“Our Joe’s Crab Shack and Brick House Tavern + Tap brands continue to perform well in a challenging environment, reflecting our focus on delivering unique, innovative menu items to our guests in an exciting, comfortable atmosphere,” commented Ray Blanchette, Chief Executive Officer of Ignite Restaurant Group. “As a result, we’ve delivered 6 straight years of annual comparable sales growth at Joe’s and 8 straight quarters of comparable sales growth at Brick House.”
“As we finish our first fiscal year with Macaroni Grill in the Ignite Restaurant portfolio, we believe we have positioned this brand for revenue and margin growth. Under David Catalano’s leadership, we strengthened our restaurant leadership, improved our unit level margin management and prepared the concept for the next level of growth. With the recently announced addition of John Gilbert to the Macaroni Grill team and David’s transition to lead Brick House, we are excited about the on-going development and refinement of the Macaroni Grill brand and the continued evolution of Brick House.”
Review of Fourth Quarter 2013 Operating Results
Total revenues were $186.9 million in the 13-week fourth quarter of 2013. Total revenues in the 16-week fourth quarter of 2012 were $112.6 million. Adjusting 2012 revenues to a comparable 13-week quarterly reporting period, total revenues in the fourth quarter of 2012 increased approximately $97.9 million, or 110.2%. The increase was driven by the acquisition of the Macaroni Grill restaurants, new restaurant development and a 2.5% increase in comparable restaurant sales associated with the Company’s legacy concepts when comparing the thirteen weeks ending December 30, 2013 to the comparable thirteen week period in the prior year.
- Revenues at Joe’s Crab Shack were $83.6 million during the fourth quarter of 2013 versus $77.4 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Joe’s Crab Shack increased 1.9%.
- Revenues at Brick House Tavern + Tap were $15.0 million in the fourth quarter of 2013 compared to $11.5 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Brick House Tavern + Tap increased 6.6%.
- Revenues at Macaroni Grill were $88.3 million. Comparable restaurant sales at Macaroni Grill decreased 9.0%.
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