News

Fatburger parent flat as same-store sales gain in first public year

November 12, 2018

Fat Brands Inc. reported third-quarter earnings at a break-even level in its first full year since an initial public offering, as same-store sales increased at its multiple restaurant chains.

The company, which owns several restaurant brands including Fatburger, said net income during the quarter was $10,000 or break even on a per share basis, as the Los Angeles-based firm showed positive movement on same-store sales at its Fatburger & Buffalo's Express, Buffalo's Cafe, Ponderosa and Bonanza Steakhouse restaurants. 

Fat Brands reported systemwide same-store sales growth of 4.7 percent, compared with the year-ago quarter, led by Fatburger & Buffalo's Express at 8.3 percent and Buffalo's Cafe at 8 percent. 
 
"Third quarter results demonstrated continued business momentum as we achieved acquisition synergies and positive same-store sales growth across our Fatburger & Buffalo's Express, Buffalo's Cafe, and Ponderosa and Bonanza Steakhouse brands," Andy Wiederhorn, president and CEO of FAT Brands said in the release. 

Revenue during the quarter was $5.9 million. 

The company was formed in March 2017, as a unit of Fog Cutter Capital Group Inc. and completed a public offering in October 2017. The company acquired Hurricane Grill & Wings in July of this year, part of a larger expansion of restaurant brands.