Rave Restaurant Group Q1 revenue rises 3.4%, net income up
RAVE•Rave Restaurant Group's fiscal first-quarter revenue rose 3.4% year over year to $3.32 million, while net income increased 3.1% to $665,000. Comparable sales fell 4.2% at Pizza Inn and 18.2% at Pie Five.
1. Quarterly results
Rave Restaurant Group reported fiscal first-quarter revenue of $3.32 million and net income of $665,000, up 3.4% and 3.1%, respectively, from a year earlier.
2. Comparable sales
Domestic comparable store sales fell 4.2% at Pizza Inn and 18.2% at Pie Five. The company cited challenging macroeconomic conditions and tough comparisons with the prior year's value promotion. Pizza Inn added a net buffet store with an opening in Gilbert, South Carolina.
3. Development plans
Rave does not anticipate opening any of the five restaurants from a previously announced ten-unit development deal this fiscal year, citing recent events with the multi-brand operator. It plans product innovation in December with advertising support for a media campaign and has initiatives aimed at sequentially improving Pizza Inn comparable store and total sales.
