Rave Restaurant Group Inc., which changed its name in January from Pizza Inn Holdings Inc., reported a slight loss for the Dec. 28-ended second quarter, the company said Wednesday.
However, Rave’s fast-casual Pie Five Pizza Co. brand saw same-store sales rise 16.9 percent.
The Colony, Texas-based Rave said 31-unit Pie Five, which it debuted in June 2011, saw systemwide sales increase 118 percent in the quarter over the same period a year ago, with the opening of seven new units.
“Pie Five continues to report double-digit comps, while we invest resources to open new company and franchisee restaurants,” said Rave CEO Randy Gier in prepared remarks.
"The first half of our fiscal year was critical to establishing our growth foundation," Gier said. “Pizza Inn recorded its third consecutive quarter of positive comp sales, reflecting a clear stabilization of our legacy brand.”
Pizza Inn had 252 locations at the end of the quarter.
Gier said development plans for Pie Five were on track.
“We expect to end the 2015 fiscal year with 60 to 65 total restaurants open in the Pie Five system, which includes an estimated 25 to 28 total company-owned restaurants,” he said.
2Q NET LOSS
Result: $399,000, or four cents per share% Decrease: 0.5% (from $397,000, or four cents per share)
2Q REVENUE
Result: $11.1 million% Increase: 11% (from $10 million)
2Q SAME-STORE SALES
% Increase Pizza Inn: 6.4%
% Increase Pie Five: 16.9%
Source: Company report
RELATED:
• Pizza Inn changes name to RAVE
• Pie Five evolves as fast-casual pizza matures
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless
