Company’s same-store sales down 6.8%
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Ignite Restaurant Group’s combined same-store sales were down 6.8 percent in the third quarter ended Sept. 26, the company reported Wednesday.
The Houston-based casual-dining company said same-store sales were down 6.5 percent at its Joe’s Crab Shack brand and decreased 8.9 percent at its smaller Brick House Tavern Tap concept.
Ignite also said it closed 14 Joe’s restaurants and one Brick House unit in the third quarter. The company had warned in August that it would be closing at least eight restaurants. Ignite has closed 17 Joes and the one Brick House this year.
"We experienced downward pressure on our comparable restaurant sales during the current quarter, most significantly in the Texas market, which was a reflection of an overall challenging environment for casual dining,” said Robert Merritt, Ignite CEO, in a statement.
“Consumers have continued to be prudent with discretionary spending and remain extremely value conscious,” Merritt said.
For the third quarter, Ignite reported a loss of $15.2 million, or 59 cents a share, which compared to a loss of $3.9 million, or 15 cents a share, in the same period last year. Revenues were down 10 percent, to $119.9 million from $133.4 in the prior-year quarter.
As of Sept. 26, Ignite had 138 restaurants, down from 154 at the end of the same quarter last year. That includes 113 Joe’s and 25 Brick House units.
Contact Ron Ruggless at [email protected]
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