Famous Dave’s has made numerous real estate plays as part of the company’s strategy to focus on off-premise sales.
On Monday, CEO Jeff Crivello said the company had bought 10 stores in Michigan, Wisconsin, Ohio and Colorado in recent weeks. The newly acquired restaurants will be refreshed, along with two company-owned stores, Crivello said.
Those refurbishments, a menu overhaul and the introduction of a fast-casual version of Famous Dave’s in Arizona are among several turnaround initiatives by the chain.
“Investments we’ve made and continue to make in this multi-year turnaround should begin to deliver more significant financial improvements later this year,” Crivello said in a statement.
For the quarter ended March 31, Minnetonka, Minn.-based Famous Dave’s reported revenue of $14.2 million, up from $12.8 million from the same period last year. Net income of $82,000, or 1 cent per share, was down compared to profit of $998,000, or 13 cents a share, for the same period last year.
Same-store sales at company stores increased 1.3% in the first quarter, compared to a 5.2% increase from the first quarter last year. Same-store sales at franchised restaurants, which represent the bulk of the chain’s units — 117 out of a total 138 locations — decreased 1% compared to a decline of 1.6% last year, same quarter.
Get a closer look at the new store in Arizona.
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