Granite City Continues Its Positive Operating Performance Through Second Quarter 2010
Granite City Food & Brewery Ltd. (Nasdaq: GCFB), a Modern American upscale casual restaurant chain, today reported results for the second quarter ended June 29, 2010.
Highlights for the second quarter 2010 were as follows:
Second Quarter 2010 Financial Results
"We are very pleased to see our guest counts and same-store sales continue to grow throughout the second quarter,” said Steve Wagenheim, President and Chief Executive Officer of Granite City. “We could feel the momentum building with our customers during the first quarter, and we can see by the second quarter results that we have been operating at a level that satisfies our customer’s expectations and drives home sales and cash flow. We continue to remain cautiously optimistic that this momentum will continue throughout 2010 which will allow us to improve our cash position and overall operating results."Total revenue for the second quarter 2010 increased by 5.1% to $23.2 million compared to $22.1 million for the second quarter of 2009. Total cost of sales before occupancy was $17.5 million in the second quarter or 75.4% of sales compared to prior year second quarter cost of sales before occupancy of $16.9 million or 76.5% of sales. The primary source of this percentage improvement was a decrease in labor costs as a percentage of revenue of 0.9 percentage points and a decrease in store operating expenses as a percentage of revenue of 0.5 percentage points, partially offset by a slight increase in commodity food costs. For all the restaurants, the restaurant-level IBO margin was 24.6% for the second quarter of 2010 compared to 23.5% in the second quarter of 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV