Financials - March 2025
The ONE Group Reports Fourth Quarter and Full Year 2024 Financial Results
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 31, 2024.
Highlights for the fourth quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):
Total GAAP revenues increased 146.7% to $221.9 million from $89.9 million;
Consolidated comparable sales* decreased 4.3%;
Operating income increased 158.9% to $12.8 million from $4.9 million and includes $3.7 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
Restaurant Operating Profit** increased 143.7% to $40.1 million from $16.5 million;
GAAP net loss available to common stockholders was $5.4 million, or $0.18 net loss per share ($0.03 adjusted net loss per share)***, compared to GAAP net income available to common stockholders of $4.6 million, or $0.15 per share ($0.17 adjusted net income per share)***
Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 147.6% to $30.3 million from $12.2 million.
Highlights for the full year 2024 compared to 2023 are as follows (the prior year excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):
Total GAAP revenues increased 102.3% to $673.3 million from $332.8 million;
Consolidated comparable sales* decreased 6.8%;
Operating income increased 15.9% to $10.8 million from $9.3 million and includes $23.0 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
Restaurant Operating Profit** increased 115% to $108.3 million from $50.4 million;
GAAP net loss available to common stockholders was $35.0 million, or $1.12 net loss per share ($0.28 adjusted net loss per share)***, compared to GAAP net income available to common stockholders of $4.7 million, or $0.15 per share ($0.18 adjusted net income per share)***
Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 129.3% to $75.2 million from $32.8 million.
“We were pleased that annual revenue and adjusted EBITDA reached the higher end of our guided ranges. These achievements were due to a sequentially stronger fourth quarter characterized by our best comparable sales of the year, positive transactions at STK, and improved sales performance at Benihana fueled by our new initiatives. For both the full year and recent quarter, adjusted EBITDA growth exceeded top-line growth, showcasing our capability to achieve greater profitability through the elimination of duplicate administrative costs, supply chain synergies, and tight cost management within our preexisting business. By year-end 2026, we intend to capture $20 million in total savings across these three areas,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
“This year, we will open five to seven venues, beginning with an owned Benihana in San Mateo, California this month. Our development plans consist of opening owned, managed, and licensed restaurants and we believe this combination enables us to prioritize operating / free cash flow generation, promotes balance sheet flexibility, and maximizes shareholder returns," Hilario concluded.
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Cracker Barrel Reports Second Quarter Fiscal 2025 Results And Increases Guidance
Mar 06, 2025, 08:00 ET
Company now expects fiscal 2025 adjusted EBITDA1 of $210 million to $220 million2
LEBANON, Tenn., March 6, 2025 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2025 ended January 31, 2025.
Second Quarter Fiscal 2025 Highlights
Second quarter total revenue was $949.4 million. Compared to the prior year second quarter, total revenue increased 1.5%.
Comparable store restaurant sales increased 4.7% over the prior year quarter, and comparable store retail sales increased 0.2%.
GAAP earnings per diluted share were $0.99, and adjusted1 earnings per diluted share were $1.38.
GAAP net income for the second quarter was $22.2 million, a 16.3% decrease compared to the prior year quarter GAAP net income of $26.5 million. Adjusted EBITDA1 was $74.6 million, a 19.6% increase compared to the prior year quarter adjusted EBITDA1 of $62.4 million.
Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Outstanding execution by our teams, coupled with our actions to improve the profitability of our off-premise channels during the high-volume holiday season, delivered strong second quarter results that exceeded our expectations. Despite some recent industry-wide softness, these results, together with the continued improvements in key guest and operational metrics and the initiatives we have planned for our important fourth quarter, make us confident in raising our financial outlook for the remainder of the year."
Second Quarter Fiscal 2025 Results
Revenue
The Company reported total revenue of $949.4 million for the second quarter of fiscal 2025, representing an increase of 1.5% compared to the second quarter of fiscal 2024.
Cracker Barrel comparable store restaurant sales increased 4.7%, including total menu pricing increases of 6.0%. Comparable store retail sales increased 0.2% from the prior year quarter.
Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the second quarter was $22.2 million, or 2.3% of total revenue. This represented a 16.3% decrease compared to prior year quarter GAAP net income of $26.5 million, or 2.8% of total revenue. Adjusted EBITDA1 was $74.6 million, or 7.9% of total revenue, a 19.6% increase compared to the prior year quarter adjusted EBITDA1 of $62.4 million, or 6.7% of total revenue.
GAAP earnings per diluted share for the second quarter were $0.99, a 16.8% decrease compared to the prior year quarter GAAP earnings per diluted share of $1.19. Adjusted1 earnings per diluted share were $1.38, a 9.5% increase compared to the prior year quarter adjusted1 earnings per diluted share of $1.26.
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GEN Restaurant Group, Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
March 06, 2025 16:05 ET
2024 Total Revenue of $208.4 Million Exceeds Company’s Full Year Outlook
Strong Start to 2025 with Comparable Restaurant Sales for Q1 Quarter-to-Date Increasing 1% Through the End of February, a 6% Improvement Compared to Q4 2024
Company Remains on Track with New Unit Openings for 2025
CERRITOS, Calif., March 06, 2025 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing casual dining concept with an extensive menu and signature “grill at your table” experience, is announcing financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Financial and Recent Operational Highlights
Total revenue grew 21.2% year-over-year to $54.7 million for the fourth quarter and increased 15.1% to $208.4 million for 2024.
Achieved restaurant-level adjusted EBITDA(1) margins approaching 18% of total revenue for 2024.
