US-based hamburger restaurant BurgerFi International posted a net loss of $9.2m for the first quarter (Q1) of 2023 compared to a net loss of $13.6m a year ago.
Total revenue for the quarter was $45.7m, an increase of 2% compared to $44.9m in the same quarter a year ago.
The company owns and operates the BurgerFi brand and the casual dining pizza brand Anthony’s Coal Fired Pizza & Wings (Anthony’s).
The rise in revenue was driven by the added revenue from new restaurants opened during the period and the rise in same-store sales at Anthony’s.
However, the company said that a decline in same-store sales at BurgerFi marginally offset the revenue.
In corporate-owned and franchised outlets for the BurgerFi brand, same-store sales dropped by 6% and 3%, respectively.
Same-store sales for Anthony’s climbed 3% in Q1 compared to the previous year’s period.
Restaurant-level operating expenses were $36.1m against $36.4m in the Q1 of 2022.
Restaurant-level operating expenses for the BurgerFi brand improved by 100 basis points for the Q1 of 2023 compared to Q1 a year ago.
Restaurant-level operational costs for Anthony’s decreased by 310 basis points for Q1 of 2023 compared to the same period in 2022.
At the end of Q1, the company operated and franchised 172 restaurants, 112 of which were BurgerFi and 60 of which were Anthony’s.
BurgerFi executive chairman Ophir Sternberg said: “We kicked off 2023 with an increase in revenue, improved operating margins in both brands and higher adjusted earnings before interest, taxes, depreciation and amortisation and remain on track to achieve our annual guidance.
“Year to date, we have opened three new franchised BurgerFi locations with plans to open a total of 15-20 new franchised restaurants this year, including our first franchised Anthony’s.”