Financials - February 2025
Wingstop Inc. Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
Feb 19, 2025, 08:00 ET
Record 349 Net New Restaurants and 15.8% Unit Growth in 2024
Delivers 21st Consecutive Year of Same Store Sales Growth with 19.9% in 2024
DALLAS, Feb. 19, 2025 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal fourth quarter and fiscal year ended December 28, 2024.
Highlights for the fiscal fourth quarter 2024 compared to the fiscal fourth quarter 2023:
System-wide sales increased 27.6% to $1.2 billion
105 net new openings in the fiscal fourth quarter 2024
Domestic restaurant AUV increased to $2.1 million
Domestic same store sales increased 10.1%
Digital sales increased to 70.3% of system-wide sales
Total revenue increased 27.4% to $161.8 million
Net income increased 42.2% to $26.8 million, or $0.92 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 44.2% to $56.3 million
Highlights for the fiscal year 2024 compared to the fiscal year 2023:
System-wide sales increased 36.8% to $4.8 billion
349 net new openings in fiscal year 2024
System-wide restaurant count increased 15.8% to 2,563 worldwide locations
Domestic same store sales increased 19.9%
Total revenue increased 36.0% to $625.8 million
Net income increased 54.9% to $108.7 million, or $3.70 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 44.8% to $212.1 million
Adjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"2024 results demonstrated the strength and staying power of our strategies we are executing against, translating into another record year. We reached new highs with domestic AUVs of $2.1 million and opened 349 net new restaurants - a remarkable 15.8% growth rate, demonstrating the strength of our unit economics and confidence in our strategies by our Brand Partners," said Michael Skipworth, President and Chief Executive Officer. "As we enter 2025, we remain confident in the strategies we are executing and the opportunities in front of us as we work towards our goal of becoming a Top 10 Global Restaurant Brand."
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The Wendy’s Company Reports Fourth Quarter and Full-Year 2024 Results, Provides 2025 Outlook, and Updates its Capital Allocation Policy
Feb 13, 2025, 07:00 ET
Wendy's systemwide sales grew 5.4% in the fourth quarter, reaching $3.7 billion,* including same-restaurant sales growth of 4.3%. For the full year systemwide sales grew 3.1%, reaching $14.5 billion, including same-restaurant sales growth of 1.5%.
Total revenues for the fourth quarter were $574.3 million and adjusted revenues were $459.3 million, an increase of 6.4%.* Total revenues for the full year were $2.2 billion and adjusted revenues were $1.8 billion, an increase of 2.0%.
Net income for the fourth quarter was $47.5 million and adjusted EBITDA was $137.5 million, an increase of 8.6%.* Net income for the full year was $194.4 million and adjusted EBITDA was $543.6 million, an increase of 1.4%.
Reported diluted earnings per share for the fourth quarter and full year was $0.23 and $0.95, respectively. Adjusted earnings per share for the fourth quarter was $0.25, an increase of 19.0%. Adjusted earnings per share for the full year was $1.00, an increase of 3.1%.*
For the full year 2024, the Company achieved its 14th consecutive year of same-restaurant sales growth.
The Company updated its capital allocation policy and announced a new target dividend payout ratio of 50% to 60% of adjusted earnings and plans to repurchase up to $200 million of its shares in 2025.
DUBLIN, Ohio, Feb. 13, 2025 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the fourth quarter and full year ended December 29, 2024.
"I am proud of our fourth quarter performance, delivering a strong quarter while outpacing the category. This resulted in our 14th consecutive year of global same-restaurant sales growth," said Kirk Tanner, President and Chief Executive Officer.
"We are well positioned to accelerate growth, and we have a clear roadmap for Wendy's future. I am excited about the opportunities ahead of us as we strengthen our system across the globe. Our new capital allocation policy will enable us to pursue these opportunities and maximize long-term shareholder value."
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Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2024 Results
Feb 12, 2025, 06:30 ET
Global system-wide sales grow 5.6% for the fourth quarter and 5.4% for 2024
Global comparable sales up 2.5% in Q4, led by 4.7% at INTL and 2.5% at TH Canada
2024 Income from Operations grows 17.9% year-over-year and Organic Adjusted Operating Income grew 9%
~$1.0 billion of capital returned to shareholders in 2024 while investing for growth and reaching net leverage target
RBI declares target total of $2.48 in dividends per common share and partnership exchangeable unit for 2025
TORONTO, Feb. 12, 2025 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2024. Josh Kobza, Chief Executive Officer of RBI commented, "I am proud of our performance this year, reflecting the strong foundations we're building across our businesses and the dedication of our teams and franchisees who are executing the fundamentals of quality, service, and convenience with excellence. As we look ahead, we remain focused on thoughtful marketing, operational improvements, and modern image to enhance the guest experience, drive franchisee profitability, and deliver long-term growth for our brands and shareholders."
