Del Frisco’s Restaurant Group Inc. reported Tuesday an increase in net income of 19.3 percent in the first quarter ended March 24, even as the company said it was working to improve sales at its Del Frisco’s Grille brand.
The Southlake, Texas-based fine-dining operator said blended same-store sales at all three of its concepts rose 2.2 percent in the quarter. Same-store sales rose 2.3 percent at Del Frisco’s Double Eagle Steakhouse and 4.8 percent at Sullivan’s Steakhouse, but the Grille’s same-store sales fell 3.5 percent.
Del Frisco’s CEO Mark Mednansky said the company was working on the Grille’s “near-term” issues.
“Although there is more work to be done, we believe that the ongoing brand refinements are addressing our areas of opportunity and will enhance our appeal to a broad demographic of upwardly mobile and affluent guests,” Mednansky said in a statement.
The company will open seven restaurants this year, Mednansky said. Del Frisco’s has 46 restaurants in 20 states and Washington, D.C.
1Q NET INCOME
Result: $5.4 million, or 23 cents per share% Increase: 19.3% (from $4.5 million, or 19 cents per share)
1Q REVENUE
Result: $75.1 million% Increase: 12.7% (from $66.6 million)
1Q SAME-STORE SALES
% Increase blended: 2.2%
% Increase Del Frisco’s Double Eagle: 2.3%
% Increase Sullivan’s Steakhouse: 4.8%
% Decrease Del Frisco’s Grille: 3.5%
Source: Company report
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