Adjusted EBITDA(1) increased 25.0% to $2.1 million and 3.8% of revenue inclusive of pre-opening expense of $1.6 million for the fourth quarter and was $16.7 million and 8.0% of revenue inclusive of pre-opening expense of approximately $5.3 million for the full year.
GEN opened nine new locations since March 2024, including six locations in 2024 and three locations in early 2025 that were originally planned for 2024. The Company expects to open 10-13 new units in 2025, excluding the three delayed locations from 2024.
Introduces international expansion into South Korea with at least two Company-owned locations slated to open in 2025.
Net income before income taxes for the full year was $4.9 million, which equated to $0.13 per diluted share of Class A common stock.
Adjusted net income(1) for the full year of 2024 was $7.4 million, which equated to $0.21 per diluted share of Class A common stock.
Initiated a successful gift card program with Costco in 2024.
Cash and cash equivalents at December 31, 2024 was $23.7 million.
As a sign of confidence in the Company’s future, the Board of Directors have approved a stock buyback program for up to $5 million.
(1) Adjusted EBITDA, restaurant-level adjusted EBITDA, and adjusted net income are non-GAAP measures. For reconciliations of adjusted EBITDA, restaurant-level adjusted EBITDA, and adjusted net income to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below.
Management Commentary
“Closing out 2024, we achieved our highest total annual revenue figure as a public company while maintaining healthy unit level economics as demonstrated by our results,” said David Kim, Chairman and Chief Executive Officer of GEN. “Driven by the success of new restaurants, for the year we delivered an impressive 15% increase in total revenue to $208.4 million, exceeding both our 2024 guidance and analysts’ expectations. We also achieved a restaurant-level adjusted EBITDA margin approaching 18%, which was in line with our 2024 outlook.
“Moving into 2025, our priority remains on executing our growth initiatives and capitalizing on the growing demand for Korean BBQ. We’re very pleased to report that our first quarter comparable restaurant sales through the end of February returned to positive growth of 1% as a result of continued success with our premium menu and modest pricing adjustments. We’ve opened three new restaurants in early 2025, with an additional 10-13 new units slated to open throughout the year. We’re also excited to bring GEN to the global stage as we plan to open at least two new restaurants in South Korea. Supported by over $23 million in cash and cash equivalents, strong cash flow from operations and no material long-term debt, we believe we’re well positioned to drive sustainable growth and profitability through execution of our strategic expansion strategy.”
View full version at GEN Restaurant Group
Noodles & Company Announces Fourth Quarter and Full Year 2024 Financial Results
March 06, 2025 16:05 ET
BROOMFIELD, Colo., March 06, 2025 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, and provided a 2025 business outlook.
Key highlights for the fourth quarter of 2024 compared to the fourth quarter of 2023 include:
Total revenue decreased 2.0% to $121.8 million from $124.3 million.
Comparable restaurant sales increased 0.8% system-wide, including a 0.5% increase for company-owned restaurants and a 1.9% increase for franchise restaurants.
Net loss was $9.7 million, or $0.21 loss per diluted share, compared to net loss of $6.1 million, or $0.14 loss per diluted share.
Operating margin was (6.0)% compared to an operating margin of (3.7)%.
Restaurant contribution margin(1) was 11.2% compared to a restaurant contribution margin of 14.7%.
Six company-owned restaurants closed in the fourth quarter of 2024. One franchise restaurant opened and three franchise restaurants closed in the fourth quarter of 2024.
Key highlights for fiscal year 2024 compared to fiscal year 2023 include:
Total revenue decreased 2.0% to $493.3 million from $503.4 million.
Comparable restaurant sales decreased 1.5% system-wide, including a 1.8% decrease for company-owned restaurants and a 0.2% decrease for franchise restaurants.
Net loss was $36.2 million, or $0.80 loss per diluted share, compared to net loss of $9.9 million, or $0.21 loss per diluted share.
Operating margin was (5.6)% compared to an operating margin of (1.0)%.
Restaurant contribution margin(1) was 13.2% compared to a restaurant contribution margin of 14.9%.
Ten new company-owned restaurants opened and thirteen closed in 2024. Three franchise restaurants opened and seven closed in 2024. The Company sold six restaurants to a franchisee in 2024. The Company had 463 restaurants at the end of 2024, comprised of 371 company-owned and 92 franchise restaurants.
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(1) Restaurant contribution margin is a non-GAAP measure. A reconciliation of operating income (loss) to restaurant contribution is included in the accompanying financial data. See “Non-GAAP Financial Measures.”
Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “Fourth quarter earnings reflected an improvement over our third quarter trends driven by a combination of factors, including the rollout of our three new menu items, the promotional offers that we ran during the first two months of the quarter, and the renewed momentum in our third-party delivery channel. We are especially pleased to share that the previously reported improving sales and traffic trends during the fourth quarter of 2024 have accelerated in the first quarter of 2025. Through the first eight weeks of the first quarter of 2025, we have delivered positive traffic and comparable restaurant sales growth over 3%, which is in-line with our expectations for the full quarter. This gives us great confidence that our five strategic priorities to reignite profitable growth are working. Next week we will launch the most substantial phase of our comprehensive menu transformation with the addition of nine new dishes supported by increased marketing investment and a new brand strategy. It is an exciting time for Noodles as the sales improvements we have seen starting in the fourth quarter of 2024 combined with our menu re-launch have set the stage for a transformational 2025.”
Liquidity Update
As of December 31, 2024, the Company had available cash and cash equivalents of $1.1 million and outstanding debt of $103.0 million. As of December 31, 2024, the Company had $19.0 million available for future borrowings under its revolving credit facility.
