Rave Restaurant Group Inc. focused on cost control in its Dec. 24-ended second quarter, leading to a net income of $600,000, the restaurant company reported Thursday.
Brandon Solano, Rave CEO, said in a statement: “This fiscal quarter, we focused on our unwavering commitment to maintain tight cost control, which has been a cornerstone of our success.”
The Colony, Texas-based company, which also owns the Pie Five fast-casual brand, said net income was $600,000, or four cents a share, nearly double the $300,00, or two cents a share, reported in the same period last year. Revenue declined slightly by $100,000, to $2.8 million, compared to the prior-year quarter, the company said.
“Despite a slight decrease in total revenue, we saw steady profit growth with net income reaching $0.6 million compared to $0.3 million in the same period last year," Solano said. “This is a testament to the dedication of our team and the effectiveness of our financial strategies, positioning us for sustained growth and shareholder value.”
Pizza Inn domestic same-store retail increased 7% in the quarter. Pie Five domestic same-store sales increased 0.8% in the period.
On the company’s reimaging program, Solano noted, “We’ve embarked on a significant journey to reimagine our stores, and I’m excited to announce 10 more Pizza Inn restaurants are set to begin the process, which elevates both the aesthetics and functionality.”
The company has completed a prototype in Asheboro, N.C., Solano said. “We anticipate completing most of these transformations before the end of the fiscal year,” he said.
As of Dec. 24, Pizza Inn’s domestic unit count was 112. Pizza Inn’s international unit count was 18. Pie Five had 24 domestic restaurants.
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