News

Rave reports positive Q3

Dallas, Texas-based Rave Restaurant Group Inc. reported financial results for the third quarter of fiscal 2015 ended March 29, 2015.

May 13, 2015

Dallas, Texas-based Rave Restaurant Group Inc. reported financial results for the third quarter of fiscal 2015 ended March 29, 2015, in a company press release.

Total consolidated revenue increased 9.1 percent to $11.9 million compared to Q1 2014. Pizza Inn domestic comparable store sales increased 6.0 percent from the same period of the previous year, while total domestic retail sales increased by 3.0 percent, the company said.

Pie Five comparable store retail sales increased 9.5 percent from 2014 and saw a system-wide total retail sales increase of 109 percent, with average weekly sales climbing 10.6 percent, year over year.

The company reported a net loss of $0.6 million, including $0.3 million in impairment charges, $0.1 million greater than the same quarter of the prior year. Adjusted EBITDA increased by $0.3 million compared to the same period of the previous year, to a positive $0.1 million.

Nine additional Pie Five restaurants opened during the quarter bringing the total to 40. Pie Five also signed two additional franchisees with commitments to build up to 34 restaurants in five states, according to the announcement.

"We are very pleased with our results from the third quarter and believe the results reflect a continuation of our vision and steady quarter to quarter improvements," said Randy Gier, CEO of Rave Restaurant Group Inc, in a statement. "Pie Five continues its very impressive comp sales growth and new store development as it pioneers the emerging fast casual pizza segment. Furthermore, Pizza Inn recorded its fourth consecutive quarter of positive comp sales, which we view as a sign that we're returning this great brand to stability after a number of years of challenging results."