- Famous Dave's of America (DAVE -1.9%) reported Q1 revenue decrease by 24.3% Y/Y to $12.8M of which; Restaurant sales were $8.7M (-32.6% Y/Y); Franchise royalty & fee of $3.1M (-8.1% Y/Y); Franchisee national advertising fund contributions $0.5M & Licensing & other revenue of $0.3M (+17.1% Y/Y).
- Company-owned comparable restaurant sales increased 5.2%, with traffic up 5.3% whereas, Franchise-operated comparable restaurant sales declined 1.6%.
- Adj. EBITDA improved 1,169 bps to 14.1%; Restaurant level operating margin was -0.5%.
- Q1 overall expenses: Food & beverage costs increased 170 bps to 32.1%; Labor & benefits costs declined 40 bps to 36.7%; Operating expenses increased 90 bps to 32.6% & General & administrative declined 1,220 bps to 14.6%.
- System-wide restaurant sales were $87,166 (-13.2% Y/Y).
- Total Restaurant count of 152 (-12.1% Y/Y) where Franchise-operated were 136 (-1.4% Y/Y) & Company-owned were 16 (-54.3% Y/Y).
- Previously: Famous Dave's of America beats by $0.06, misses on revenue (May 14)