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El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2024 Financial Results
March 06, 2025 16:05 ET
COSTA MESA, Calif., March 06, 2025 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13- and 52-week periods ended December 25, 2024.
Highlights for the fourth quarter ended December 25, 2024 compared to the fourth quarter ended December 27, 2023 were as follows:
Total revenue was $114.3 million compared to $112.2 million.
System-wide comparable restaurant sales(1) increased by 0.5%.
Income from operations was $9.0 million compared to $7.5 million.
Restaurant contribution(1) was $16.0 million, or 16.7% of company-operated restaurant revenue, compared to $14.8 million, or 15.8% of company-operated restaurant revenue.
Net income was $6.0 million, or $0.20 per diluted share, compared to net income of $4.4 million, or $0.14 per diluted share.
Adjusted net income(1) was $5.9 million, or $0.20 per diluted share, compared to $5.2 million, or $0.16 per diluted share.
Adjusted EBITDA(1) was $14.3 million, compared to $13.6 million.
(1)System-wide comparable restaurant sales, restaurant contribution, adjusted net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are defined under “Definitions of Non-GAAP and other Key Financial Measures” below. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures” below.
Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “2024 was a foundational year for El Pollo Loco as we made tremendous progress across all our key objectives. More importantly, our accomplishments in 2024 are just the beginning and I’m thrilled with what is ahead for 2025. From our robust culinary pipeline filled with quality and flavor, to our upcoming brand re-launch and our improved operational foundation, we look forward to continuing our profitable growth as we progress toward our goal of making El Pollo Loco the national fire-grilled chicken brand.”
Fourth Quarter 2024 Financial Results
Company-operated restaurant revenue in the fourth quarter of 2024 increased to $95.6 million, compared to $94.0 million in the fourth quarter of 2023, mainly due to an increase in company-operated comparable restaurant revenue of $1.5 million, or 1.6%, as well as $0.5 million of additional sales from restaurants opened during or after the fourth quarter of 2023. The company-operated restaurant revenue increase was partially offset by a $0.3 million decrease related to the one company-operated restaurant sold by the Company to existing franchisees during or subsequent to the fourth quarter of 2023. The company-operated comparable restaurant sales increase consisted of a 9.0% increase in average check size due to increases in menu prices, partially offset by a 6.8% decrease in transactions.
Franchise revenue in the fourth quarter of 2024 increased 2.5% to $11.2 million. This increase was primarily due to the opening of four franchise-operated restaurants and the sale by the Company of one company-operated restaurant to existing franchisees in each case, during or subsequent to the fourth quarter of 2023.
Income from operations in the fourth quarter of 2024 was $9.0 million, compared to $7.5 million in the fourth quarter of 2023. Restaurant contribution was $16.0 million, or 16.7% of company-operated restaurant revenue, compared to $14.8 million, or 15.8% of company-operated restaurant revenue in the fourth quarter of 2023. The increase in restaurant contribution as a percentage of company-operated restaurant revenue was largely due to higher menu prices combined with better operating efficiencies.
General and administrative expenses in the fourth quarter of 2024 was $11.1 million, compared to $10.6 million in the fourth quarter of 2023. The increase was due to labor-related costs, primarily related to an increase in estimated management bonus expense.
Net income for the fourth quarter of 2024 was $6.0 million, or $0.20 per diluted share, compared to net income of $4.4 million, or $0.14 per diluted share, in the fourth quarter of 2023. Adjusted net income was $5.9 million, or $0.20 per diluted share, during the fourth quarter of 2024, compared to $5.2 million, or $0.16 per diluted share, during the fourth quarter of 2023.
As of December 25, 2024, after pay downs of $5.0 million on its five-year senior-secured revolving credit facility during the fourth quarter, the Company’s outstanding debt balance was $71.0 million with $2.5 million in cash and cash equivalents. Additionally, during the fourth quarter, the Company repurchased 103,702 shares of its common stock under its Share Repurchase Program, using open market purchases, for total consideration of approximately $1.3 million. Following completion of these repurchases, approximately $1.8 million of the Company’s common stock remained available for repurchase under the Share Repurchase Program at December 25, 2024.
View full version at El Pollo Loco
Dine Brands Global, Inc. Reports Fourth Quarter and Fiscal Year 2024 Results
March 05, 2025 07:00 AM Eastern Standard Time
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 fourth quarter and fiscal year 2024.
“Our financial results have demonstrated that this continues to be a dynamic operating environment and underscores our commitment to refreshing, reinvesting, and reinforcing our brands in the year ahead. For 2025, we have a clear plan that addresses both the short-term and long-term and are confident that, in partnership with our franchisees, we will elevate the guest experience and enhance our value propositions,” said John Peyton, chief executive officer, Dine Brands Global, Inc.
Vance Chang, chief financial officer, Dine Brands Global, Inc., added, “Against a backdrop of market volatility, Dine continued to generate strong free cash flow in 2024. It speaks to our overall financial stability and highlights the resilience of the Dine platform through market cycles. Going into 2025, we will remain prudent with our capital and make the necessary investments and changes to drive improved performance.”
Domestic Restaurant Sales for the Fourth Quarter of 2024
Applebee’s year-over-year domestic comparable same-restaurant sales declined 4.7% for the fourth quarter of 2024. Off-premise sales accounted for 21.6% of sales mix in the fourth quarter of 2024 representing per restaurant average weekly sales of approximately $11,000.
IHOP’s year-over-year domestic comparable same-restaurant sales declined 2.8% for the fourth quarter of 2024. Off-premise sales accounted for 20.4% of sales mix in the fourth quarter of 2024, representing per restaurant average weekly sales of approximately $7,800.
