News

Revenues up at The Habit

August 2, 2018

The Habit Restaurants reported Wednesday that total revenue increased 23.4 percent for its second quarter ended June 26, 2018. Company-operated comparable restaurant sales increased 1.2 percent as compared to the second quarter of 2017.

"We are pleased with our second-quarter results, which included a return to positive same-store sales growth. We believe our results reflect progress on our key initiatives laid out earlier this year around convenience, quality and innovation," Russ Bendel, president and CEO, said in the release. "During the quarter, we opened seven new company-operated Habit Burger Grills, of which three were drive-thrus. Our franchisee partners also opened two new restaurants, one in Seattle and a second location in China. This keeps us on track to open approximately 30 new company-operated locations in 2018, including approximately 15 drive-thrus, and seven to nine franchise locations."

Highlights for the second quarter ended June 26, 2018 include:

• Total revenue increased 23.4 percent to $102.9 million compared to $83.3 million in the second quarter of 2017.
•  Company-operated comparable restaurant sales increased 1.2 percent as compared to the second quarter of 2017.
• Net income was $2.1 million, or $0.10 per diluted weighted average share, compared to $1.1 million, or $0.05 per diluted weighted average share, in the second quarter of 2017.
• Adjusted fully distributed pro forma net income was $2.2 million, or $0.08 per fully distributed weighted average share compared to $1.7 million, or $0.06 per fully distributed weighted average share for the second quarter of 2017.
• Adjusted EBITDA was $10.8 million compared to $8.8 million for the second quarter of 2017.
• The company opened seven company-operated restaurants and two franchised restaurants during the second quarter of 2018. As of June 26, 2018, the company had 211 company-operated locations and 20 franchised/licensed locations (excluding eight licensed locations in Santa Barbara County, California, from which the company is not entitled to royalties) for a system-wide total of 231 locations.