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Bravo Brio Restaurant Group, Inc. Reports First Quarter 2013 Financial Results

Stocks in this article: BBRG

COLUMBUS, Ohio, April 29, 2013 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG) (the Company) owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today reported financial results for the thirteen weeks ended March 31, 2013. In addition, the Company reaffirmed its 2013 outlook.

Selected First Quarter 2013 Highlights Compared to the First Quarter 2012 Include the Following:

  • Revenues increased 4.8% to $103.1 million from $98.4 million.
  • Total comparable restaurant sales decreased 2.5%, largely due to a 2.0% decrease related to the calendar shift in the first quarter of 2013.
  • Comparable restaurant sales decreased 1.6% at BRAVO! and 3.2% at BRIO.
  • Restaurant-level operating profit decreased 3.7% to $16.6 million from $17.2 million.
  • Net income was $3.4 million, or $0.17 per diluted share, compared to net income of $3.8 million, or $0.18 per diluted share.

Saed Mohseni, Chief Executive Officer and President, said, "We were pleased to have exceeded our previously guided ranges for first quarter revenues and comparable restaurant sales. As we discussed on our most recent conference call, our comparable sales were negatively impacted by approximately 2.0% due to a calendar shift which compared the first operating week of 2013 to a much stronger Holiday week from the prior fiscal year. Our restaurant margins were also reduced by approximately 70 basis points principally due to sales deleveraging as a result of the calendar shift."

Mohseni continued, "We opened two BRIO restaurants in South Florida during the first quarter which are off to a strong start and are poised to open an additional five to six locations this year as we expand our footprint into new markets and add additional locations in already successful markets."

First Quarter 2013 Financial Results

Revenues increased $4.7 million, or 4.8%, to $103.1 million in the first quarter of 2013, from $98.4 million in the first quarter of 2012. The increase in revenues was primarily due to an additional 112 operating weeks provided by two new BRIO restaurants opened in the first quarter of 2013, and nine new company owned restaurants, eight BRIO's and one BRAVO!, opened in 2012. Total comparable restaurant sales decreased 2.5%, due to a 3.4% decrease in guest counts.

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