Fourth Quarter of 2024 Summary
Total revenues for the fourth quarter of 2024 were $204.8 million compared to $206.3 million for the fourth quarter of 2023. The decline was primarily due to the decrease in franchise revenues primarily resulting from negative comparable same-restaurant sales growth at Applebee’s and IHOP and a decrease in proprietary product sales, offset by an increase in company restaurant sales due to the acquisition of 47 Applebee’s restaurants in the fourth quarter.
General and Administrative (“G&A”) expenses for the fourth quarter of 2024 were $52.3 million compared to $50.5 million for the fourth quarter of 2023. The variance was primarily attributable to organization restructuring costs and an increase in depreciation expense partially offset by a decrease in compensation-related expenses.
GAAP net income available to common stockholders was $5.0 million, or earnings per diluted share of $0.34, for the fourth quarter of 2024 compared to net income available to common stockholders of $32.3 million, or earnings per diluted share of $2.14 for the fourth quarter of 2023. The decrease was primarily due to a prior year income tax benefit resulting from the conclusion of a state income tax audit settlement, a decrease in segment profit, net of tax, and an increase in closure and impairment charges partially offset by a current year gain on disposition of assets.
Adjusted net income available to common stockholders was $12.9 million, or adjusted earnings per diluted share of $0.87, for the fourth quarter of 2024 compared to adjusted net income available to common stockholders of $21.1 million, or adjusted earnings per diluted share of $1.40, for the fourth quarter of 2023. The decrease was primarily due to a decrease in segment profit, net of tax. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income available to common stockholders to adjusted net income available to common stockholders.)
Consolidated adjusted EBITDA for the fourth quarter of 2024 was $50.1 million compared to $62.2 million for the fourth quarter of 2023. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income to consolidated adjusted EBITDA.)
Development activity by Applebee’s and IHOP franchisees for the fourth quarter of 2024 resulted in 30 new restaurant openings and the closure of 19 restaurants.
View full version at Dine Brands
Twin Hospitality Group Inc. Reports Fiscal Fourth Quarter And Full Fiscal Year 2024 Financial Results
February 27, 2025 16:10 ET
Opened Nine Twin Peaks Lodges in 2024
Completed First Smokey Bones Conversion in September 2024 and Second Smokey Bones Conversion in February 2025
Hosting Inaugural Conference Call and Webcast Today at 5:15 PM ET
LOS ANGELES, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (NASDAQ: TWNP) (“Twin Peaks” or the “Company”) today reported fiscal fourth quarter and full fiscal year 2024 financial results for the fiscal year ended December 29, 2024.
“2024 marked a year of significant strategic progress and we are thankful to our franchise partners, team and loyal guests for their contributions to strengthening the Twin Peaks brand,” said Joe Hummel, Chief Executive Officer of Twin Peaks. “We expanded our footprint opening nine new Twin Peak lodges and signed four area development agreements with a commitment to open 24 lodges, increasing our development pipeline to over 100 lodges. In 2025, we are targeting approximately nine to eleven Twin Peaks openings as we pursue our long-term goal of 650 domestic and 250 international lodges,”
Hummel added, “Looking ahead, we will continue to deliver exceptional guest experiences through our differentiated offering of quality dining and premier customer service, grow our brand through company and franchised expansion and optimize our real estate through additional Smokey Bones conversions. We could not be more excited to be a stand-alone publicly traded company and are working hard every day to build long-term value for our shareholders.”
“Our flexible real estate model has proven highly successful in converting legacy restaurants into Twin Peaks. These conversions enable faster time to market, lower buildout costs and accelerated return on investment,” said Ken Kuick Chief Financial Officer of Twin Peaks. “We have also made progress with our strategic plans to convert Smokey Bones into Twin Peaks. Our first Twin Peaks conversion, which opened in Lakeland, Florida last September, is exceeding expectations, while our second Twin Peaks conversion in Brandon, Florida opened this month and is off to a strong start. We project completing two additional conversions in 2025.”
Kuick added, “During the fourth quarter, we refinanced our credit facility to a new 30-year securitization facility. This refinancing stabilizes Twin Peaks’ financial structure and allows us to further drive growth,”
Highlights for Fiscal Fourth Quarter 2024 (13 weeks) versus Fiscal Fourth Quarter 2023 (14 weeks)
Total revenue decreased 8.2% to $86.5 million compared to $94.2 million (the 14th week contributed $6.5 million in revenue during the prior year fiscal quarter)
System-wide sales declined 4.0% (the 14th week contributed $13.7 million in system-wide sales during the prior year fiscal quarter)
Twin Peaks same-store sales declined 0.6%
Two new lodge opening during the fiscal fourth quarter of 2024
Loss from operations of $7.1 million compared to $0.9 million
Net loss of $12.0 million compared to $8.8 million
Restaurant contribution margin(1) of 8.1% (Twin Peaks 14.4% and Smokey Bones 0.5%) compared to 9.8% (Twin Peaks 15.0% and Smokey Bones 4.6%)
Adjusted EBITDA(1) of $4.1 million compared to $6.6 million (the 14th week contributed $0.9 million in adjusted EBITDA during the prior year fiscal quarter)
View full version at Twin Peaks
Fat Brands Inc. Reports Fiscal Fourth Quarter And Full Fiscal Year 2024 Financial Results
February 27, 2025 16:05 ET
Conference call and webcast today at 4:30 p.m. ET
LOS ANGELES, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fiscal fourth quarter and full fiscal year 2024 financial results for the fiscal year ended December 29, 2024.
