While 1Q revenue soared, the company reported a net loss of $10M
.svg?width=1280&auto=webp&quality=95&format=jpg&disable=upscale "Nation's Restaurant News")
Zoe’s Kitchen Inc. reported Tuesday a 47.4-percent increase in revenue for the first quarter ended April 21 over the comparable 16 weeks in the prior year, in its first earnings report as a public company.
On April 11, the first day of its IPO, the Plano, Texas-based fast-casual operator saw its stock price rise about 64.8 percent from its opening price of $15 a share.
The company recorded a net loss for the quarter, of $10 million, or 76 cents per share, compared with a loss of $1.4 million, or 11 cents per share, in the comparable period a year ago.
In its first 16-week report, the company said it opened 13 new Zoës Kitchen restaurants and acquired two franchised restaurants. As of April 21, the company had 109 company-owned restaurants and six franchised units. Zoe’s has opened five additional restaurants since that period ended.
1Q NET LOSS
Result: -$10 million, or 76 cents per share
(from -$1.4 million, or 11 cents per share)
1Q REVENUE
Result: $46.3 million
% Increase: 47.4% (from $31.4 million)
1Q SAME-STORE SALES
% Increase: 5.7%
Source: Company report
RELATED:
• Zoës Kitchen parent files for $80.5M IPO
• Zoe’s Kitchen plans expansion after successful IPO
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless
