Sept. 23, 2009
Total comparable domestic restaurant sales at Pizza Inn restaurants decreased 4.4 percent for the 2009 fourth quarter ended June 28, the company has announced. For the year, comps were off 2 percent.
Comparable domestic buffet restaurant sales were off 3.8 percent for the quarter and 1.3 percent for the full year.
Revenues for the quarter were $43.8 million, off percent compared with revenues of $49.5 million for 2008. Net income for the year was $1.2 million, off 57 percent compared with net income of $2.8 million in 2008.
"Despite the tough economic conditions, we are seeing positive results from the changes we have made to the Pizza Inn concept," said Pizza Inn CEO Charlie Morrison.
"Comparable buffet restaurant sales have trended ahead of pizza segment averages, which is encouraging for the continued momentum of the brand," he said. "Our successful new buffet prototype, combined with a great incentive program for franchise development, has delivered 13 new buffet franchise agreements for the coming fiscal year."
Pizza Inn has opened its third company-owned restaurant in Ft. Worth, Texas, in mid-September. The company plans to continue expanding its company-owned store base.