Carrols Restaurant Group, Inc. Reports Preliminary Sales Results for the Fourth Quarter and Full Year 2022
January 09 2023 - 6:30AM
Carrols Restaurant Group, Inc. (“Carrols” or the “Company”)
(Nasdaq: TAST), the largest BURGER KING® franchisee in the United
States, today reported its preliminary sales results for the fourth
quarter and full year 2022.
Preliminary sales results for the Fourth Quarter of 2022 versus
the Fourth Quarter of 2021 include:
- Total restaurant sales increased 7.0% to $445.1 million
compared to $416.1 million in the fourth quarter of 2021;
- Comparable restaurant sales for the Company’s Burger King®
restaurants increased 6.2%; and
- Comparable restaurant sales for the Company’s Popeyes®
restaurants increased 9.2%.
Preliminary sales results for the Full Year 2022 versus the Full
Year 2021 include:
- Total restaurant sales increased 4.7% to $1,730.4 million
compared to $1,652.4 million in the prior year;
- Comparable restaurant sales for the Company’s Burger King®
restaurants increased 3.9%; and
- Comparable restaurant sales for the Company’s Popeyes®
restaurants increased 4.9%.
Management Commentary
Anthony E. Hull, Interim President and Chief
Executive Officer of Carrols, commented “We are encouraged by our
sequential top-line improvement with preliminary revenue growth of
7.0% in the fourth quarter of 2022 compared to the fourth quarter
of 2021, primarily driven by 6.2% comparable sales growth at our
Burger King restaurants. As we lapped tougher comparisons in
November and December, we saw continued benefit from reduced
discounting with limited discernible impact on our traffic. From a
cost perspective, inflation continued to impact our business during
the fourth quarter with labor inflation in-line with our
expectations and commodities remaining elevated from a historical
perspective, though both are continuing to see moderation from
levels experienced earlier in the year.”
ICR Conference
Participation
Carrols will host investor meetings at the 25th
Annual ICR Conference on January 9, 2023 and January 10, 2023 in
Orlando, FL.
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 1,022 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, without limitation, the impact of
COVID-19 on Carrols’ business, as included in Carrols’ filings with
the Securities and Exchange Commission.
Investor Relations:Jeff
Priester332-242-4370investorrelations@carrols.com
Carrols Restaurant (NASDAQ:TAST)
Historical Stock Chart
From May 2024 to Jun 2024
Carrols Restaurant (NASDAQ:TAST)
Historical Stock Chart
From Jun 2023 to Jun 2024