Fiesta Restaurant Group, Inc. Reports Preliminary Unaudited First Quarter 2018 Comparable Restaurant Sales Results
April 17 2018 - 6:46PM
Business Wire
Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”)
(NASDAQ:FRGI), parent company of the Pollo Tropical® and Taco
Cabana® fast-casual restaurant brands, reported preliminary
unaudited comparable restaurant sales results for the first quarter
of 2018, which ended on April 1, 2018, in connection with its two
brand General Manager Conferences this week and next.
- Comparable restaurant sales at Pollo
Tropical increased 1.1%, which included a 3.4% increase in average
check, partially offset by a 2.3% decrease in comparable restaurant
transactions. Comparable restaurant sales were negatively impacted
by approximately 0.4% related to a fiscal calendar shift of New
Year’s Day and Easter. Traction across all markets continues to
build with the launch of our new Crispy Pollo Bites® platform and
other implemented hospitality, facility and menu improvements.
- Comparable restaurant sales at Taco
Cabana decreased 1.7%, which included an 11.3% decrease in
comparable restaurant transactions, partially offset by a 9.6%
increase in average check. Comparable restaurant sales were
negatively impacted by approximately 0.4% related to a fiscal
calendar shift of New Year’s Day and Easter. We continue to focus
on evolving our guest base and increasing the profitability of each
transaction by offering high quality menu and promotional items at
reasonable prices, while eliminating deep discounting.
Fiesta President and Chief Executive Officer Richard Stockinger
said, “Executing our Strategic Renewal Plan continued in full force
during the first quarter, and we are encouraged by the improving
sales trajectory across our two brands. Pollo Tropical generated
its first quarter of positive comparable restaurant sales since the
fourth quarter of 2015 and has now experienced four consecutive
months of positive comparable restaurant sales through March.
Trends at Taco Cabana improved sequentially in March, with a
comparable restaurant sales decrease of 0.2% including the negative
impact of approximately 0.6% related to the Easter shift.”
Mr. Stockinger continued, “These encouraging results are being
made possible by the hard work and dedication of our entire Fiesta
team, many of whom will be gathering at our two General Manager
Conferences this week and next to celebrate our significant
accomplishments to date.”
About Fiesta Restaurant Group, Inc.
Fiesta Restaurant Group, Inc., owns, operates and franchises
Pollo Tropical and Taco Cabana® restaurant brands. The brands
specialize in the operation of fast casual/quick service
restaurants that offer distinct and unique flavors with broad
appeal at a compelling value. The brands feature fresh-made
cooking, drive-thru service and catering. For more information
about Fiesta Restaurant Group, Inc., visit the corporate website at
www.frgi.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 Fiesta's 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 Fiesta's strategies,
intentions or plans 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 Fiesta's
control. Investors are referred to the full discussion of risks and
uncertainties as included in Fiesta's filings with the Securities
and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20180417006758/en/
Investor Relations:Raphael
Gross203-682-8253investors@FRGI.com
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