Heavy asset impairment charges and comparisons to a 53-week operating year in 2013 drove down Bravo Brio Restaurant Group Inc.’s net income in the fourth quarter and full year. Nonetheless, leaders of the Columbus, Ohio-based casual-dining operator reported optimism for several initiatives in 2014.
The 108-unit chain managed to grow full-year revenue 0.5 percent, to $411.1 million. Chief executive Saed Mohseni said in a statement that a successful holiday promotion in December raised profit margins and average check to help the company reach the higher end of its previous guidance for quarterly adjusted profit.
4Q NET INCOME
Result: $2.7 million, or 14 cents per share% Decrease: 161.4% (from $4.4 million, or 22 cents per share)
4Q REVENUE
Result: $106.1 million% Decrease: 5.2% (from $112.0 million)
4Q SAME-STORE SALES
% Decrease at Bravo! Cucina Italiana: 1.3%
% Decrease at Brio Tuscan Grille: 1.5%
Source: Company report
FULL YEAR NET INCOME
Result: $7.5 million, or 37 cents per share% Decrease: 53.4% (from $16.1 million, or 78 cents per share)
FULL YEAR REVENUE
Result: $411.1 million% Increase: 0.5% (from $409.1 million)
FULL YEAR SAME-STORE SALES
% Decrease at Bravo! Cucina Italiana: 2.0%
% Decrease at Brio Tuscan Grille: 3.4%
Source: Company report
RELATED:
• Bravo Brio 2Q profit, same-store sales decline
• Bravo Brio to focus on front of house
• Same-store sales at NRN.com
Contact Mark Brandau at [email protected].
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