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Bravo Brio Restaurant Group, Inc. Reports Second Quarter & Year-to-Date 2013 Financial Results

Stocks in this article: BBRG

COLUMBUS, Ohio, July 30, 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 13 and 26 week periods ended June 30, 2013. The Company also updated its 2013 outlook.

Selected Second Quarter 2013 Highlights Compared to the Second Quarter 2012:

  • Revenues increased 2.7% to $105.6 million from $102.8 million.
  • Total comparable restaurant sales decreased 3.0%.
  • Comparable restaurant sales decreased 1.6% at BRAVO! and 4.0% at BRIO.
  • Restaurant-level operating profit decreased 3.4% to $17.9 million from $18.6 million.
  • Net income was $4.5 million, or $0.22 per diluted share, compared to net income of $5.1 million, or $0.25 per diluted share.

Selected Year-to-Date 2013 Highlights Compared to the Year-Ago Period:

  • Revenues increased 3.7% to $208.7 million from $201.2 million.
  • Total comparable restaurant revenues decreased 2.7%.
  • Comparable restaurant sales decreased 1.6% at BRAVO! and 3.6% at BRIO.
  • Restaurant-level operating profit decreased 3.6% to $34.5 million from $35.8 million.
  • Net income was $8.0 million, or $0.39 per diluted share, compared to net income of $8.9 million, or $0.43 per diluted share.

Saed Mohseni, Chief Executive Officer and President, said, "Our financial results for the second quarter did not meet our expectations for revenues or diluted EPS. Comparable sales proved to be lower than we had anticipated due to a number of factors, including a decline in guest counts, limited use of our outdoor terraces, and a menu-mix driven decrease in BRIO's average check related to our Lighter Side of Tuscany menu. The success of our 'light' menu, which has substantially exceeded our expectations, has positioned us well for the long-term as it responds to our guests' increasing desire for healthier dining options. Based on our performance year-to-date, we have revisited some of our key assumptions for full year guidance and have adjusted our projections accordingly."

Mohseni continued, "We will be developing eight new restaurants in 2013 and through the first half of the year have already opened three locations. While more recently our expansion has been skewed towards BRIO, the real estate projects currently being developed for 2014 and thereafter will enable us to add more BRAVO!s to our portfolio, and we look forward to growing in markets such as Florida, California, and the Northeast."

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