Pie Five weekly sales per store up 17% year over year
Pizza Inn Holdings this week announced results for 3Q, which included a weekly sales-per-store increase of 16.9 percent at company-owned Pie Five restaurants.
"The performance of the Pie Five concept was very strong in the third quarter," president and CEO Randy Gier said in a news release. "Despite some negative weather impact early in the quarter, the average weekly sales per store for our 13 company-owned restaurants increased 16.9 percent year over year due to a 4.4 percent increase in comparable store sales and very strong results for the new restaurants opened in the past 12 months. I'm particularly pleased that these strong trends have continued into the current quarter."
Gier said the Pie Five brand has benefited from better site selection and a better concept prototype.
“(They) have had a clear impact on the performance of our four new company-owned restaurants and four new franchised restaurants opened this fiscal year. That group of eight new Pie Five restaurants generated average weekly sales per store in the third quarter that were 45 percent higher than that of the existing 11 company-owned and franchised restaurants," Gier said in the release.
Pie Five’s 20th location opened this week in Richmond, Va., and the company expects the brand to double by the end of this year.
Pizza Inn results
Its sister brand Pizza Inn’s domestic comp sales were up 36.2 percent at company-owned restaurants, and 0.8 percent at franchised units. In addition to signing new franchisees, Pizza Inn is also accelerating the development of company-owned restaurants in multiple metropolitan areas, the release said.
"The Pizza Inn system also demonstrated improved performance in the quarter, with an improved trend of comparable store sales and store count," Gier said. "The hard work by our restaurant support team and our Pizza Inn franchisees is paying off as we bring stability to the system.”