Granite City Food & Brewery Ltd. (Nasdaq: GCFB), a Modern American upscale casual restaurant chain, today reported results for the second quarter ended June 28, 2011.
Highlights for the second quarter and year-to-date 2011 were as follows:
- Total restaurant sales increased 3.5% to $24.0 million from $23.2 million in the second quarter of 2010
- Total restaurant sales increased 3.7% to $47.1 million from $45.5 million for the first half of 2010
- Guest counts increased 4.1% compared to the second quarter of 2010
- Company-wide EBITDA at $2.0 million for the second quarter 2011 represented an increase of $168,000 compared to second quarter 2010
- Restaurant-level Income Before Occupancy (“IBO”) at $5.8 million in the second quarter of 2011 represented an increase of $111,000 over the second quarter of 2010
- Restaurant-level IBO at $11.3 million in the first half of 2011 represented an increase of $389,000 over the first half of 2010
- Net loss decreased $155,000 in the second quarter of 2011 compared to the second quarter of 2010
- New additions to our management team are on board and working effectively with the existing Granite City team
"We are very pleased with the level of performance throughout the company,” said Robert Doran, Chief Executive Officer of Granite City. “Our plan to incorporate technology, to enhance the customer experience in our current stores through dining room and bar reconfigurations, and to develop new stores is well underway. We expect many of these initiatives will begin to benefit our customers and our employees later this year and in 2012. The progress we have made with the combination of our new team and existing management has been fantastic. We are all excited to see our initiatives get underway and are confident that these initiatives represent great upside benefits for our team and our investors.”
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