Carrols: 2Q loss related to Burger King unit closingsCarrols: 2Q loss related to Burger King unit closings

Carrols Restaurant Group Inc., the largest Burger King franchisee in the system, reported a loss for the June 30-ended second quarter. The Syracuse, N.Y.-based company said the loss was related largely to the closing of underperforming restaurants during the period. Carrols, which operated 566 Burger King units at the end of the period, had acquired 278 company units from parent Burger King on May 30, 2012. Company officials said they expect to close an additional eight to 10 restaurants this year and remodel more than 100 Burger King units at a cost of more than $45 million.
 

NET LOSS

Result: -$3.5 million, or 15 cents per share
(from -$779,000, or 3 cents per share)

REVENUE

Result: $173.5 million
% Increase: 42.1% (from $122.1 million)

SAME-STORE SALES

% Increase: 1.4%
(Results from restaurants owned prior to the May 30, 2012, acquisition from Burger King)

Source: Company report

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Contact Paul Frumkin at [email protected].
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