- Total revenue increased 26.4% to $184.1 million
- Company-owned restaurant sales grew 27.6% to $167.9 million
- Same-store sales increased 5.9% at company-owned restaurants and 2.7% at franchised restaurants
- Net earnings increased 16.4% to $10.7 million from $9.2 million, and earnings per diluted share increased 16.0% to $0.58 from $0.50
Sally Smith, President and Chief Executive Officer, commented, “The appeal of our brand is evident in the strong same-store sales we saw in the second quarter, with an increase of 5.9% at company-owned locations and 2.7% at franchised locations. Our same-store sales, combined with our unit growth, fueled the substantial increase in revenue of 26.4%. In May, we celebrated the opening of our first international location near Toronto. We’re entering numerous major markets this year, and we increased our presence across the United States with 18 additional locations in the second quarter. To ensure that we successfully launch our brand in these new markets we incurred year-over-year increases in preopening costs and general and administrative expenses. Net earnings grew by over 16% in the second quarter, providing value to our shareholders with earnings per diluted share of $0.58, even with these investments in our future.”
Total revenue increased 26.4% to $184.1 million in the second quarter compared to $145.7 million in the second quarter of 2010. Company-owned restaurant sales for the quarter increased 27.6% over the same period in 2010, to $167.9 million, driven by a company-owned same-store sales increase of 5.9% and 43 additional company-owned restaurants at the end of second quarter 2011 relative to the same period in 2010. Franchise royalties and fees increased 14.4% to $16.2 million versus $14.2 million in the second quarter of 2010. This increase is attributed to a franchise same-store sales increase of 2.7% and 45 additional franchised restaurants at the end of the period versus a year ago.
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