Items Affecting Comparability and Restaurant Holdings Segment Reminder
We completed the acquisitions of Carrols Restaurant Group Inc. ("Carrols") ("the Carrols Acquisition") and Popeyes China ("PLK China") ("the PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively. Our consolidated results include Carrols and PLK China revenues, expenses and segment income from their acquisition dates.
Following the Carrols and PLK China Acquisitions, RBI established a new operating and reportable segment, Restaurant Holdings (RH), which includes results from the Carrols Burger King restaurants and the PLK China restaurants. RBI reports results under six operating and reportable segments consisting of the following: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS), International (INTL) and RH.
RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments ("five franchisor segments") to report results consistent with how the business will be managed long-term given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China in the future. RH results include Company Restaurant Sales and expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation. For more information please review the "Restaurant Holdings Intersegment Dynamics" presentation dated August 8, 2024 posted on our IR website under "Events & Presentations".
During 2023 and the first quarter of 2024, BK also acquired restaurants from non-Carrols franchisees ("non-Carrols acquired BK restaurants"). BK owned and operated 160 Company restaurants as of December 31, 2024 as compared to 138 as of December 31, 2023, 88 of which were acquired in the fourth quarter of 2023. The results from these restaurants are included in BK Company restaurants sales and expenses.
Beginning with our year-end 2024 results, RBI updated its presentation of Adjusting Operating Income by defining Segment Franchise and Property Expenses ("Segment F&P Expenses") which exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization. These items were previously included in each segment's franchise and property expenses and added back as an adjustment to Adjusted Operating Income. This presentation change does not impact Adjusting Operating Income or Consolidated results.
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Denny’s Corporation Reports Results for Fourth Quarter and Full Year 2024
February 12, 2025 07:00 ET
SPARTANBURG, S.C., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its fourth quarter and full year ended December 25, 2024 and provided a business update on the Company’s operations.
Kelli Valade, Chief Executive Officer, stated, "We are proud of our progress through 2024, culminating in strong performances from both Denny's and Keke's, which outperformed their respective BBI Family Dining indices in the fourth quarter. We have made significant progress in our strategy to enhance the overall health of our flagship brand by accelerating the closure of lower-volume restaurants and completing 23 remodels, and also opened a record number of Keke’s cafes while expanding into six new states. Looking ahead to 2025, there is still work to be done within our brands, particularly as we navigate near-term consumer sentiment that has been affected by macroeconomic factors. With the actions we are taking to maintain our position as a value leader, invest in our brands, reduce costs, and drive traffic, we are well positioned to deliver shareholder value.”
Fourth Quarter 2024 Highlights(1)
Total operating revenue was $114.7 million compared to $115.4 million for the prior year quarter.
Denny's domestic system-wide same-restaurant sales** were 1.1%.
Keke's domestic system-wide same-restaurant sales** were 3.0%.
Denny's opened four franchised restaurants and closed 30 franchise restaurants as part of the planned acceleration of lower-volume restaurant closures.
Reignited Denny's Diner 2.0 remodel program and completed six remodels.
Keke's opened eight new cafes and entered four new states including California, Colorado, Nevada, and Texas.
Keke's expanded its first ever remodel test program to two additional company cafes.
Operating income was $14.5 million compared to $7.7 million for the prior year quarter.
Adjusted franchise operating margin* was $31.9 million, or 51.2% of franchise and license revenue, and adjusted company restaurant operating margin* was $5.9 million, or 11.3% of company restaurant sales.
Net income was $6.8 million, or $0.13 per diluted share.
Adjusted net income* and adjusted net income per share* were $7.6 million and $0.14, respectively.
Adjusted EBITDA* of $22.2 million increased 11.1% compared to the prior year quarter.
Full Year 2024 Highlights(1)
Total operating revenue was $452.3 million compared to $463.9 million for the prior year.
Denny's domestic system-wide same-restaurant sales** were (0.2%).
Keke's domestic system-wide same-restaurant sales** were (1.7%).
Denny's opened 14 franchised restaurants and closed 88 restaurants as part of the planned acceleration of lower-volume restaurant closures.
Reignited Denny's Diner 2.0 remodel program and completed 23 remodels, including seven at company restaurants, or over 11% of the Denny's company fleet.
Record 12 Keke's openings in a single year, while growing to six different states.
Completed three Keke's remodels at company cafes.
Operating income was $45.3 million compared to $52.8 million for the prior year.
