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November 11, 2021

BBQ Holdings reports 56% total revenue growth in Q3 2021

In Q3 of fiscal 2021, BBQ Holdings’ total revenue was $55.4m.

Multi-brand restaurant company BBQ Holdings has reported total revenue of $55.4m in the third fiscal quarter (Q3) that ended 3 October 2021.

The figure represents a 56% jump compared to the $35.5m recorded revenue in Q3 2020.

The jump was primarily attributed to an increase in year-over-year restaurant net sales driven by reduced dining restrictions and the acquisition of the Village Inn and Bakers Square brands.

In Q3 of fiscal 2021, the company’s net income attributable to shareholders also grew to $4.8m, or $0.46 per diluted share, against $0.3m, or $0.04 per diluted share, in the same period a year ago.

Adjusted EBITDA, a non-GAAP measure, increased from $2m to $4.4m on a year-over-year basis.

BBQ Holdings also recorded combined brands restaurant-level margins of 8.6% in the quarter against 3.4% last year.

During this quarter, BBQ Holdings acquired the casual dining restaurant chain Village Inn, which includes 109 franchise and 21 corporate restaurants. It also acquired 11 Bakers Square corporate restaurants and four Famous Dave’s franchise restaurants in Tennessee and Kentucky, US.

Furthermore, the company acquired five Tahoe Joe’s Steakhouses last month.

BBQ Holdings CEO Jeff Crivello said: “This was a quarter of strong execution for BBQ Holdings, as our growth strategies continue to deliver positive top and bottom-line results, including a steady improvement in same-store sales and solid free cash flow.

“During the third quarter, we completed the highly accretive acquisition of Village Inn and Bakers Square. Subsequent to the end of the quarter, we also acquired Tahoe Joe’s.

“Our goal now is to reinvigorate these brands and drive consistent unit-level improvements as we have at Famous Dave’s and other brands. In addition, the month of October also brought the opening of the first Famous Dave’s Quick Que in Minnesota.”

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