SOUTHLAKE, Texas, April 25, 2017 (GLOBE NEWSWIRE) -- Del Frisco's Restaurant Group, Inc. (NASDAQ:DFRG), the owner and operator of the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille restaurant concepts, reported financial results today for the first quarter ended March 21, 2017. The Company also announced an accelerated development plan for fiscal year 2018.

Key highlights from the first quarter 2017 compared to the first quarter 2016 include:
  • Consolidated revenues increased 3.3% to $83.9 million from $81.2 million.
  • Total comparable restaurant sales decreased 0.2% comprised of a 0.8% decrease in average check offset by a 0.6% increase in customer counts.— Comparable restaurant sales decreased 0.5% at Del Frisco's Double Eagle Steak House comprised of a 0.7% increase in average check and 1.2% decrease in customer counts.— Comparable restaurant sales increased 1.1% at Sullivan's Steakhouse comprised of a 0.8% decrease in average check and 1.9% increase in customer counts.— Comparable restaurant sales decreased 0.9% at Del Frisco's Grille comprised of a 2.0% decrease in average check and 1.1% increase in customer counts.
  • Cost of sales, as a percentage of consolidated revenues, improved to 28.3% from 28.6%.
  • GAAP Net Income of $3.3 million, or $0.14 per diluted share, compared to GAAP Net Income of $5.4 million, or $0.23 per diluted share.
  • Adjusted Net Income* of $4.6 million, or $0.20 per diluted share, compared to Adjusted Net Income of $5.4 million, or $0.23 per diluted share.
  • Restaurant-level EBITDA* held steady at $18.0 million.

* Adjusted Net Income and Restaurant-level EBITDA are non-GAAP measures. For a reconciliation of Adjusted Net Income and Restaurant-level EBITDA to GAAP net income and why we consider them useful, see the reconciliation of non-GAAP measures accompanying this release.

Norman Abdallah, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "Despite a generally choppy environment coupled with late winter storms affecting our highest volume restaurants in the Northeast, our overall performance for the first quarter was mostly in line with our expectations, and we were pleased to have maintained positive traffic at both Del Frisco's Grille and Sullivan's Steakhouse. Looking ahead, we are firmly committed to achieving our 2017 annual guidance, although from a cadence standpoint, we anticipate that the initiatives currently being executed will have a more pronounced benefit during the second half of the year, and particularly during the critically important 16-week fourth quarter."

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