Adjusted franchise operating margin* was $123.0 million, or 51.1% of franchise and license revenue, and adjusted company restaurant operating margin* was $25.8 million, or 12.2% of company restaurant sales.
Net income was $21.6 million, or $0.41 per diluted share.
Adjusted net income* and adjusted net income per share* were $28.6 million and $0.54, respectively.
Adjusted EBITDA* was $81.4 million.
(1) 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
DoorDash Releases Fourth Quarter and Full Year 2024 Financial Results
February 11, 2025 04:05 PM Eastern Standard Time
SAN FRANCISCO--(BUSINESS WIRE)--DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter and fiscal year ended December 31, 2024. In addition to our financial results below, our annual letter to shareholders is available on the DoorDash investor relations website at http://ir.doordash.com.
Our approach to building DoorDash is based on a mix of deep commitment to our customers, focus on improving our operational efficiency, belief in the value of scale, and ambition to do much more for local economies in the future than we do today. In 2024, we grew revenue 24% year-over-year (Y/Y), generated our first full year of positive GAAP net income, and helped generate nearly $60 billion in sales for local merchants in over 30 countries and over $18 billion in earnings for Dashers. These results were the output of several years of outstanding execution against a consistent set of principles. We are pleased with our performance throughout 2024 and excited about our potential to increase our scale, profitability, and impact on local economies in 2025 and beyond.
Fourth Quarter 2024 Key Financial Metrics
Total Orders increased 19% Y/Y to 685 million and Marketplace GOV increased 21% Y/Y to $21.3 billion.
Revenue increased 25% Y/Y to $2.9 billion and Net Revenue Margin increased to 13.5% from 13.1% in Q4 2023.
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was $141 million compared to $(154) million in Q4 2023, and Adjusted EBITDA increased to $566 million from $363 million in Q4 2023.
Operational Highlights
Our mission is to grow and empower local economies. We repeat this statement often because we believe it is important to remind ourselves and others of our ambition, the vast duration and surface area it encompasses, and the importance of our work to merchants, consumers, and Dashers in the communities we serve.
In 2024, as in all years, one of our goals was to create greater efficiency through improved order-level execution and scale, and then invest much of that back into improving and expanding our products and services in order to increase our future impact and profit potential. In 2024, we improved unit economics in our U.S. restaurant category, our U.S. new verticals categories, and in our international marketplaces. These efficiency improvements, along with our growing scale, allowed us to increase investments across our business to build new and better products, expand our selection, improve our quality, and reach more consumers in more places. In 2024, this helped us drive 20% Y/Y growth in Marketplace GOV and 24% Y/Y growth in revenue, while also generating $123 million of net income attributable to DoorDash, Inc. common stockholders and $1.9 billion of Adjusted EBITDA.
Improvements to merchant selection, the breadth of categories we offer, and quality on our Marketplaces helped drive monthly active users (MAUs1) to an all-time high of over 42 million in December 2024, up from over 37 million in December 2023. The same improvements also helped drive the number of DashPass and Wolt+ members to over 22 million exiting 2024, up from over 18 million exiting 2023. In December 2024, over 25% of our MAUs ordered from at least one of our new verticals categories, up from over 20% in December 2023.
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Ark Restaurants Announces Financial Results for the First Quarter of 2025
February 10, 2025 04:15 PM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 28, 2024.
Financial Results
Total revenues for the 13 weeks ended December 28, 2024 were $44,988,000 versus $47,487,000 for the 13 weeks ended December 30, 2023. The 13 weeks ended December 30, 2023 includes revenues of $764,000 related to El Rio Grande. No revenues for El Rio Grande are included in the 13 weeks ended December 28, 2024 (see below).
Excluding revenues related to El Rio Grande and the Tampa Food Court (see below), Company-wide same store sales decreased 2.3% for the 13 weeks ended December 28, 2024 as compared to the same period of the prior year.
Net income attributable to Ark Restaurants Corp. for the 13 weeks ended December 28, 2024, was $3,164,000 or $0.88 per basic and diluted share compared to net income of $1,370,000 or $0.38 per basic and diluted share, for the 13 weeks ended December 30, 2023. The Company's Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, for the 13 weeks ended December 28, 2024 was $1,378,000 versus $2,572,000 for the 13 weeks ended December 30, 2023 and excludes: (i) a loss on the closure of El Rio Grande in the amount of $146,000 for the 13 weeks ended December 28, 2024, (ii) a gain on the closure of the Tampa Food Court, net of non-controlling interests, in the amount of $3,365,000 for the 13 weeks ended December 28, 2024, and (iii) other items as set out in the table below. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.
As of December 28, 2024, the Company had cash and cash equivalents of $13,101,000 and total outstanding debt of $4,702,000.
