Ignite Restaurant Group Inc. reported on Tuesday a $1.9 million loss in the Sept. 30-ended third quarter. Revenue for the Houston-based casual-dining operator rose 76.3 percent, reflecting the April 9 acquisition of the Macaroni Grill chain, which contributed $87.4 million in quarterly revenue. Same-store sales dipped at Macaroni Grill while they rose at Joe’s Crab Shack and Brick House Tavern + Tap.
Ray Blanchette, Ignite’s chief executive, said in a statement, “We continue to work diligently toward improving sales and margins at Macaroni Grill. While there is much left to do to reach our expectations, we continue to make tangible progress.”
NET LOSS
Result: -$1.9 million, or 8 cents per share(from $8.9 million, or 35 cents per share)
REVENUE
Result: $227.6 million% Increase: 76.3% (from $129.1 million)
SAME-STORE SALES
% Increase at Joe's Crab Shack: 3.3%
% Increase at Brick House Tavern + Tap: 4%
% Decrease at Macaroni Grill: 2.7%
Source: Company report
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