Del Frisco's Restaurant Group Plans to Focus on Improving Existing Locations
Del Frisco’s Restaurant Group, Inc., the owner and operator of the Del Frisco’s Double Eagle Steak House, Sullivan’s Steakhouse, and Del Frisco’s Grille restaurant concepts, reported preliminary and unaudited sales results for the fourth quarter and fiscal year 2015 ended December 29.
For the fourth quarter 2015 compared to the fourth quarter 2014:
- Consolidated revenues are expected between $113.9 million and $114.1 million representing an increase of 7.7 percent to 7.8 percent from $105.8 million.
- Comparable restaurant sales decreased 1.6 percent at Del Frisco’s Double Eagle Steak House.
- Comparable restaurant sales decreased 1.8 percent at Sullivan’s Steakhouse.
- Comparable restaurant sales decreased 4.5 percent at Del Frisco’s Grille.
- Blended comparable restaurant sales decreased 2.2 percent.
For the fiscal year 2015 compared to the fiscal year 2014:
- Consolidated revenues are expected between $331.4 million and $331.6 million representing an increase of 9.8 to 9.9 percent from $301.8 million.
- Comparable restaurant sales increased 0.1 percent at Del Frisco’s Double Eagle Steak House.
- Comparable restaurant sales increased 0.2 percent at Sullivan’s Steakhouse.
- Comparable restaurant sales decreased 4.4 percent at Del Frisco’s Grille.
- Blended comparable restaurant sales decreased 0.7 percent.
Mark S. Mednansky, chief executive officer of Del Frisco's Restaurant Group, Inc., says, "Our fourth quarter top-line and comparable restaurant sales results fell short of our expectations due to macro pressures as well as some of the same factors that we articulated during our third quarter conference call. Namely, challenges in some markets related to the oil-industry slowdown. We did see each consecutive period within the quarter improve versus the prior period. In 2016 we will be devoting greater effort towards refining and improving operations at all of our existing restaurants while limiting development. We believe this approach will pay long-term dividends for the benefit of all shareholders and will position us for growth in 2017 and beyond.”
In the fourth quarter of 2015, three Del Frisco’s Grilles opened in Little Rock, Arkansas, Hoboken, New Jersey, and Cherry Creek, Colorado. Additionally two Del Frisco’s Grilles in Palm Beach, Florida, and Phoenix, Arizona, closed.
During 2016, two to three Grilles will open, including locations in Huntington, Long Island, New York, and in Nashville, Tennessee. Early in the fourth quarter of 2016, the Del Frisco's Double Eagle Steak House in North Dallas will move to Uptown Dallas. Del Frisco's Double Eagle Steak House Dallas will continue to serve guests from its current location in North Dallas until the new restaurant is completed.