Other Matters
Loss on the Closure of El Rio Grande
In October 2024, the Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently. In connection with this notification, the Company recorded a loss of $876,000 during the year ended September 28, 2024 The property closed on January 3, 2025 and during the 13-weeks ended December 28, 2024, the Company incurred additional losses of $146,000.
Gain on the Closure of the Tampa Food Court
On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL and, accordingly, vacated the premises on December 15, 2024. In connection with this, Ark Hollywood/Tampa Investment LLC, a subsidiary of the Company, (in which we own a 65% interest) received a termination payment in the amount of $5,500,000, all obligations under the lease ceased and we recorded a gain, net of expenses in the amount of $5,235,000 during the 13 weeks ended December 28, 2024. It is expected that Ark Hollywood/Tampa Investment LLC will distribute approximately 35% of the net proceeds, after expenses, to the other equity holders of Ark Hollywood/Tampa Investment LLC during the second fiscal quarter of 2025.
Bryant Park Grill & Cafe and The Porch at Bryant Park Leases
The Company's agreements with the Bryant Park Corporation (the “Landlord”), (a private non-profit entity that manages Bryant Park under agreements with the New York City Department of Parks & Recreation) for the Bryant Park Grill & Cafe and The Porch at Bryant Park expire on April 30, 2025. During July 2023 (for the Bryant Park Grill & Cafe) and September 2023 (for The Porch at Bryant Park), the Company received requests for proposals (the "RFPs") from the Landlord to which we responded on October 26, 2023. The agreements offered under the RFPs for both locations are for new 10-year agreements, with one five-year renewal option. On January 27, 2025, at a public local community board meeting, the Landlord stated that it had selected a new operator for both locations, although no agreements have been signed. Any such agreements must be approved by both the New York City Department of Parks & Recreation and the New York Public Library. Management continues to work with its outside advisors who have been assisting with our efforts to obtain the extensions by ensuring the RFP awards process was both fair and transparent. We intend to pursue all available options to protect the Company's interests.
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Yum! Brands Reports Fourth-Quarter and Full-Year Results
Fourth-Quarter Same-Store Sales Growth at Taco Bell of 5%; KFC International Unit Growth of 8%
Full-Year GAAP Operating Profit of 4% and Core Operating Profit Growth Excluding 53rd Week of 8%
Yum! Brands Reports Fourth-Quarter and Full-Year Results
February 06, 2025 07:00 AM Eastern Standard Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the fourth quarter and year ended December 31, 2024. Fourth-quarter GAAP EPS was $1.49 and EPS excluding Special Items was $1.61. Full-year GAAP EPS was $5.22 and EPS excluding Special Items was $5.48, an increase of 6%.
DAVID GIBBS & CHRIS TURNER COMMENTS
David Gibbs, CEO, said “2024 was marked with exceptional core operating profit growth given the complex consumer environment. 2024 again demonstrates the resilience of our business model and the agility of our world-class teams. Our twin growth engines remain strong with Taco Bell U.S. delivering same-store sales growth of 5% in the fourth quarter, meaningfully outpacing the industry, and KFC International delivering its second consecutive year with over 2,000 net new units. Our advantaged brand position, together with our industry-leading talent, franchisees, and technology, position us for another excellent year in 2025.”
Chris Turner, CFO, said “In 2024, we opened 4,535 new stores across more than 100 countries. Our digital progress this year was similarly enviable, with digital sales up approximately 15% and digital mix surpassing 50%, reflecting steady progress towards our ambition to reach 100% digital sales. Today, we are excited to announce Byte by Yum!, our proprietary Software as a Service digital ecosystem. Launching our integrated and comprehensive suite required standardization of our processes and consolidation of teams, which we accomplished as part of last year’s endeavors to remove duplicative efforts, establish centers of excellence, and drive greater efficiency and collaboration across the organization. I’m confident the changes we’ve made and investments we’re making position us to be stronger and more agile. For those reasons and more, we expect 2025 to be another on-algorithm year for Core Operating Profit growth."
RECENT STRATEGIC ANNOUNCEMENTS
Today, we announced Byte by Yum!, a comprehensive collection of proprietary Software as a Service (SaaS) AI-driven products that deliver integrated and seamless technologies for our restaurants. Byte by Yum! enables easy operations for team members and consumers, while consolidating essential systems into a cohesive, easy-to-manage platform. Byte by Yum! is Yum!’s owned platform of integrated industry-leading restaurant technology, powered by AI, that includes mobile app and web ordering, point of sale, kitchen and delivery optimization, menu management, inventory and labor management, and team member tools. Currently, 25,000 Yum! restaurants across the world are using at least one Byte by Yum! product.
