Mod Pizza reports 81% increase in system-wide sales
Mod Pizza finished 2017 with a 5.2 percent growth in same-store sales and reported that system-wide sales grew 81 percent to $275 million. Company net revenue was up 68 percent over the previous year to $219 million, according to a company press release.
"2017 was an amazing year for MOD as we added 110 stores to our system-wide store base, making it the second year in a row during which we grew by 100 stores or more," co-founder and CEO Scott Svenson said in the release. "We continued our aggressive geographic expansion entering seven new states, giving us a presence in 27 states at year end.
"We accomplished this during a difficult period for the broader restaurant industry, and we believe our remarkable growth was enabled, in significant part, by our continued commitment to make a positive social impact. In 2017 alone, MOD contributed over $1 million to support our local communities and Squad members in need."
Mod took up residence in Indiana, Montana, Utah, Delaware, Florida, Nevada and Georgia, while also beefing up its leadership team. It added COO Paul Twohig, CMO Tracy Cioffi, Vice President of Culinary Robin Hamm and Vice President of Technology Robert Notte. Dunkin' Brands CFO Kate Jaspon also joined the board for the company.
MOD and its franchisees donated more than $364,000 to Generosity Feeds to help create a half-million meals for kids struggling with hunger.
To support the chain's growth, MOD raised $33 million in equity in 2017, and closed on a $40 million credit facility. To date, MOD has raised over $185 million in total equity capital.