Fiesta Restaurant Group Inc., parent to the Pollo Tropical and Taco Cabana fast-casual chains, reported that net income rose 81.7 percent in the March 30-ended first quarter, compared with the same period a year ago.
Addison, Texas-based Fiesta reported that Pollo Tropical sales increased 15.3 percent, to $71.4 million, in the first quarter, compared with $61.9 million in the year-earlier period. Same-store sales rose 6.3 percent.
Taco Cabana sales increased 3.2 percent, to $73.5 million, in the first quarter, compared with $71.2 million in the prior-year period. The brand saw an 0.8-percent increase in same-store sales.
During the first quarter, Fiesta opened four new company-owned Pollo Tropical restaurants, one in Texas and three in Florida. In April, which was the start of the second quarter, the company opened its first Cabana Grill, a version of Taco Cabana, in Snellville, Ga., near Atlanta.
As of March 30, Fiesta owned and operated 106 Pollo Tropical units and 165 Taco Cabana locations. It also franchised 39 Pollo Tropical restaurants in the United States, Puerto Rico, the Bahamas, Costa Rica, Ecuador, Guatemala, Honduras, India, Panama, Trinidad & Tobago, Venezuela and the Dominican Republic, and seven Taco Cabana restaurants in the United States.
1Q NET INCOME
Result: $8.7 million, or 33 cents per share% Increase: 81.7% (from $4.8 million, or 20 cents per share)
1Q REVENUE
Result: $145.4 million% Increase: 8.8% (from $133.6 million)
1Q SAME-STORE SALES
% Increase at Pollo Tropical: 6.3%
% Increase at Taco Cabana: 0.8%
Source: Company report
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