In January, Yum! Brands announced the promotion of Scott Mezvinsky to KFC Division Chief Executive Officer, effective March 1, 2025. Scott is currently President of Taco Bell North America and International.
In December, we opened our first test locations of new and innovative concepts. We opened Saucy by KFC, a flavor-forward dining destination offering chicken tender lovers the chance to customize their meal with 11 irresistible sauces. Always made hot, fresh and crispy, Saucy’s tenders pair perfectly with sweet, spicy, savory and smoky global flavors, all complemented by an 11-beverage lineup that includes a variety of teas, freezes and refreshers. Taco Bell opened Live Más Cafe, a new beverage concept where Bellristas provide exceptional flavor and hospitality in a cozy, inviting atmosphere, all while maintaining the great value customers love. Additionally, in December, Pizza Hut unveiled a test of a new restaurant design, with self-service kiosks, a guest-facing pizza-making station, and a drive-thru with a “Hut ‘N Go™” menu for quick orders.
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Farmer Brothers Coffee reports second quarter fiscal 2025 financial results
February 06, 2025 16:15 ET
Second quarter fiscal 2025 net sales of $90 million
Second quarter fiscal 2025 gross margin increase of 270 basis points year-over-year to 43.1%
Reported second quarter net income of $210,000 and improved adjusted EBITDA1 of $5.9 million
FORT WORTH, Texas, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) today reported its second quarter fiscal 2025 financial results for the period ended Dec. 31, 2024. The company filed its Form 10-Q, which can be found on the Investor Relations section of the company’s website.
“The second quarter was one of our strongest performing quarters in quite some time despite the challenging market environment,” said Farmer Brothers President and Chief Executive Officer John Moore. “We saw continued improvements in sales, operating expenses and adjusted EBITDA1, as well as gross margins above 43% for the second straight quarter. Farmer Brothers’ core focus at this time is on driving growth in top line, coffee pounds and customer counts, while continuing to optimize operations.”
“Looking ahead, we continue to focus on executing and navigating difficult macroeconomic conditions and believe these results underscore the positive impact of the changes we have made to focus on DSD operations and optimize the business over the last 18 months. We feel we are better positioned than we have been in a long time to realize significant positive gains and long-term growth and profitability once market conditions become more favorable.”
Second quarter 2025 business highlights
Enhanced leadership team in January with the addition of Vice President of Sales Brian Miller to lead the sales force and the transition of Vice President and Chief Field Operations Officer Tom Bauer to an operations-focused leadership role.
Completed additional milestones related to SKU rationalization and brand pyramid initiatives, which are on track to be completed in the third quarter of fiscal 2025.
Rolled out specialty tier coffee brand to select customers with a full roll out slated by the end of the third quarter of fiscal 2025.
Continued progress related to direct store delivery (DSD) route optimization and customer penetration efforts.
Second quarter fiscal 2025 financial results
Net sales of $90 million compared to $89.5 million in the second quarter of fiscal 2024.
Gross profit of $38.8 million, or 43.1%, compared to $36.1 million, or 40.4%, in the prior year period. The increase in gross profit was primarily a result of improved pricing compared to the prior year period.
Operating expenses were $37.8 million, or 42% of net sales, compared to $31.7 million, or 35.4% of net sales, in the prior year period. The $6.1 million increase was primarily driven by a $7.7 million decrease in net gains related to asset disposals as there were no branch sales in the second quarter of fiscal 2025.
Net income was $210,000, which included a $1.5 million net loss associated with the disposal of assets, compared to $2.7 million for the second quarter of fiscal 2024, which included a $6.1 million net gain associated with disposal of assets.
Adjusted EBITDA1 was $5.9 million, an increase of almost $3.6 million, compared to $2.3 million in the second quarter of fiscal 2024.
Balance Sheet and Liquidity
As of Dec. 31, 2024, the company had $5.5 million of unrestricted cash and cash equivalents, $200,000 in restricted cash, $23.3 million in outstanding borrowings and $23.7 million of borrowing availability under its revolving credit facility.
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RAVE Restaurant Group, Inc. Reports Second Quarter 2025 Results
February 06, 2025 09:01 ET
DALLAS, Feb. 06, 2025 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the second quarter of fiscal 2025 ended December 29, 2024.
Second Quarter Highlights:
The company recorded net income of $0.6 million for the second quarter of fiscal 2025, a 9.8% increase from the same period of the prior year.
Income before taxes increased by $0.2 million to $0.7 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 39% increase.
Total revenue increased by $0.1 million to $2.8 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 4% increase.
Adjusted EBITDA increased by $0.3 million to $0.8 million for the second quarter of fiscal 2025 compared to the same period of the prior year, a 51% increase.