Andy Wiederhorn, Chairman of FAT Brands, said, “During 2024, we successfully expanded our footprint by opening 92 restaurants and signed over 250 new franchise agreements which increased our development pipeline to 1,000 locations. For 2025, we expect to add more than 100 additional restaurants across our portfolio. Our ability to grow demonstrates both strong consumer demand for our brands and the significant opportunities provided to our franchisee base.”
Ken Kuick, Co-Chief Executive Officer of FAT Brands, said, “We kicked off 2025 with a major milestone, the spin-out of Twin Hospitality Group Inc., creating a separate publicly traded company. This public listing creates an opportunity for stockholders to directly participate in the growth and success of the Twin Peaks brand while providing the Company valuable capital resources to maintain and accelerate its growth trajectory. A key strategic priority for us this year is maximizing the value creation at Twin Hospitality on behalf of our stockholders.”
Rob Rosen, Co-Chief Executive Officer of FAT Brands, said, “Looking ahead, we are focused on synergies and cost reductions. By removing Twin Peaks and Smokey Bones from our portfolio, we have eliminated half of our company owned locations. We now plan to refranchise our 57 company-owned Fazoli’s locations, which will leave us with only 33 Hot Dog on a Stick company-owned locations. This will return us to being nearly 100% franchised.”
Highlights for Fiscal Fourth Quarter 2024 (13 weeks) versus Fiscal Fourth Quarter 2023 (14 weeks)
Total revenue decreased 8.4% to $145.3 million compared to $158.6 million (the 14th week contributed $11.3 million in revenue during the prior year fiscal quarter)
System-wide sales declined 7.4% (the 14th week contributed $44.8 million in system-wide sales during the prior year fiscal quarter)
System-wide same-store sales declined 1.6%
30 new store openings during the fiscal fourth quarter of 2024
Loss from operations of $39.3 million compared to $3.1 million
Net loss of $67.4 million, or $4.06 per diluted share, compared to $26.2 million, or $1.68 per diluted share
Adjusted EBITDA(1) of $14.4 million compared to $27.0 million (the 14th week contributed $1.9 million in adjusted EBITDA during the prior year fiscal quarter)
Adjusted net loss(1) of $29.9 million, or $1.87 per diluted share, compared to $17.3 million, or $1.15 per diluted share
Highlights for Full Fiscal Year 2024 (52 weeks) versus Full Fiscal Year 2023 (53 weeks)
Total revenue increased 23.4% to $592.7 million compared to $480.5 million (the 53rd week contributed $11.3 million in revenue during the prior year fiscal year)
System-wide sales growth of 3.1%
System-wide same-store sales declined of 2.5%
92 new store openings during fiscal 2024
Loss from operations of $52.2 million compared to income from operations of $22.3 million
Net loss of $189.8 million, or $11.60 per diluted share, compared to $90.1 million, or $5.85 per diluted share
Adjusted EBITDA(1) of $62.4 million compared to $91.2 million (the 53rd week contributed $1.9 million in adjusted EBITDA during the previous fiscal year)
Adjusted net loss(1) of $128.9 million, or $8.02 per diluted share, compared to $56.5 million, or $3.83 per diluted share
(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
Papa Johns Announces Fourth Quarter and Full Year 2024 Financial Results
February 27, 2025 07:00 AM Eastern Standard Time
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the fourth quarter and year ended December 29, 2024.
Fourth Quarter Highlights
North America comparable sales(a) were down 4% from a year ago as Domestic Company-owned restaurants were down 6% and North America franchised restaurants were down 4%; International comparable sales(a) were up 2% compared with the prior year period.
122 net restaurant openings in the fourth quarter, driven by 63 gross openings in North America and 83 gross openings in International markets.
Global system-wide restaurant sales were $1.23 billion, an 8%(b) decrease from a year ago due to the additional week of operations in the fourth quarter of 2023. Excluding the additional week, global system-wide sales were flat(b) from the prior year period.
Total revenues of $531 million were down 7% compared with the fourth quarter of 2023. Excluding the 53rd week in 2023, Total revenues were roughly flat from the prior year period.
Diluted earnings per common share of $0.44 compared with $0.79 for the fourth quarter of 2023; Adjusted diluted earnings per common share(c) was $0.63 compared with $0.91 for the fourth quarter of 2023.
Full Year Highlights
North America comparable sales(d) were down 4% from 2023 as Domestic Company-owned restaurants were down 5% and North America franchised restaurants were down 4%; International comparable sales(d) were down 1%.
124 net restaurant openings for the full year 2024, driven by 112 gross openings in North America and 198 gross openings in International markets.
Global system-wide restaurant sales were $4.85 billion, a 3%(b) decrease over the prior year. Excluding the 53rd week in 2023, global system-wide sales were down approximately 1%(b).
Total revenues of $2.06 billion were down $76 million, or 4%, from 2023. Excluding the 53rd week in 2023, Total revenues were down 2%.
Diluted earnings per common share of $2.54 compared with $2.48 for 2023; adjusted diluted earnings per common share(c) was $2.34 compared with $2.71 in 2023.
(a) Comparable sales growth (decline) for the fourth quarter of 2024 is reported on a 13-week basis comparing September 30, 2024 through December 29, 2024 with October 2, 2023 through December 31, 2023.
(b) Excludes the impact of foreign currency.
(c) Represents a Non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation to the most comparable US GAAP measures.
(d) Comparable sales growth (decline) for the fiscal year 2024 is reported on a 52-week basis comparing January 1, 2024 through December 29, 2024 with January 2, 2023 through December 31, 2023.
CEO Commentary
“I am pleased with the early progress we are seeing in our transformation as we work to improve our value perception, simplify our operations, and enhance our digital and loyalty experiences. These efforts helped to deliver results consistent with our fourth quarter expectations,” said Todd Penegor, president and CEO.
