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August 17, 2021

BBQ Holdings reports increase in Q2 2021 total revenue

BBQ Holdings registered an increase of 240.9% and 205.4% in its dine-in and catering sales, respectively, during the second quarter of 2021.

BBQ Holdings has reported a 64% increase in total revenue to $45.5m for the second quarter of 2021, compared to the second quarter of 2020.

The company posted an increase in year-over-year restaurant net sales for the quarter ended on 4 July 2021 due to the easing of dining restrictions in the second quarter of the year.

To-go sales, which were 49.1% of BBQ’s same store sales at its Famous Dave’s restaurants, fell 16.4% in Q2 2021, in comparison to the prior year period.

During the quarter, the company has registered an increase of 240.9% and 205.4% in its dine-in and catering sales, respectively.

In the second quarter of 2021, dine-in same store sales at its Granite City restaurants witnessed an increase of 197.8% against the second quarter of 2020.

Restaurant-level operating margin for the company-owned restaurants was 12.7% in the quarter, compared to 0.4% in the second quarter of fiscal 2020.

Net income attributable to shareholders during the second quarter stood at $15.8m, or $1.70 per share compared to a net loss of $6.3m, or $0.68 per share as reported in the second quarter of fiscal 2020.

BBQ Holdings’ adjusted EBITDA was nearly $5.1m, or $0.55 per share, in comparison to the adjusted EBITDA of approximately $1.1 or $0.12 per share in the second quarter of fiscal 2020.

In Q2 2021, BBQ Holdings purchased Village Inn, 114 franchise and 21 corporate restaurants, and 12 Bakers Square corporate restaurants. It also acquired four Famous Dave’s franchise restaurants in Nashville and Kentucky.

In another development, Ark Restaurants also reported its financial results for the third quarter ended 3 July 2021.

Total revenues for the 13 weeks were $42.9m versus $7.1m for the 13 weeks ended 27 June 2020, while its total revenues for the 39 weeks ended 3 July 2021 were $89m versus $84m for the 39 weeks ended 27 June 2020.

Ark Restaurants’ company-wide same store sales increased 455% for the 13 weeks ended 3 July 2021, compared to the same period of the prior year.

Separately, Dine Brands International has unveiled its expansion plan for new non-traditional restaurants across Ontario, Canada.

By signing an agreement with K2 Group president Kailash Kasal, Dine Brands plans to open five IHOP restaurants in Ontario over the next five years. K2 Group is a Toronto-based investment company.

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