On a fully diluted basis, net income was $0.04 per share for the second quarter of fiscal 2025, the same as it was in the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 0.8% in the second quarter of fiscal 2025 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales decreased 11.4% in the second quarter of fiscal 2025 compared to the same period of the prior year.
Cash and cash equivalents were $2.9 million on December 29, 2024.
Short-term investments were $6.0 million on December 29, 2024.
Pizza Inn domestic unit count finished at 102.
Pizza Inn international unit count finished at 27.
Pie Five domestic unit count finished at 20.
“Quarter Two represented our 19th consecutive quarter of profitability and we have no plans on letting our foot off the accelerator,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.
“It’s an exciting time at Pizza Inn as we continue to deliver solid results in the current quarter and are getting ready to grow with 30 buffet restaurants currently signed to development agreements," continued Solano. “During the second quarter, we opened our fourth Pizza Inn buffet restaurant in the state of Oklahoma with strong sales. Many new guests to the brand were able to enjoy all the buffet favorites plus the new stuffed crust chocolate chip Pizzert which was successfully introduced in the second quarter. And we continue to expand our restaurant reimage program with nine units starting the process, eight of which are planned to be finished this fiscal year."
Solano concluded, “We continue to innovate our food offerings. While the first two quarters saw new desserts introduced at Pizza Inn, the third quarter will see three varieties of baked pastas added to the buffet and available for carryout. Pizza Inn continues to give guests more reasons to visit more often as we offer more than just pizza on the buffet with a focus on high quality desserts, salads, and now baked pastas. Pizza Inn also replaced legacy paper gift certificates with a new gift card program just in time for the holidays.”
“We have a keen focus on operational improvements at Pie Five,” says Vice President of Operations Zack Viljoen, adding “our new operational format will double make-line capacity allowing us to better and more quickly serve our guests thus increasing volume at peak hours while at the same time improving the guest experience.”
Chief Financial Officer Jay Rooney added, “Quarter two was a continuation of the solid financial start to the fiscal year seen in Quarter One. Pizza Inn same store sales were positive year over year for the quarter as the sales momentum generated by quarter one dessert and online ordering initiatives carried through to the second quarter. Total revenue was up $123 thousand from the second quarter last year and total expenses were down $88 thousand. For the fiscal year to date, Profit before Tax is now up over 36% from the prior year and our balance sheet remains strong with current assets totaling seven times the amount of current liabilities.”
View full version at RAVE Restaurant Group
Good Times Restaurants Reports Results for the 2025 First Fiscal Quarter Ended December 31, 2024
February 06, 2025 04:05 PM Eastern Standard 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 2025 first fiscal quarter.
Key highlights of the Company’s financial results include:
Total Revenues for the quarter increased 9.6% to $36.3 million compared to the first quarter of fiscal 2024
Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 1.5% for the quarter compared to the first quarter of fiscal 2024 and for Good Times restaurants were unchanged for the quarter compared to the first quarter of fiscal 2024
Net Income Attributable to Common Shareholders was $0.2 million for the quarter
Adjusted EBITDA2 (a non-GAAP measure) was $1.2 million for the quarter
Ryan M. Zink, the Company’s Chief Executive Officer, said, “I am pleased that our performance this quarter delivered net income compared to a net loss in the same prior year quarter. This improvement in income is in spite of challenges in the QSR environment and the negative impact of the holiday season shift, specifically one fewer shopping week between Thanksgiving and Christmas. Same store sales for the full quarter at Good Times were unchanged, while same store sales at Bad Daddy’s increased again this quarter compared to the same period in the prior year. Margins at Bad Daddy’s improved due to increased labor productivity and better food and beverage cost driven by sequentially lower beef costs, and menu engineering efforts. Margins declined at Good Times, attributable most significantly to higher levels of staffing as the hiring environment has become more favorable.”
“Thus far, the second fiscal quarter has been beset by unfavorable weather affecting both brands, with several weekends affected by snow events in Colorado, and two weeks during which significant snow and extreme cold plagued the entirety of our Bad Daddy’s system throughout the country. Nevertheless, the underlying trends at both concepts remain encouraging and our product pipeline is strong. At Bad Daddy’s, our smashed patty burgers continue to perform extremely well, as have our winter promotional items. At Good Times, we wrapped up the first promotional period for our bambino supremos and introduced the new West Slope burger, initially as a limited time offer, and as a test to potentially replace the existing West Coast burger,” Zink continued.
Mr. Zink concluded, “Beyond the second quarter, our product development lineup at both brands includes new items and improvements to existing menu items. We have strong momentum at Bad Daddy’s and are executing our long-term plan of brand evolution and modernization at Good Times.”