“We have defined our strategic priorities to take market share as we move forward with urgency to execute on initiatives to drive sales momentum in the near-term while meaningfully increasing profitability over time,” continued Penegor. “Our number one priority continues to be creating great experiences for our customers and team members in our restaurants – ensuring the restaurant economic model remains strong. We are confident that we have the right plan in place to deliver on our promise to be the best pizza makers in the business.”
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Bloomin’ Brands Announces 2024 Q4 Financial Results
Q4 Diluted EPS of $(0.93) and Q4 Adjusted Diluted EPS of $0.38
Provides Full Year 2025 Financial Outlook
February 26, 2025 07:00 AM Eastern Standard Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2024 (“Q4 2024”) and fiscal year ended December 29, 2024 (“Fiscal Year 2024”) compared to the fourth quarter 2023 (“Q4 2023”) and the fiscal year ended December 31, 2023 (“Fiscal Year 2023”). In 2023, the fourth quarter and fiscal year included an additional operating week (“53rd week”) compared to Fiscal Year 2024.
CEO Comments
“In my first six months, I have become even more confident that we have iconic brands with a strong right to succeed in on-trend, large scale categories,” said Mike Spanos, CEO. “I am also aware that our current results are not what we expect and are not representative of our potential. We are making changes to address our near-term execution as well as drive sustainable sales and profit growth. Our guidance for the first quarter and full year is reflective of where we are and our go-forward short term performance.”
Sale of Majority Ownership of our Brazil Operations
On December 30, 2024, we completed the sale of 67% of our Brazil operations to a fund managed by an affiliate of Vinci Partners and retained a 33% interest. Following the closing of the sale, our subsidiary entered into amended and restated franchise agreements with all existing restaurants in Brazil, and these Brazil restaurants began operating as unconsolidated franchises.
Diluted EPS and Adjusted Diluted EPS
The following tables reconcile Diluted (loss) earnings per share to Adjusted diluted earnings per share consolidated and from continuing operations for the periods indicated (unaudited):
View full version at Bloomin’ Brands
CAVA Group Reports Fourth Quarter and Full Year Fiscal 2024 Results
Full Year CAVA Revenue Growth of 35.1% (Excluding 53rd Week of Fiscal 2023) Driven by CAVA Same Restaurant Sales Growth of 13.4%
58 Net New CAVA Restaurant Openings During Fiscal 2024
Full Year CAVA Restaurant-Level Profit Margin of 25.0%
February 25, 2025 04:10 PM Eastern Standard Time
WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal fourth quarter and fiscal year ended December 29, 2024.
“2024 was another year of extraordinary growth and success for CAVA as we established Mediterranean as the next major cultural cuisine category and delivered our unique value proposition, that is clearly resonating with modern consumers. CAVA Same Restaurant Sales grew 13.4% in 2024, including traffic growth of nearly 9%. We opened 58 net new restaurants and, driven by our
powerful unit economic engine, generated average unit volume of $2.9 million. In addition, we continued to execute across our strategic initiatives. The launch of our grilled steak main exceeded our expectations, we rolled out a new labor model to deliver a better operator and guest experience, and, through our reimagined loyalty program, we gave guests more reasons to come to CAVA and come back more often,” said Brett Schulman, Co-Founder and CEO.
Fiscal Fourth Quarter 2024 Highlights:
CAVA Revenue grew 28.3% to $225.1 million as compared to $175.5 million in the prior year quarter. Excluding $10.9 million of revenue in the 53rd week of fiscal 2023, CAVA Revenue grew 36.8%.
Net New CAVA Restaurant Openings of 15, bringing total CAVA Restaurants to 367, an 18.8% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 21.2%
CAVA Restaurant-Level Profit of $50.4 million or growth of 28.2% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 22.4%, an increase of 50 basis points excluding the 53rd week of fiscal 2023.
CAVA Digital Revenue Mix was 36.8%.
CAVA Group Net Income of $78.6 million compared to $2.0 million in the prior year quarter. Excluding an $80.1 million net benefit from the release of the valuation allowance against deferred tax assets (“VA Release”), CAVA Group Adjusted Net Income1 was $6.5 million compared to $2.0 million in the prior year quarter.
CAVA Group Adjusted EBITDA1 of $25.1 million compared to $15.7 million in the prior year quarter.
Net cash provided by operating activities of $29.9 million with Free Cash Flow1 of $2.1 million.
Fiscal Year 2024 Highlights:
CAVA Revenue grew 33.1% to $954.3 million as compared to $717.1 million in the prior year. Excluding $10.9 million of revenue in the 53rd week of fiscal 2023, CAVA Revenue grew 35.1%.
Net New CAVA Restaurant Openings of 58
CAVA Same Restaurant Sales Growth of 13.4%
CAVA AUV of $2.9 million as compared to $2.6 million excluding the 53rd week of fiscal 2023 in the prior year.
CAVA Restaurant-Level Profit of $238.1 million or growth of 34.2% over the prior year, with CAVA Restaurant-Level Profit Margin of 25.0%, a 20 basis point increase over the prior year.
CAVA Digital Revenue Mix was 36.4%.
CAVA Group Net Income of $130.3 million compared to net income of $13.3 million in the prior year. Excluding the VA Release, CAVA Group Adjusted Net Income1 was $50.2 million compared to $13.3 million in the prior year.
CAVA Group Adjusted EBITDA1 of $126.2 million compared to $73.8 million in the prior year.
