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Diversified Restaurant Holdings Reports Strong Comparable Restaurant Sales Growth For The 2013 Second Quarter

Stocks in this article: BAGR

  • Achieved second quarter revenue of $27.0 million; up 61.2% over prior-year period
  • Consolidated comparable restaurant sales increased 6.7% in the second quarter
  • Restaurant-level EBITDA, a non-GAAP measure (1), in the quarter was up 73.2% over the prior-year period to $5.2 million; Achieved $9.9 million for the year-to-date period

SOUTHFIELD, Mich., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company"), the creator, developer, and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Legendary Burger Tavern ® ("Bagger Dave's") and one of the largest franchisees for Buffalo Wild Wings ® ("BWW"), today announced results for the second quarter ended June 30, 2013.

Second quarter revenue of $27.0 million was up $10.2 million, or 61.2%, from the second quarter of 2012. Sales growth was primarily driven by the addition of 18 new restaurants since last year's period and strong comparable restaurant sales performance for both brands. Comparable restaurant sales increased 6.7% on a consolidated basis for the second quarter of 2013. There were 36 comparable restaurants for the period which included 30 BWW and six Bagger Dave's.

"We believe our strong comparable restaurant sales growth demonstrates the quality of our site selection and the strong execution by our team to delight our guests so they keep coming back. We continue to successfully implement our new restaurant growth strategy.  We opened three new restaurants in the quarter and recently opened our second Bagger Dave's in Indiana in July," commented Michael Ansley, President and CEO of DRH.  "The Bagger Dave's brand continues to expand as we believe the effectiveness of our blend of social and traditional media marketing intensifies word of mouth networking."

At the end of the 2013 second quarter, the Company had 48 restaurants (47 corporate-owned and one franchised) operating, comprised of 13 Bagger Dave's and 35 BWW, an increase of 60.0% from 30 restaurants at the end of the prior-year second quarter (29 corporate-owned and one franchised). DRH acquired eight BWW in September 2012. 

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