SYRACUSE, N.Y. — Carrols Restaurant Group Inc., the parent company of Carrols Corp., has announced financial results for the third quarter ended Sept. 28, 2008. Carrolls Restaurant Group is the largest Burger King franchisee based on number of restaurants and owns and operates the fast casual brands Pollo Tropical and Taco Cabana.
Comparable restaurant sales increased 3.5 percent at Burger King but were down 1.9 percent at Pollo Tropical and 0.9 percent at Taco Cabana.
Total revenues increased 2.7 percent to $209.1 million from $203.5 million, including a 3.6 percent increase for the company's fast casual brands. Revenues for the company's Hispanic brands for the quarter were $33.4 million compared to $42.6 million in the same period last year.
Taco Cabana posted an increase in revenues of 4.7 percent to $64.1 million for the quarter compared to $61.3 million last year, due primarily to the opening of 13 new stores since the beginning of third quarter 2007.
Pollo Tropical revenues were up 1.9 percent to $43.4 million for the third quarter, compared with $42.6 million last year, due primarily to 10 new Pollo Tropical store openings since the beginning of third quarter 2007.
Burger King revenues were up 1.9 percent to $101.5 million for the quarter compared with $99.7 million in the same quarter last year. The company closed 11 restaurants since the beginning of third quarter 2007.
Net income for the third quarter was $3.7 million, down 24.5 percent from $4.9 million last year.
Year to date
Year-to-date total revenues were $615.5 million, up 3.9 percent from $592.2 last year. Year-to-date net income was $8.4 million, down 27 percent from $11.5 million for the first htree uqarters of last year.
