SCOTTSDALE Ariz. Star Buffet Inc. reported Wednesday a third-quarter net loss that widened on closed restaurants, sales drops and impairment charges.
For the third quarter ended Nov. 2, Star Buffet posted a net loss of $866,000, or 27 cents per share, compared with a year-ago loss of $18,000, or one cent a share.
Revenue fell 25.1 percent to $15.6 million in the third quarter, which the company blamed on a $2.1 million decrease in sales from eight closed restaurants and a $3.4 million drop in same-store sales.
The Scottsdale-based company operates several proprietary and franchised concepts, including HomeTown Buffet, JB's restaurants, K-BOB'S Steakhouses, Casa Bonita Mexican restaurants and Pecos Diamond Steakhouse.
Star Buffet ended the third quarter with 62 restaurants in operation and six non-operating locations, compared with 65 operating units and seven non-operating branches in the year-ago quarter.
Contact Alan J. Liddle at [email protected].
