News

Sbarro pizza chain loses $17 M in '03, yet family gets bonuses

April 4, 2004

MELVILLE, N.Y.—Quick-casual pizza and Italian chain, Sbarro, reported a loss of $17.2 million for the full year ended Dec. 28, 2003, compared to a profit of $4.8 million in 2002.

According to a filing with the Securities and Exchange Commission, Sbarro posted $536.2 million in sales, down nearly $14 million from 2002, when sales were $550.2 million.

Revenue also slid in 2003: $332.3 million compared to $360.4 million in 2002.

The company's ongoing struggles will take a toll on its ranks as well, as 35 corporate positions will be cut, according to the filing.

Despite the losses, Mario Sbarro (board chair, president and CEO), Anthony Sbarro (vice chair and treasurer) and Joseph Sbarro (senior executive vice president and secretary) received bonuses of $220,000, $220,000 and $250,000 respectively. According to the filing, the trio owns 63.8 percent of the company.

The company opened 43 units in 2003, but closed 39. It finished the year with 915 units.