News
Rubio's net up 22%
November 7, 2007
CARLSBAD, Calif. — Rubio's Restaurants Inc. reported a same-store sales increase of 7.1 percent for the third quarter ended Sept. 30, 2007, versus a comps increase of 1.8 percent for the same period last year.
Total revenues for the quarter rose 13.5 percent to $44 million, up from $38.8 million for the same quarter last year.
Net income took the biggest jump of the quarter, increasing 22 percent to $732,000 from $600,000 for the same quarter last year.
"I am pleased with our strong sales growth and a 22-percent increase in net income," said Dan Pittard, Rubio's president and CEO. "We continued to experience some food and labor cost pressures during the quarter. However, we have signed almost all of our major food contracts for 2008, and we will implement a new labor model in the fourth quarter."
Year-to-date, comparable-store sales increased 7.7 percent versus a comps increase of 1 percent for the same three quarters last year.
Revenues rose 15.3 percent to $128 million, up from $111 million for the same three quarters last year. Net income also increased, up 16.2 percent to $1.4 million compared with $1.2 million for the same three quarters last year.
During the company's third quarter, the Southern California wildfires contributed to the closing of 23 Rubio's locations throughout San Diego and Orange County. All of the locations had been reopened by Oct. 29.
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