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Sbarro 1Q comps up, revenue flat
May 16, 2007
MELVILLE, N.Y. — Comparable-store sales at company-owned Sbarro Inc. stores grew 2.7 in the first quarter ended April 1, the company announced. Comps at domestic franchised stores grew 3.4 percent while comps at international franchised locations grew 7 percent.
Revenues for the chain were $81.4 million in the first quarter, compared with revenues of $100.2 million in the first quarter of 2006. However, the 2006 first quarter consisted of 16 weeks, while the 2007 first quarter consisted of 13 weeks.
The additional three weeks in the 2006 first quarter accounted for approximately $19 million in sales, according to the company. Sbarro's revenues would have been relatively flat in the first quarter if the quarters were of a similar length.
Sbarro's first-quarter results include combined figures from MidOcean SBR Acquisition Corp., which on January 31 merged with Sbarro Inc. to become Sbarro Holdings LLC.
According to Sbarro's earnings release, that approach is not consistent with U.S. generally accepted accounting principles. However, the company's management believes that it is a meaningful way to present the first-quarter results.
The combined net loss for the first quarter was $33.2 million, compared with a net loss of $2.5 million in the 2006 first quarter.
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