Severe winter weather constrained traffic in the first quarter at Carrols Restaurant Group Inc., the nation’s largest Burger King franchisee, leading to a 2.5-percent decrease in same-store sales for the March 30-ended period. The company said its net loss widened to $7.4 million, compared with $5.2 million in the first quarter of 2013, due mostly to timing differences caused by legislative delays to extending the Work Opportunity Tax Credit incentives both years. Syracuse, N.Y.-based Carrols operates 560 Burger King locations in 13 states.
1Q NET LOSS
Result: -$7.4 million, or -32 cents per share% Decrease: 42.3% (from -$5.2 million, or -23 cents per share)
1Q REVENUE
Result: $151.5 million% Decrease: 3.0% (from $156.1 million)
1Q SAME-STORE SALES
% Decrease: 2.5%Source: Company report
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• Carrols narrows 3Q net loss
• Carrols: 2Q loss related to Burger King unit closings
• More restaurant finance news
Contact Mark Brandau at [email protected].
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