Fiesta Restaurant Group Inc. reported an 81.6-percent jump in net income for the Sept. 28-ended third quarter, with traffic gains at both its Pollo Tropical and Taco Cabana brands, the company said Tuesday.
The Addison, Texas-based fast-casual operator said guest traffic increased 4.6 percent at Pollo Tropical and 0.9 percent at Taco Cabana during the third quarter, compared with the prior year.
“During the third quarter, we grew our top-line by double digits through contributions from recent restaurant openings and strong comparable restaurant sales increases, while sales leverage and management initiatives drove robust margin expansion,” Tim Taft, Fiesta’s president and chief executive, said in a statement.
During the quarter, Fiesta opened seven new company-owned Pollo Tropical restaurants in Florida and Texas and two new company-owned Taco Cabana units in Texas. It also closed two Taco Cabana locations in Texas.
As of Sept. 28, Fiesta owned and operated 119 Pollo Tropical units and 166 Taco Cabana restaurants, including one Cabana Grill location. The company has 36 franchised Pollo Tropical restaurants in the United States, Puerto Rico, the Bahamas, Ecuador, Guatemala, Honduras, Panama, Trinidad & Tobago, Venezuela and the Dominican Republic, and seven franchised Taco Cabana units in the United States.
3Q NET INCOME
Result: $9.2 million, 34 cents per share% Increase: 81.6%(from $5 million, or 21 cents per share)
3Q REVENUE
Result: $155.3 million% Increase: 10.4% (from $140.7 million)
3Q SAME-STORE SALES
% Increase Pollo Tropical: 5.9%
% Increase Taco Cabana: 3.5%
Source: Company report
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