News

Revenue jumps by 23 percent at The Habit

November 7, 2016

The Habit Restaurants announced that revenue is up  22.6 percent to $71.9 million compared to $58.6 million over this time last year.

"We are pleased with our results this quarter, which included our 51st consecutive quarter of positive comparable restaurant sales, said Russ Bendel, president and CEO of the 160-unit chain.

"We feel that this is a significant accomplishment in light of a challenging quarter for the industry, in addition to lapping a two-year stacked same-store comparison of over 19 percent which consists of 2.9 percent  and 16.2 percent comparable restaurant sales growth in the third quarter of 2015 and the third quarter of 2014, respectively."

Other highlights of the chain's financial results for its third quarter, which ended Sept. 27 include:

• Company-operated comparable restaurant sales increased 0.2 percent.
• Net income was $0.8 million, or $0.04 per diluted weighted average share compared to $0.9 million, or $0.07 per diluted weighted average share in the third quarter of 2015.
• Adjusted fully distributed pro forma net income was $1.4 million, or 5 cents per fully distributed weighted average share compared with $1.7 million, or 6 cents per fully distributed weighted average share for the third quarter of 2015.
• Adjusted EBITDA was $7.4 million compared to $6.8 million for the third quarter of 2015.
• Opened six company-operated restaurants and two franchised restaurants.

"We believe our success is attributable to our longstanding strategy of providing a differentiated high-quality fast casual experience at a tremendous everyday value.  While our underlying operating discipline is the foundation of our continued success, the third quarter also included several successful marketing and culinary initiatives," Bendel said.

2016 outlook

The company anticipates the following for its fiscal year 2016:

• Total revenue between $283 million to $284 million.
• Company-operated comparable restaurant sales growth of approximately 2 percent.
• Opening of 26 to 28 company-operated restaurants and five to seven franchised/licensed restaurants.
• Restaurant contribution margin of 20.6 to 20.9 percent.
• General and administrative expenses of $28.8 million to $29.1 million.
• Depreciation and amortization expense of approximately $15.0 million
• And capital expenditures of $33 million to $35 million.

2017 outlook

The company expects to open 31 to 33 company-operated restaurants in fiscal year 2017.