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

Stocks in this article: BBRG

COLUMBUS, Ohio, Nov. 5, 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 39 week periods ended September 29, 2013. The Company also updated its 2013 outlook and provided development guidance for 2014.

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

  • Revenues increased 0.4% to $96.3 million from $95.9 million.
  • Total comparable restaurant sales decreased 4.5%.
  • Comparable restaurant sales decreased 3.7% at BRAVO! and decreased 5.1% at BRIO.
  • Restaurant-level operating profit decreased 7.2% to $14.9 million from $16.0 million.
  • Net income was $2.2 million, or $0.11 per diluted share, compared to net income of $2.8 million, or $0.14 per diluted share.

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

  • Revenues increased 2.6% to $305.0 million from $297.1 million.
  • Total comparable restaurant revenues decreased 3.3%.
  • Comparable restaurant sales decreased 2.3% at BRAVO! and decreased 4.1% at BRIO.
  • Restaurant-level operating profit decreased 4.7% to $49.4 million from $51.8 million.
  • Net income was $10.2 million, or $0.50 per diluted share, compared to net income of $11.7 million, or $0.57 per diluted share.

Saed Mohseni, Chief Executive Officer and President, said, "Our quarterly revenues fell short of our expectations and this in turn resulted in margin erosion and lower EPS compared to the year ago period. We have also seen increased competitive activity in select markets. While we have planned a number of marketing initiatives to mitigate some of these headwinds, it is clear our guests have shifted their spending priorities. Therefore, while we remain enthusiastic about our long term growth objectives, we are taking a more conservative view of our business outlook."

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