Operations

Pizza Inn, Pie Five report sales increases in Q3

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May 6, 2022

RAVE Restaurant Group has reported positive gains for the third quarter ending March 27, 2022, for Pizza Inn and Pie Five, according to a press release.

Pizza Inn reported a domestic sales increase of 27% compared to the same period in 2021. Pizza Inn domestic comparable store retail sales increased 22.8% in the third quarter of fiscal 2022 compared to the same period of the prior year.

Pie Five domestic retail sales increased 19.5% in the third quarter of fiscal 2022 compared to the same period of the prior year. Pie Five comparable store retail sales increased 21.4% in the third quarter of fiscal 2022 compared to 2021.

Among the highlights:

The company recorded net income of $0.5 million for the third quarter of fiscal 2022 compared to net income of $0.4 million for the same period of the prior year.
Income before taxes was $0.5 million for the third quarter of fiscal 2022 compared to net income before taxes of $0.4 million for the same period of the prior year.
Total revenue increased by $0.4 million to $2.6 million for the third quarter of fiscal 2022 compared to the same period of the prior year.
Pizza Inn domestic unit count finished at 128.
Pizza Inn international unit count finished at 31.
Pie Five domestic unit count finished at 33.

"Eight consecutive quarters of profitability should not go unnoticed. Our Pie Five and Pizza Inn brands are energized by strong sales and profitability, relatively stable store count and smart management of our cash," Brandon Solano, chief executive officer of RAVE Restaurant Group, Inc., said in the release.

Clint Fendley, chief financial officer of RAVE Restaurant Group, Inc. further explained in the press release: "Our 20% total revenue increase was driven by strong same-store sales growth, relative unit count stability, and strong performance among new Pizza Inn units. These factors combined with strong cost controls yielded our eighth consecutive quarter of profitability. In the third quarter, we leveraged our strong cash position to extinguish our $1.6 million in outstanding Convertible Notes and continue to hold in excess of $7.2 million in cash."