View full version at Good Times Restaurants
Performance Food Group Company Reports Second-Quarter and First-Six Months Fiscal 2025 Results
Strong Independent Restaurant Case Volume, Net Sales and Cash Flow
Second-Quarter Fiscal 2025 Highlights
Total case volume increased 9.8%
Total Independent Foodservice case volume increased 19.8%
Organic Independent Foodservice case volume increased 5.0%
Net sales increased 9.4% to $15.6 billion
Gross profit improved 14.4% to $1.8 billion
Net income decreased 45.8% to $42.4 million
Adjusted EBITDA increased 22.5% to $423.0 million1
Diluted Earnings Per Share (“EPS”) decreased 46.0% to $0.27
Adjusted Diluted EPS increased 8.9% to $0.981
First-Six Months Fiscal 2025 Highlights
Total case volume increased 6.1%
Total Independent Foodservice case volume increased 13.5%
Organic Independent Foodservice case volume increased 4.6%
Net sales increased 6.2% to $31.1 billion
Gross profit improved 10.2% to $3.6 billion
Net income decreased 24.4% to $150.4 million
Adjusted EBITDA increased 14.5% to $834.9 million1
Diluted EPS decreased 24.4% to $0.96
Adjusted Diluted EPS increased 3.9% to $2.131
Operating Cash Flow of $379.0 million
Free cash flow of $175.1 million1
February 05, 2025 07:00 AM Eastern Standard Time
RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its second quarter and first six months fiscal 2025 business results.
“Our solid business performance continued through the fiscal second quarter, resulting in strong sales and Adjusted EBITDA growth, exceeding the upper end of our guidance on both measures,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Our organic business, along with recent acquisitions, contributed significantly to our exceptional case growth in Foodservice. All three of our business segments have maintained a solid foundation, consistently winning new business and driving growth opportunities. Our integration of José Santiago and Cheney Brothers has gone well, and we are excited about the value and expertise those two organizations bring to PFG. Overall, I am very pleased with our business which continues to successfully execute our strategy to maximize value for our shareholders.”1
This earnings release includes several metrics, including Adjusted EBITDA, Adjusted Diluted Earnings per Share, and Free Cash Flow, that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). Please see “Statement Regarding Non-GAAP Financial Measures” at the end of this release for the definitions of such non-GAAP financial measures and reconciliations of such non-GAAP financial measures to their respective most comparable financial measures calculated in accordance with GAAP.
Second-Quarter Fiscal 2025 Financial Summary
Total case volume increased 9.8% for the second quarter of fiscal 2025 compared to the prior year period. Total organic case volume increased 2.1% for the second quarter of fiscal 2025 compared to the prior year period. Total organic case volume benefited from a 5.0% increase in organic independent cases, including growth in Performance Brands cases, and growth in cases sold to Foodservice’s Chain business. Total independent case volume increased 19.8%.
Net sales for the second quarter of fiscal 2025 grew 9.4% to $15.6 billion compared to the prior year period. The increase in net sales was driven by recent acquisitions, including the acquisition of Cheney Bros., Inc. (“Cheney Brothers”), an increase in cases sold including a favorable shift in mix of cases sold, and an increase in selling price per case as a result of inflation. Overall product cost inflation for the Company was approximately 4.6%.
Gross profit for the second quarter of fiscal 2025 grew 14.4% to $1.8 billion compared to the prior year period. The gross profit increase was driven by recent acquisitions, cost of goods sold optimization through procurement efficiencies, as well as a favorable shift in the mix of cases sold, including growth in the independent channel.
Operating expenses rose 17.2% to $1.7 billion in the second quarter of fiscal 2025 compared to the prior year period. The increase in operating expenses was primarily driven by recent acquisitions, an increase in personnel expense primarily related to wages, commissions, and benefits, and an increase in professional fees primarily related to recent acquisitions, partially offset by a decrease in fuel expense primarily due to lower fuel prices in the second quarter of fiscal 2025 as compared to the prior year period. Depreciation and amortization increased $39.2 million in the second quarter of fiscal 2025 compared to the prior year period primarily as a result of recent acquisitions and an increase in transportation equipment under finance leases.
Net income for the second quarter of fiscal 2025 decreased $35.9 million year-over-year to $42.4 million. The decrease was primarily a result of a $38.8 million increase in interest expense and a $15.1 million decrease in operating profit, partially offset by a $19.1 million decrease in income tax expense. The effective tax rate in the second quarter of fiscal 2025 was approximately 25.2% compared to 29.9% in the second quarter of fiscal 2024. The effective tax rate for the second quarter of fiscal 2025 differed from the prior year period primarily due to an increase in deductible discrete items related to stock-based compensation, a decrease in state and foreign taxes, and an increase in federal credits, partially offset by an increase in non-deductible expenses.