Net cash provided by operating activities of $161.0 million with Free Cash Flow1 of $52.9 million
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Olo Announces Fourth Quarter and Full Year 2024 Financial Results
Fourth Quarter Revenue of $76.1 million, up 21% Year-over-Year
February 25, 2025 04:05 PM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Olo Inc. (NYSE:OLO), a leading restaurant technology provider, today announced financial results for the fourth quarter and full year ended December 31, 2024.
“Team Olo put together a fantastic 2024 that included strong financial performance, new and expansion deployments with marquee restaurant brands, and platform reliability and innovation that powered $29 billion in gross merchandise volume and $2.8 billion in gross payment volume for the year,” said Noah Glass, Olo’s Founder and CEO. “We are confident in executing further in 2025, including helping more brands drive profitable traffic through the Olo Guest Data Flywheel, and beginning to penetrate the more than $100 billion in card-present gross payment volume within our existing base through our new Olo Pay partnership with FreedomPay.”
Fourth Quarter Financial and Other Highlights
Total revenue increased 21% year-over-year to $76.1 million.
Total platform revenue increased 21% year-over-year to $75.2 million.
Gross profit increased 11% year-over-year to $40.3 million, and was 53% of total revenue.
Non-GAAP gross profit increased 11% year-over-year to $45.2 million, and was 59% of total revenue.
Operating loss was $4.4 million, or (6)% of total revenue, compared to operating loss of $20.5 million, or (33)% of total revenue, a year ago.
Non-GAAP operating income was $11.5 million, or 15% of total revenue, compared to $6.8 million, or 11% of total revenue, a year ago.
Net loss was $0.6 million or $0.00 per share, compared to net loss of $15.7 million, or $0.10 per share, a year ago.
Non-GAAP net income was $11.3 million or $0.06 per share, compared to non-GAAP net income of $8.5 million, or $0.05 per share, a year ago.
Cash, cash equivalents, and short- and long-term investments totaled $403.1 million as of December 31, 2024.
Average revenue per unit (ARPU) increased 12% year-over-year to approximately $878.
Dollar-based net revenue retention (NRR) was approximately 115%.
Ending active locations increased 8% year-over-year to approximately 86,000 as of December 31, 2024.
Gross merchandise volume (GMV) was approximately $29 billion during the year ended December 31, 2024, and gross payment volume (GPV) reached approximately $2.8 billion during the year ended December 31, 2024.
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Jack in the Box Inc. Reports First Quarter 2025 Earnings
Jack in the Box same-store sales growth of 0.4%
Del Taco same-store sales of (4.5%)Jack in the Box systemwide sales growth of 0.5%
Del Taco systemwide sales of (1.9%)
Diluted earnings per share of $1.75; Operating EPS of $1.92
Jack in the Box completed development agreements for 2 new franchisees to expand in Chicago, in addition to the 8 company-owned restaurants set to begin opening in Summer of 2025
Jack in the Box progressing on tech and digital transformation with nearly 1,000 restaurants on our new POS system, which includes immediate counter kiosk capabilities
February 25, 2025 04:02 PM Eastern Standard Time
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box and Del Taco brands in the first quarter, ended January 19, 2025.
“The first quarter saw a good start to top-line performance and bottom-line earnings flow through as we battled through a difficult industry-wide macro environment,” said Lance Tucker, Jack in the Box Interim Principal Executive Officer. “In my new role, I will be continuing to assess capital allocation, investments and ways to accelerate free cash flow — all while executing on our fundamentals to ensure we regain our sales momentum as we move through 2025.”
Jack in the Box Performance
Same-store sales increased 0.4% in the first quarter, comprised of franchise same-store sales increase of 0.5% and company-owned same-store sales decline of 0.4%. Price was higher versus prior year, while both transactions and mix were down compared to prior year, but were sequentially positive. Systemwide sales for the first quarter increased 0.5%.
Restaurant-Level Margin(1), a non-GAAP measure, was $31.0 million, or 23.2%, up from $30.4 million, or 23.1%, a year ago driven primarily by lower food and packaging costs, partially offset by higher costs for labor and other restaurant operating costs. The decrease in food and packaging was primarily due to a favorable increase of beverage funding relating to a new contract, a portion of which was one-time benefit. The increase in labor was driven from implementing California's minimum wage law.
Franchise-Level Margin(1), a non-GAAP measure, was $97.1 million, or 40.9%, a decrease from $97.5 million, or 41.2%, a year ago. The decrease was mainly driven by lower percentage rent, partially offset by lower IT support costs as well as higher royalties from higher sales.
Jack in the Box net restaurant count decreased slightly in the first quarter, with five restaurant openings and six restaurant closures. In the first quarter, Jack in the Box signed 3 development agreements with new franchisees for 10 new restaurants.
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Domino's Pizza® Announces Fourth Quarter and Fiscal 2024 Financial Results
Feb 24, 2025, 06:05 ET
Global retail sales growth (excluding foreign currency impact) of 4.4% for the
fourth quarter; 5.9% growth for fiscal 2024
U.S. same store sales growth of 0.4% for the fourth quarter; 3.2% growth for fiscal 2024
International same store sales growth (excluding foreign currency impact) of 2.7% for the fourth quarter; 1.6% growth for fiscal 2024
Global net store growth of 364 for the fourth quarter; 775 for fiscal 2024
Income from operations increased 6.4% for the fourth quarter; 7.3% for fiscal 2024 (excluding the $0.2 million and $5.8 million negative impacts of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 6.5% and 8.0% for the fourth quarter and fiscal 2024, respectively)
Board of Directors approves 15% increase in quarterly dividend to $1.74 per share
ANN ARBOR, Mich., Feb. 24, 2025 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the fourth quarter and fiscal 2024.
