Carrols Restaurant Group, Inc. Reports Preliminary Sales Results for the Fourth Quarter and Full Year 2021
January 10 2022 - 7:00AM
Carrols Restaurant Group, Inc. (“Carrols” or the “Company”)
(Nasdaq: TAST) today reported preliminary sales results for the
fourth quarter and full year 2021.
Preliminary Sales Results for the
13-Week Fourth Quarter of 2021 versus the 14-Week Fourth Quarter of
2020
- Total restaurant sales were $416.1 million in the fourth
quarter of 2021. Total restaurant sales were $420.5 million in the
fourth quarter of 2020, which included a $28.4 million contribution
from the 14th week in 2020;
- Comparable restaurant sales for the Company's Burger King®
restaurants increased 7.4% (October +5.0%, November +9.7%, December
+8.3%); and
- Comparable restaurant sales for the Company’s Popeyes®
restaurants increased 1.0%.
Preliminary Sales Results for the
52-Week Full Year of 2021 versus the 53-Week Full Year of
2020
- Total restaurant sales were $1,652.4 million in the full year
of 2021. Total restaurant sales were $1,547.5 million in the prior
year, which included a $28.4 million contribution from the 53rd
week in 2020;
- Comparable restaurant sales for the Company's Burger King®
restaurants increased 9.1%; and
- Comparable restaurant sales for the Company’s Popeyes®
restaurants decreased 1.9%.
Management Commentary
Daniel T. Accordino, Chairman and Chief
Executive Officer of Carrols, commented, “Our favorable Burger King
comparable restaurant sales performance during the fourth quarter
of 2021 was driven by average check growth of 12.1%, inclusive of
menu price increases and lower promotional activity, partially
offset by a traffic decline of 4.2%. Our Burger King restaurants
also demonstrated strong sequential improvement in comparable
restaurant sales until the last two weeks of December, when we
believe the initial impact of the Omicron variant began slowing
sales trends. Compared to the fourth quarter of 2019, the Company’s
Burger King quarterly comparable restaurant sales rose 7.0%. From a
cost perspective, in the latest quarter we continued to see
meaningful headwinds with respect to commodity and labor cost
inflation similar to what we experienced during the third quarter
of 2021.”
ICR Conference
Participation
Carrols will participate in a virtual fireside
chat at the 24th Annual ICR Conference this morning, Monday,
January 10, 2022, at 8:30 AM ET and host virtual meetings with
institutional investors later in the day. Investors and interested
parties may listen to a webcast of the fireside discussion by
visiting www.carrols.com under the tab “Investor Relations”.
About the Company
Carrols is one of the largest restaurant
franchisees in North America. It is the largest BURGER KING®
franchisee in the United States, currently operating 1,026 BURGER
KING® restaurants in 23 states as well as 65 POPEYES® restaurants
in seven states. Carrols has operated BURGER KING® restaurants
since 1976 and POPEYES® restaurants since 2019. For more
information, please visit the Company's website at
www.carrols.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, including the impact of COVID-19 on Carrols’
business, as included in Carrols' filings with the Securities and
Exchange Commission.
Investor Relations:Raphael
Gross203-682-8253investorrelations@carrols.com
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