Famous Dave's Shares Second Quarter Financial Report | Food Newsfeed
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Famous Dave's Shares Second Quarter Financial Report

July 29, 2013 Industry News
Industry News

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.”

News and information presented in this release has not been corroborated by FSR, Food News Media, or Journalistic, Inc.