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Rave Restaurant Group release Q2 financial results

Rave Restaurant Group Inc., parent company of Pizza Inn and Pie Five Pizza, reported financial results for Q2 2015 ended Dec. 28.

February 16, 2015

Rave Restaurant Group Inc., parent company of Pizza Inn and Pie Five Pizza, reported financial results for Q2 2015 ended Dec. 28, according to a company release.

Second Quarter Highlights:

• Pizza Inn domestic comparable store retail sales increased 6.4 percent from the same period of the prior year.
• Pie Five comparable store retail sales increased 16.9 percent year over year.
• Pie Five system-wide total retail sales increased 118 percent, and average weekly sales increased 31.6 percent, year over year.
• Total consolidated revenue increased 11.0 percent year over year.
• Net loss of $0.4 million was similar to the same quarter of the prior year.
• Adjusted EBITDA increased by $0.2 million over the same quarter of the prior year.
• Seven additional Pie Five restaurants opened during the quarter bringing the total Pie Five restaurants open at the end of the quarter to 31.
• Pie Five signed four additional franchisees with commitments to build up to 72 restaurants in five states.

The company's net loss of $0.4 million in Q2 was similar to same period for the prior fiscal year.  Year-to-date net loss improved by $0.1 million to a net loss of $0.7 million, while Adjusted EBITDA for the first six months improved by $0.4 million to a profit of $0.1 million, the company said.

"The first half of our fiscal year was critical to establishing our growth foundation," said Randy Gier, CEO in the announcement.  "Pizza Inn recorded its third consecutive quarter of positive comp sales, reflecting a clear stabilization of our legacy brand.  Pie Five continues to report double digit comps, while we invest resources to open new Company and franchisee restaurants.”