Ignite Restaurant Group Announces Preliminary Fourth Quarter 2013 Revenues

Ignite Restaurant Group (NASDAQ:IRG) today announced preliminary, unaudited revenue results for the fourth quarter and full year ended December 30, 2013.

Preliminary unaudited revenues and comparable sales by brand for the fourth quarter and full year ended December 30, 2013 were as follows (in millions, except percent data):
         

Revenues – 13 weeks ended
           

December 30, 2013
     

December 31, 2012 (2)

Increase

Comparable Sales
Joe’s Crab Shack 83.6 77.4 8.0% 1.9%
Romano’s Macaroni Grill (1) 88.1 N/A N/A (9.0%)
Brick House Tavern + Tap 15.0 11.5 30.4% 6.6%
Ignite Restaurant Group 186.7 88.9

110.0%
(3.9%)
 
         

Revenues – 52 weeks ended
           

December 30, 2013
     

December 31, 2012

Increase

Comparable Sales
Joe’s Crab Shack 447.8 418.9 6.9% 1.0%
Romano’s Macaroni Grill (1) 261.5 N/A N/A (6.5%)
Brick House Tavern + Tap 51.4 46.2 11.3% 5.3%
Ignite Restaurant Group 760.7 465.1 63.6% (1.8%)
 
    (1)     Ignite Restaurant Group acquired Romano’s Macaroni Grill on April 9, 2013.
(2) Beginning with the first quarter of fiscal 2013, the Company adjusted its quarterly reporting calendar to four 13-week operating periods. Previously, the first three quarters of the Company’s fiscal year consisted of 12 weeks each and the fourth quarter consisted of 16 weeks. Revenues for the fourth quarter of 2012 have been recast to reflect a comparable 13-week period.

“We’re pleased with our continued top-line momentum at Joe’s Crab Shack, as the brand has delivered positive comparable sales in 21 of the last 22 quarters. This is all the more impressive given the significant winter weather that negatively impacted sales in a large portion of the country in early December, in addition to the shift of New Year’s Eve out of the quarter. Brick House Tavern + Tap also continued to drive consistent sales growth with its eighth consecutive quarter of comparable sales gains. Both of these brands have performed well in a challenging casual dining environment,” said Ray Blanchette, CEO of Ignite Restaurant Group. “Macaroni Grill’s comparable sales for the quarter were impacted by our decision to not chase unprofitable sales through discounts and promotions as had been done in the fourth quarter of 2012, prior to our acquisition. We believe we are making solid progress with our menu innovation, margin management and brand positioning at Macaroni Grill and remain optimistic about its potential.”

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