COLUMBUS, Ohio, July 31, 2014 (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 and twenty-six week periods ended June 29, 2014. The Company also updated its outlook for the full year 2014.
Selected Second Quarter 2014 Highlights Compared to the Second Quarter 2013:
- Revenues decreased 1.1% to $104.5 million from $105.6 million.
- Total comparable restaurant sales decreased 5.1%.
- Comparable restaurant sales decreased 6.0% at BRAVO! and 4.5% at BRIO.
- Restaurant-level operating profit decreased 4.1% to $17.2 million from $17.9 million.
- Net income was $4.0 million, or $0.20 per diluted share, compared to net income of $4.5 million, or $0.22 per diluted share.
Saed Mohseni, Chief Executive Officer and President, said, "During the quarter, softness in retail spending and intense competitive discounting resulted in our restaurants serving fewer aspirational guests. However, our core, higher-end guests continued to visit us in the same manner as in the past. We have strategies in place to continue attracting higher-end guests and these include implementing an on-line reservation system, enhancing our loyalty program, expanding our popular Light menu offerings, and sourcing an increasing portion of our products from suppliers using sustainable agricultural methods. Everyday value will continue to play a key role in our menu development and marketing strategy as will utilizing the creativity and culinary expertise of our unit level chefs. We are determined to be recognized as the leader in upscale affordable Italian dining and we believe that these steps will help us achieve that goal."Mohseni continued, "Our cash flow generation capabilities and strong balance sheet are enabling us to continue common stock repurchases under our current authorization. During the second quarter, we bought back approximately $2.4 million of common stock and cumulatively have repurchased $15.8 million since the inception of the buyback program."