BurgerFi International, Inc. is seeing major growth momentum following the acquisition of Anthony’s Coal-Fired Pizza chain in November and significant development activity for its flagship brand. According to the Four Lauderdale, Fla.-based fast-casual burger brand’s earnings report for the quarter ended Dec. 31, 2021, same-store sales grew 7% in comparison to the fourth quarter of last year, attributable to the new acquisition and opening 16 new BurgerFi restaurants.
“The fourth quarter capped off a year of significant growth for BurgerFi,” Ian Baines, CEO of BurgerFi said in a statement. “In the quarter, we initiated the integration of Anthony’s into the BurgerFi system. The BurgerFi brand also performed strongly with a 23% growth in systemwide sales, driven primarily through new store openings and a 7% increase in same store sales.”
Over the course of the full year, BurgerFi saw even more positive results, with systemwide same-store sales growth of 14% for 2021 in comparison to the pandemic year of 2020, and new unit growth of 13% over the past year.
“2021 was a fantastic year of growth and transformation at BurgerFi despite the many industry-wide effects of COVID-19,” Ophir Sternberg said in a statement. “We were able to lay the foundation for significant growth through opening 16 BurgerFi restaurants and through the acquisition of Anthony’s in November.”
BurgerFi particularly focused on digital sales, which have still retained similar volumes since the peak of the COVID-19 pandemic, Baines said. Moving forward, the brand plans to improve digital access and communication with guests to expand its “digital ecosystem” with new technology investments like tableside QR codes, alongside physical growth of 15-20 more BurgerFi restaurant openings planned for 2022.
In January, BurgerFi expanded its executive team by four, with new chief people officer, chief development officer, chief legal officer and corporate secretary.
Total revenue for the fourth quarter of 2021 increased 261% to $35.1 million compared to $9.7 million during the same quarter in 2020, driven by the Anthony’s acquisition. Net income, however, was a weakness for the brand, which reported at a loss of $117.3 million as compared with a net income growth of $5.3 million during the fourth quarter of 2020, related mainly to acquisition-related expenses and costs related to becoming a public company last year.
Contact Joanna at [email protected]
Find her on Twitter: @JoannaFantozzi