Famous Dave's Shares Second Quarter Financial Report
Famous Dave's of America reported financial results for the second quarter and six months ending June 30, 2013.
Revenues increased 5 percent over the second quarter of 2012 to $43.4 million, and same-store sales increased 3.8 percent. Net income for the second quarter was $2.1 million, in comparison to last year’s $1.9 million.
"I am pleased with our performance in spite of the economic environment that continues to challenge the restaurant industry. Our improved quarterly financials are the result of a more focused organization executing on our previously announced program to optimize the customer experience at each point of interaction: dine-in, To Go, catering, and retail,” says John Gilbert, CEO of Famous Dave's. “As a result of these efforts I firmly believe we are a stronger company today than we were one year ago—with company-owned same-store sales growth, improved store-level profitability, and reduced general and administrative expenses more appropriate for the size of our business."
Famous Dave's opened a restaurant in Puerto Rico during the second quarter, and closed a franchise location in New York City. Famous Dave's ended the quarter with 187 restaurants, including 53 company-owned restaurants and 134 franchise-operated restaurants, located in 34 states, the Commonwealth of Puerto Rico, and 1 Canadian province. Subsequent to the quarter, the Company opened 3 franchise-operated restaurants, in Holt, Michigan; Omaha, Nebraska; and Hayward, California; and closed a restaurant for relocation purposes, in Overland Park, Kansas.
In addition to 2 company-owned restaurants expected to open in the third and fourth quarter, the company expects to see a total of 9 franchise units opened in 2013.
"We are now beginning to realize the benefits of our improved business model and I am confident that our cost-reduction measures and strategic initiatives introduced throughout this year will continue to drive value improvement for our investors over the long-term,” Gilbert says. “To ensure these positive results will endure, we will continue to implement new initiatives aimed at creating a distinct advantage for us within the marketplace.”