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Sbarro Inc. loss tops $30 million
March 31, 2008
MELVILLE, N.Y. — Same-store sales at company-owned Sbarro Inc. restaurants decreased 1.8 percent for the fourth quarter ended Dec. 30, 2007. Same-store sales at domestic franchise restaurants increased 2.1 percent during the fourth quarter, while same-store sales at international franchised restaurants increased 12.8 percent.
For the year, same-store sales grew 1.5 percent in our company-owned stores, 4.3 percent for domestic franchise stores and 6.7 percent for international franchise stores.
Revenues for the fourth quarter were $104.7 million, up 8 percent compared with revenue of $97.3 million for the 2006 fourth quarter. For the year, revenues were $358.8 million, up 3 percent compared with $349.8 million for 2006.
Net income for the fourth quarter was $5.1 million, off 56 percent compared with net income of $11.5 million for the 2006 fourth quarter. For the year, the company recorded a net loss of $30 million compared with net income $9.9 million net income for the year. Included in the net loss were $31.4 million in special event bonuses in connection with the company's merger with MidOcean SBR Acquisition Corp., which took place Jan. 31, 2007. Higher depreciation and interest costs resulting from the merger added to the loss, Sbarro officials said.
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