CARLSBAD, Calif. — Rubio's Restaurants Inc. has announced financial results for the fourth quarter and year ended Dec. 28, 2008.
For the quarter, comparable-store sales decreased 0.2 percent, versus a comparable-store sales increase of 1.7 percent for the same quarter last year. The impact of increased check averages almost entirely offset a decline in customer visits, according to a company news release.
Revenues for the quarter increased 7.8 percent to $45 million, up from $41.7 million for the same quarter last year.
The company also reported a net loss of 21.5 percent, or $190,000, down from $242,000 for the same quarter last year. The average unit volume for restaurants in the company's comp base for the trailing 52 weeks was $1 million.
For the year
Comparable-store sales decreased 2.4 percent for the year versus a comps increase of 6.2 percent reported during the same period last year. Increased check averages partially offset a decline in customer visits.
Revenues rose 5.6 percent to $179.3 million, up from $169.7 million for 2007.
Net income was $189,000 as compared to net income of $1.2 million reported for the same period last year.
During the year, Rubio's launched Grilled Gourmet Tacos and opened 17 new locations.
"While we have more than 30 sites identified for 2009, we are mindful of the challenges our economy faces. Consequently, we will take a disciplined approach and limit the number of binding lease agreements we sign each quarter to limit our exposure in this difficult economy," said Dan Pittard, Rubio's president and CEO.
In 2009, Rubio's has opened four new units and is targeting an additional 10 to 20 openings in mature trade areas that have not been as hard-hit by the sub-prime mortgage crisis, Pittard said.
