Mod Pizza spent 2016 growing. The chain announced this week that it added 100 locations system-wide and achieved same-store sales growth of 5.3 percent, bringing its combined 2-year same-store sales growth to over 18 percent.
System-wide sales reached $152 million reflecting a year-over-year increase of 134 percent while company net revenue hit $131 million, up 116 percent over 2015, according to a company press release.
To support its rapid growth, Mod raised $74 million of private equity capital during 2016 from Fidelity Management & Research Company, PWP Growth Equity and other existing investors. To date, Mod has raised more than $150 million in total capital.
"It is tremendously rewarding to see how our unique purpose-driven culture continues to generate industry-leading results as we bring MOD to new communities across the country and the United Kingdom," Scott Svenson, co-founder and CEO of MOD Pizza, said in the release. "Our commitment to making a positive impact on our people and the communities we serve will continue to motivate our team as we focus on growing and improving the business in 2017."
In addition to increasing its presence in existing markets, Mod expanded into Kansas, Kentucky, Missouri, Ohio, South Carolina and Wisconsin. The year also marked its first international expansion with the opening of five locations in the United Kingdom with sites in Leeds, Brighton, Nottingham, Newcastle and a flagship location in London’s Leicester Square.
New store growth created more than 2,000 jobs companywide, bringing total jobs created system-wide under the brand to more than 4,000, according to the release.
Mod also strengthened its executive team in 2016, adding four key individuals: Bob Barton, chief financial officer; Carole McCluskey, chief technology officer; Lisa Luebeck, vice president of legal and general counsel; and Megan Hansen, vice president of people, according to the release.
Topics: Operations Management