Food & Beverage

BurgerFi boosts Q2 2021 sales, earnings

Image provided by BurgerFi.

August 12, 2021

BurgerFi International Inc. reported total revenue increased 65% from $7.2 million in Q2, 2021 to $11.8 million in the quarter ending June 30, 2021, as both corporate and franchise stores posted double-digit gains, according to a press release.

Systemwide sales increases for the fast casual chain were supported by an increase in average check value, the company's digital channel sales, as well as the introduction of the SWAG burger in 2021.

Systemwide sales increased 63% to $44.2 million compared to $27.1 million for the comparative quarters.

Corporate-owned restaurants delivered a 39% increase in same store sales with sales exceeding 2019 levels. Franchised locations delivered a 45% increase in same store sales during the period.

Net income attributable to controlling interests and common shareholders in the second quarter rose from $100,000 in Q2, 2020 to $9 million. The increase was primarily attributable to the impact of the gain on change in value of warrant liability.

The company is providing limited modeling assumptions related to its plans for 2021, as these projections do not consider the potential impact from a COVID-19 resurgence.

The company plans to open between 25 and 30 new restaurants in 2021 as well as 15-20 ghost kitchens.

Shares traded at $11.15 today against a 52-week range of $9.03-$17.10.

"The second quarter continued our trend of positive sales growth, driven by increases in same store sales, unit growth and unit re-openings in both our corporate owned and franchised restaurants," Ophir Sternberg, executive chairman, said in the release. "Our top-line growth reflects the continued momentum we are seeing in the COVID-19 recovery, as well as our new store openings and the successful execution of our marketing strategy and programs."