Fiesta Restaurant Group Inc. swung to a profit in the fourth quarter ended Dec. 28 on same-store sales increases at both its Pollo Tropical and Taco Cabana brands, the company reported Thursday.
The Addison, Texas-based fast-casual operator said same-store sales increased 7.7 percent and same-store traffic rose 3.8 percent at Pollo Tropical during the quarter. Same-store sales grew 6.1 percent and traffic increased 1.6 percent at Taco Cabana.
Tim Taft, Fiesta’s president and CEO, said the company was focused on developing new corporate restaurants, recruiting and training staff, completing a reimaging of the Taco Cabana system and starting a remodeling program at the Pollo Tropical system, and building off-premise sales.
During the fourth quarter, Fiesta opened five company-owned Pollo Tropical restaurants in Texas and one Cabana Grill restaurant, a version of its Taco Cabana concept, in Florida. As of Dec. 28, the company owned and operated 124 Pollo Tropical units and 167 Taco Cabana locations, two under the Cabana Grill brand. Fiesta has an additional 37 franchised Pollo Tropical restaurants in the United States, Puerto Rico and Central America and seven franchised Taco Cabana units in the United States.
4Q NET INCOME
Result: $9 million, 35 cents per share(from -$5.6 million, or -22 cents per share)
4Q REVENUE
Result: $156.2 million% Increase: 14.7% (from $136.2 million)
4Q SAME-STORE SALES
% Increase Pollo Tropical: 7.7%
% Increase Taco Cabana: 6.1%
Source: Company report
FULL YEAR NET INCOME
Result: $36.2 million, or $1.35 per share% Increase: 290.8% (from $9.3 million, or 39 cents per share)
FULL YEAR REVENUE
Result: $611.1 million% Increase: 10.1% (from $551.3 million)
FULL YEAR SAME-STORE SALES
% Increase Pollo Tropical: 6.6%
% Increase Taco Cabana: 3.3%
Source: Company report
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Contact Ron Ruggless at [email protected].
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