leveraging PFG’s broad portfolio of private brands.
Sizable Synergy Opportunities: PFG expects to achieve approximately $50 million of annual run-rate synergies by the third full fiscal year following closing. Identified cost synergies are primarily in the areas of procurement, operations and logistics and are expected to be achieved within the first three full fiscal years.
Compelling Financial Impact: The transaction is expected to be accretive to PFG’s Foodservice segment, total company top-line revenue growth rate and adjusted EBITDA margins. Furthermore, the transaction is anticipated to be accretive to Adjusted Diluted EPS by the end of the first full fiscal year, including year one synergies.
Attractive Valuation: The purchase price reflects a multiple of 13.0x to Cheney Brothers’ unaudited Trailing 12-month Adjusted EBITDA. Including the expected $50 million of run rate synergies, the purchase price reflects a 9.9x multiple.
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Darden Restaurants Reports Fiscal 2025 First Quarter Results; Declares Quarterly Dividend; And Reiterates Fiscal 2025 Financial Outlook
ORLANDO, Fla., Sept. 19, 2024 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE: DRI) today reported its financial results for the first quarter ended August 25, 2024.
First Quarter 2025 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year
Total sales increased 1.0% to $2.8 billion, driven by sales from 42 net new restaurants, partially offset by a blended same-restaurant sales* decrease of (1.1)%
Reported diluted net earnings per share from continuing operations were $1.74
Excluding $0.01 of Chuy's transaction and integration related costs, adjusted diluted net earnings per share from continuing operations were $1.75, a decrease of (1.7)%**
The Company repurchased $172 million of its outstanding common stock
* Will not include Ruth's Chris Steak House until they have been owned and operated by Darden for a 16-month period (Q2 Fiscal 2025) |
** See the "Non-GAAP Information" below for more details |
"We operate in a very dynamic, competitive industry and we have proven we can successfully navigate challenging environments due to our strategy," said Darden President & CEO Rick Cardenas. "While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business. I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."
Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses. From the date of acquisition forward, sales and profits from Ruth's Chris company-owned restaurants are included within the Fine Dining segment. Royalties from Ruth's Chris franchise and managed locations reside in the Other Business segment.
Q1 Sales | Q1 Segment Profit | |||||||
($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
Consolidated Darden | $2,757.0 | $2,730.6 | ||||||
Olive Garden | $1,209.1 | $1,227.9 | $249.0 | $262.3 | ||||
LongHorn Steakhouse | $713.5 | $669.8 | $127.6 | $117.4 | ||||
Fine Dining | $278.9 | $273.5 | $37.6 | $39.7 | ||||
Other Business | $555.5 | $559.4 | $83.7 | $84.3 |
Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.40 per share on the Company's outstanding common stock. The dividend is payable on November 1, 2024 to shareholders of record at the close of business on October 10, 2024.
Share Repurchase Program
During the quarter, the Company repurchased approximately 1.2 million shares of its common stock for a total of $172 million. As of the end of the fiscal first quarter, the Company had $743 million remaining under the current $1 billion repurchase authorization.
Fiscal 2025 Financial Outlook
The Company reiterated all aspects of its full year financial outlook for fiscal 2025, culminating in diluted net earnings per share from continuing operations of $9.40 to $9.60, which does not include any impact from Chuy's operations, transaction, financing and integration related costs associated with the pending acquisition.
"The significant step down in traffic during July, led to our first quarter earnings being lower than expected," said Darden CFO Raj Vennam. "Following the softness in July, our sales trend has continued to improve. Considering this recovery as well as the planned initiatives to support the remainder of the fiscal year, we are reiterating our guidance for fiscal 2025."
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CRACKER BARREL REPORTS FOURTH QUARTER FISCAL 2024 RESULTS
LEBANON, Tenn., Sept. 19, 2024 /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 2024 ended August 2, 2024. In 2024, the fourth quarter and fiscal year included an additional operating week ("53rd week") compared to fiscal 2023.
Fourth Quarter Fiscal 2024 Highlights
The Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.
Comparable store restaurant sales increased 0.4% over the prior year quarter while comparable store retail sales decreased 4.2%.
GAAP earnings per diluted share were $0.81, and adjusted1 earnings per diluted share were $0.98. GAAP earnings per diluted share and adjusted earnings per diluted share in the current year quarter include a benefit of $0.25 related to the 53rd week.
GAAP net income for the fourth quarter was $18.1 million, or 2.0% of total revenue, and adjusted EBITDA1 was $57.4 million, or 6.4% of total revenue. GAAP net income and adjusted EBITDA1 include a benefit of $5.5 million and $5.8 million related to the 53rd week, respectively.
Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Our teams are highly engaged and intently focused on executing our strategic transformation and our day-to-day business at a high level. We are already making great progress and are encouraged by the initial results of key initiatives such as operational excellence and the guest experience, optimized pricing, and our remodel program. Although there is much work to be done, I am both excited and confident in our future."
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