Sbarro reports sales declines, losses and store closures for '02

Aug. 26, 2002

MELVILLE, N.Y. -- Sbarro, Inc. reported in an Aug. 23 SEC filing that decreased traffic at malls and airports continues to hurt store sales in a post-9/11 economy.

For the 28 weeks ended July 14, Sbarro's revenues dropped 6.5 percent to $184.5 million, compared to $197.2 million for the same period in 2001.

The revenue fueled a $5.8 million after-tax loss for the period, compared with a loss of $8.7 million last year.

Revenue for the 14 weeks ended July 14 was $75.7 million, a decline of 6.6 percent from $81 million in the same period last year.

The company posted a $3.3 million after-tax loss for the period, compared to a loss of $4.6 million for the same period last year.

For the first half of the year, comparable-store sales were off 4.5 percent, and 4.9 percent for the second quarter.

In the first half of 2002, Sbarro closed 32 units (19 company-owned, 13 franchised). It also reported that 17 additional units were shuttered in its third quarter (its current operating period), and that it anticipates closing at least 13 more under-performing stores before year's end.

A total of 913 Sbarro restaurants remain in operation, down from 921 in the second quarter of last year.

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