"Domino's 2024 results demonstrated that our Hungry for MORE strategy can drive strong order count growth, even in the face of a challenging global macroeconomic environment," said Russell Weiner, Domino's Chief Executive Officer. "In our international business, we delivered a remarkable 31st consecutive year of same store sales growth, with our sales improving in the fourth quarter. In the U.S., leaning into our pillar of Renowned Value helped us once again generate meaningful market share growth in QSR Pizza. As we look ahead to 2025, I remain confident that Domino's will continue to win and grow market share. This will increase our advantage as the #1 pizza company in the world, driving best in class results and long-term value creation for franchisees and shareholders."
Fourth Quarter and Fiscal 2024 Operational and Financial Highlights (Unaudited):
The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.
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Shake Shack Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Financial Highlights for the Fourth Quarter 2024:
Total revenue of $328.7 million, up 14.8% versus 2023, including $316.6 million of Shack sales and $12.1 million of Licensing revenue.
System-wide sales of $500.7 million, up 13.3% versus 2023.
Same-Shack sales up 4.3% versus 2023.
Operating income of $10.2 million.
Restaurant-level profit(1) of $71.9 million, or 22.7% of Shack sales.
Net income of $9.3 million.
Adjusted EBITDA(1) of $46.7 million.
Net income attributable to Shake Shack Inc. of $8.7 million, or earnings of $0.21 per diluted share.
Adjusted pro forma net income(1) of $11.6 million, or earnings of $0.26 per fully exchanged and diluted share.
Opened 19 new Company-operated Shacks and nine new licensed Shacks.
Financial Highlights for the Fiscal Year 2024:
Total revenue of $1,252.6 million, up 15.2% versus 2023, including $1,207.6 million of Shack sales and $45.0 million of Licensing revenue.
System-wide sales of $1,922.7 million, up 13.0% versus 2023.
Same-Shack sales up 3.6% versus 2023.
Operating income of $3.0 million.
Restaurant-level profit(1) of $257.9 million, or 21.4% of Shack sales.
Net income of $10.8 million.
Adjusted EBITDA(1) of $175.6 million.
Net income attributable to Shake Shack Inc. of $10.2 million, or earnings of $0.24 per diluted share.
Adjusted pro forma net income(1) of $40.5 million, or earnings of $0.92 per fully exchanged and diluted share.
Opened 43 new Company-operated Shacks and 33 new licensed Shacks.
February 20, 2025 07:00 AM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the fourth quarter and the fiscal year ended December 25, 2024 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q4 2024 Shareholder Letter.
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Texas Roadhouse, Inc. Announces Fourth Quarter 2024 Results
Increases Quarterly Dividend 11% to $0.68 per Share and Approves Stock Repurchase Program of $500 Million
February 20, 2025 16:03 ET
LOUISVILLE, Ky., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.
Results for the fourth quarter ended December 31, 2024, as compared to the prior year as applicable, included the following:
Comparable restaurant sales increased 7.7% at company restaurants and increased 6.3% at domestic franchise restaurants;
Average weekly sales at company restaurants were $153,867 of which $20,067 were to-go sales as compared to average weekly sales of $141,653 of which $17,793 were to-go sales in the prior year;
Restaurant margin dollars increased 37.3% to $242.6 million from $176.7 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, increased to 17.0% from 15.3% in the prior year driven primarily by higher sales. The benefit of a higher average guest check, the benefit of the additional week, and improved labor productivity more than offset wage and other labor inflation of 5.0% and commodity inflation of 0.3%;
Diluted earnings per share increased 60.1% primarily driven by higher restaurant margin dollars partially offset by higher depreciation and amortization expenses and higher general and administrative expenses. Diluted earnings per share growth was positively impacted by approximately 20% as a result of the additional week;
Nine company restaurants and five franchise restaurants were opened; and
Capital allocation spend included capital expenditures of $107.8 million, dividends of $40.7 million, and repurchases of common stock of $35.1 million.
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BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2024 Results
February 20, 2025 16:02 ET
HUNTINGTON BEACH, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 fourth quarter and year ended Tuesday, December 31, 2024.
Fiscal Fourth Quarter 2024 Compared to Fourth Quarter 2023, as applicable
Total revenue increased 6.4% to $344.3 million
Comparable restaurant sales increased 5.5%
Diluted net loss per share was $0.23, a decrease from diluted net income per share of $0.34
Adjusted diluted net income per share(1) was $0.47, an increase of 5.1% from $0.45
Restaurant level operating profit(1) was $52.9 million, an increase of 13.8%, with restaurant level operating profit margin of 15.4%, an increase of 100 basis points
Adjusted EBITDA(1) was $33.1 million, an increase of 21.1% from $27.3 million
The Company repurchased and retired approximately 234,000 shares of its common stock at a cost of approximately $8.0 million
Fiscal 2024 Compared to Fiscal 2023, as applicable
Total revenues increased 1.8% to $1.4 billion
Comparable restaurant sales increased 1.2%
Diluted net income per share was $0.70, a 14.6% decrease from $0.82
Adjusted diluted net income per share(1) was $1.47, a 36.5% increase from $1.08
Restaurant level operating profit(1) was $195.6 million, an increase of 10.0%, with restaurant level operating profit margin of 14.4%, an increase of 110 basis points
Adjusted EBITDA(1) was $117.1 million, an increase of 12.8% from $103.8 million
The Company repurchased and retired approximately 757,000 shares of its common stock at a cost of approximately $25.1 million
(1) Adjusted diluted net income per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.
View full version at BJ’s Restaurants
