Pizza Inn, Pie Five face same-store sales declines

Pizza Inn and Pie Five both have reported domestic comparable-store sales declines in the first quarter of fiscal 2027, as parent company Rave Restaurant Group navigates challenging market conditions and works to strengthen performance across its pizza brands.

For the quarter ended Sept. 27, 2026, Pizza Inn comparable-store sales decreased 4.2%, compared with an 8.1% increase during the same period last year, according to a press release. The company attributed the decline, in part, to a difficult year-over-year comparison following a value promotion centered on an $8 buffet at select Pizza Inn locations. Pie Five experienced a steeper decline, with comparable-store sales falling 18.2%, compared with a 9.1% decrease in the prior-year quarter.

"The first quarter did not meet our expectations as we faced challenging macroeconomic pressures and lapping high comparable store sales of +8.1% at Pizza Inn in the first fiscal quarter of the prior year when we rolled out a value promotion centered around an eight dollar buffet at some Pizza Inn restaurants," Brandon Solano, CEO of Rave Restaurant Group, said in the release.

Despite the sales challenges, Pizza Inn continues to pursue menu innovation, marketing and restaurant expansion to support growth. The company plans to introduce new products in December, backed by a dedicated media campaign, as it looks to improve both comparable-store and total sales.

Solano said the company is focused on initiatives designed to improve performance at both brands, adding, "While we are not satisfied with the comparable store sales results at either Pie Five or Pizza Inn in the first quarter, we maintain confidence in our long-term strategy and have initiatives in place designed to sequentially improve Pizza Inn comparable store and total sales moving forward."

Pizza Inn also reported progress in expanding its buffet footprint. The brand opened a restaurant in Gilbert, South Carolina, during the first quarter and added another location in Warner Robins, Georgia, early in the second quarter. Its domestic footprint ended the quarter at 86 locations, including 81 buffet restaurants, while its international footprint totaled 18 locations. Pie Five ended the quarter with 13 domestic restaurants.

However, Rave adjusted its development expectations, saying it no longer anticipates five previously planned restaurant openings under a 10-unit development agreement to take place during fiscal 2027. Solano attributed the change to recent developments involving the multi-brand operator behind the agreement.

At the corporate level, Rave reported revenue of $3.3 million, up 3.4% year over year, and net income of $665,000, a 3.1% increase.

The company also reported a strengthened financial position, with operating cash flow exceeding $1.1 million and cash and short-term investments totaling $14.8 million at quarter-end. Rave reported no debt.

For Pizza Inn and Pie Five, the next several quarters will be important as the company looks to translate product innovation, marketing investment and its development strategy into improved restaurant-level sales performance.