For the quarter, Adjusted EBITDA rose 22.5% to $423.0 million compared to the prior year period.
Diluted EPS decreased 46.0% to $0.27 per share in the second quarter of fiscal 2025 compared to the prior year period. Adjusted Diluted EPS increased 8.9% to $0.98 per share in the second quarter of fiscal 2025 compared to the prior year period.
View full version at Performance Food Group
Chipotle Announces Fourth Quarter and Full Year 2024 Results
Feb 04, 2025, 16:10 ET
FOURTH QUARTER COMPARABLE SALES INCREASE 5.4% DRIVEN BY 4.0% TRANSACTION GROWTH
FULL YEAR 2024 COMPARABLE SALES INCREASE 7.4% DRIVEN BY 5.3% TRANSACTION GROWTH
NEWPORT BEACH, Calif., Feb. 4, 2025 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2024.
Fourth quarter highlights, year over year:
Total revenue increased 13.1% to $2.8 billion
Comparable restaurant sales increased 5.4%
Operating margin was 14.6%, an increase from 14.4%
Restaurant level operating margin was 24.8%1, a decrease from 25.4%1
Diluted earnings per share was $0.24, a 20.0% increase from $0.202
Adjusted diluted earnings per share was $0.251, a 19.0% increase from $0.211, 2
Opened 119 company-owned restaurants with 95 locations including a Chipotlane, and one international licensed restaurant
Full year 2024 highlights, year over year:
Total revenue increased 14.6% to $11.3 billion
Comparable restaurant sales increased 7.4%
Operating margin was 16.9%, an increase from 15.8%
Restaurant level operating margin was 26.7%1, an increase from 26.2%1
Diluted earnings per share was $1.11, a 24.7% increase from $0.892
Adjusted diluted earnings per share was $1.121, a 24.4% increase from $0.901, 2
Opened 304 company-owned restaurants with 257 locations including a Chipotlane, and three international licensed restaurants
"Chipotle had another outstanding year, delivering strong transaction driven comps each quarter, expanding margins, adding over 300 new restaurants, gaining momentum in key industry leading brand metrics, making progress on many restaurant operating initiatives and building our footprint internationally," said Scott Boatwright, CEO, Chipotle. "I want to make sure that as we continue to scale Chipotle, everything we do is in service of our guests or those who serve our guests which will enable us to achieve our long-term ambitious goals of reaching 7,000 restaurants in North America, growing our AUVs beyond $4 million, expanding margins and making progress toward becoming a global iconic brand."
View full version at Chipotle
Brinker International Reports Second Quarter of Fiscal 2025 Result and Updates Fiscal 2025 Guidance
Jan 29, 2025, 06:45 ET
DALLAS, Jan. 29, 2025 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the second quarter ended December 25, 2024.
Second Quarter Fiscal 2025 Financial Highlights
"Improving fundamentals continues to drive a better guest experience and sustained business results," said President and CEO Kevin Hochman. "Chili's sales comps accelerated to +31%, driven both by new guests trying Chili's and return guests coming more frequently despite a more competitive promotional environment. These results would indicate we are building a much stronger business for the long term."
Company sales were $1,346.1 million in the second quarter of fiscal 2025 compared to $1,063.7 million in the second quarter of fiscal 2024. Comparable restaurant sales increased 27.4%, with an increase in comparable restaurant sales of 31.4% for Chili's and 1.8% for Maggiano's. Chili's sales growth was driven by a 19.9% increase in traffic generated by investments in advertising behind industry leading value that brought guests in and operational improvements that brought guests back. Higher Company sales resulted in operating income margin increasing to 11.5% and restaurant operating margin (non-GAAP) increasing to 19.1% for the second quarter. Additionally, General and administrative expenses during the second quarter of fiscal 2025 increased primarily due to higher incentive compensation and recent technology initiatives.
Updates to Full Year Fiscal 2025 Guidance
We are providing the following updated guidance for fiscal 2025. Our revenue guidance is based on sustained elevated sales levels consistent with the Company's recent trends. A moderation in sales or the risks outlined in the Forward-Looking Statements paragraph of this press release, among other risks, could cause actual results to differ materially from forecasted results.
Total revenues are expected to be in the range of $5.15 billion - $5.25 billion;
Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $7.50 - $8.00; and
Capital expenditures are expected to be in the range of $240.0 million - $260.0 million.
We are reiterating the following full year fiscal 2025 guidance:
Weighted average shares are expected to be in the range of 45 million - 47 million.
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.
View full version at Brinker
