Ignite Restaurant Group Inc. reported Thursday swinging to profit in the June 30-ended second quarter compared to last year.
The Houston-based parent to the Romano’s Macaroni Grill, Joe’s Crab Shack and Brick House Tavern + Tap brands said its systemwide same-store sales fell 3.1 percent, while the Brick House chain saw an 8.5-percent increase in same-store sales.
Ray Blanchette, Ignite’s chief executive, said that second-quarter results were challenged by some lingering effects of winter weather, as well as “some cannibalization of Joe's Crab Shack sales as we significantly increased the number of locations in the Northeast over the past three years.”
He noted that results from Macaroni Grill, which it acquired in April 2013, “were generally in line” with the company’s expectations. “However our team continues to focus on a robust pipeline of initiatives to drive sales growth and improve profitability,” he said.
Ignite ended the quarter with 330 casual-dining restaurants: 174 Macaroni Grills, 136 Joe’s Crab Shacks and 20 Brick House units.
2Q NET INCOME
Result: $1.8 million, or 7 cents per share(from a loss of $2.5 million, or a loss of 10 cents per share)
2Q REVENUE
Result: $229.8 million % Increase: 0.8% (from $228.1 million)
2Q SAME-STORE SALES
% Decrease systemwide: 3.1%
% Increase at Brick House: 8.5%
% Decrease at franchised Joe's Crab Shack: 4.7%
% Decrease at Macaroni Grill: 2.6%
Source: Company report
RELATED:
• Ignite swings to loss in 1Q
• Ignite CMO to leave without replacement
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless
