RAVE Restaurant group reported results today with Pizza Inn in positive same-restaurant sales territory. On the other hand, Pie Five same-restaurant sales decreased.
In the press release, the company also talked about “consolidation” of store units. The Pie Five business is experiencing some issues and is expected to continue to close units.
“With consumer research showing changing consumer preferences, Pie Five is shifting towards a business model focused on delivery, online ordering, carry-out and drive thru initiatives,” said Bafundo.
Financial Highlights
- RAVE total comparable store domestic retail sales increased 0.8%
- Pizza Inn domestic comparable store retail sales increased 2.7%
- Pie Five comparable store retail sales decreased 3.6%
- Total revenue decreased by $1.0 million to $3.2 million for the second quarter of fiscal 2019 compared to $4.2 million for the same period of the prior year primarily driven by reduced Company-owned restaurant count and retail sales.
- Net income improved by $0.8 million to $0.2 million for the second quarter compared to a net loss of $0.6 million for the same period of the prior year.
- Net income of $0.02 per share for the second quarter of fiscal 2019 compared to a net loss of $0.04 per share for the same period of the prior year.
- Adjusted EBITDA of $0.6 million for the second quarter. This increased $0.7 million from the same period of the prior year.
- Pizza Inn domestic unit count finished at 148.
- Pizza Inn international unit count finished at 48.
- PIE domestic unit count finished at 7.
- Pie Five domestic unit count finished at 65.
