Carrols Restaurant Group, Inc. Reports Preliminary Sales Results for the Fourth Quarter and Full Year 2019
January 13 2020 - 7:00AM
Business Wire
Company to Host Fireside Chat at the 22nd
Annual ICR Conference on January 14th
Carrols Restaurant Group, Inc. (“Carrols” or the “Company”)
(Nasdaq: TAST) today reported preliminary sales results for the
fourth quarter and full year 2019. The Company also announced that
it would host a fireside chat at the 22nd Annual ICR Conference
tomorrow morning at 10:00 AM ET.
For the Fourth Quarter of 2019 versus the Fourth Quarter of
2018:
- Total restaurant sales increased 29.2% to $397.6 million
(including $73.6 million in restaurant sales from the restaurants
acquired in the Cambridge acquisition completed in the second
quarter of 2019) from $307.8 million in the prior year
quarter;
- Comparable restaurant sales for the Company’s Burger King
restaurants increased 2.0% compared to a 2.7% increase in the prior
year quarter, or an increase of 4.7% on a two-year stacked
basis;
- Comparable restaurant sales for the Company’s Popeyes
restaurants increased 21.2% compared to same-store sales under
previous ownership in the prior year quarter; and
- Promotions and discounts were 19.0% of the Company’s comparable
Burger King restaurant sales compared to 26.6% in the prior year
quarter.
For the Full Year 2019 versus the Full Year 2018:
- Total restaurant sales increased 23.2% to $1,452.5 million
(including $193.1 million in restaurant sales from the Cambridge
acquisition completed in the second quarter of 2019) from $1,179.3
million in the prior year;
- Comparable restaurant sales for the Company’s Burger King
restaurants increased 2.2% compared to a 3.8% increase in the prior
year, or an increase of 6.0% on a two-year stacked basis; and
- Comparable restaurant sales for the Company’s Popeyes
restaurants increased 11.9% compared to same-store sales under
previous ownership in the prior year.
Daniel T. Accordino, Chairman and Chief Executive Officer of
Carrols, commented, “Although comparable sales decelerated in
November and December versus October, we are encouraged by the
continued strength of the Impossible Whopper, the Popeyes Chicken
Sandwich, and the muted discount environment throughout the fourth
quarter as compared to the comparable prior year period. We lapped
the highest level of 2018 discounting during November and December,
which resulted in more modest comparable sales growth in the fourth
quarter of 2019 than in the prior year quarter.”
Accordino continued, “Looking ahead, we are optimistic about the
compelling 2020 marketing initiatives at both Burger King and
Popeyes and expect to realize margin improvement at the acquired
Cambridge restaurants throughout this year as we complete the
integration of these restaurants and fully implement our
operational best practices, improve controls over sales, and
optimize food and labor expenditures. We believe that Carrols is
well-positioned to benefit from two world-class brands with
significant scale advantages and a supportive franchisor partner as
we execute on growth opportunities across multiple attractive
markets.”
ICR Conference Participation
Carrols will participate in a fireside chat at the 22nd Annual
ICR Conference at the Grande Lakes Orlando Resort in Florida
tomorrow morning, Tuesday, January 14, 2020, at 10:00 AM ET.
Investors and interested parties may listen to a webcast of this
discussion by visiting www.carrols.com under the tab “Investor
Relations” or directly through the ICR Conference website at
www.icrconference.com.
About the Company
Carrols is one of largest restaurant franchisees in the United
States, and currently operates 1,100 restaurants. It is the largest
BURGER KING® franchisee in the United States currently operating
1,035 BURGER KING® restaurants and also operating 65 POPEYES®
restaurants. It has operated BURGER KING® restaurants since 1976.
For more information on Carrols, please visit the company's website
at www.carrols.com.
About the ICR Conference
The ICR Conference is a unique platform where public and private
company management teams, institutional investors, sell-side
research analysts, investment bankers, private equity professionals
and select media connect and network with one another as the year
begins. The event is one of the largest investment conferences of
the year, featuring presentations by more than 170 public and
private companies, with attendance regularly exceeding 2,500. For
more information please visit www.icrconference.com.
Forward-Looking Statements
Except for the historical information contained in this news
release, the matters addressed are forward-looking statements.
Forward-looking statements, written, oral or otherwise made,
represent Carrols' expectation or belief concerning future events.
Without limiting the foregoing, these statements are often
identified by the words "may", "might", "believes", "thinks",
"anticipates", "plans", "expects", "intends" or similar
expressions. In addition, expressions of our strategies,
intentions, plans or guidance are also forward-looking statements.
Such statements reflect management's current views with respect to
future events and are subject to risks and uncertainties, both
known and unknown. You are cautioned not to place undue reliance on
these forward-looking statements as there are important factors
that could cause actual results to differ materially from those in
forward-looking statements, many of which are beyond our control.
Investors are referred to the full discussion of risks and
uncertainties as included in Carrols' filings with the Securities
and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200113005177/en/
Investor Relations: Raphael Gross 203-682-8253
investorrelations@carrols.com
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