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November 13, 2018

Del Frisco’s reports $105.3m revenues in Q3 2018

US steakhouse chain Del Frisco’s Restaurant Group has reported consolidated revenues of $105.3m for Q3 ending 25 September.

US steakhouse chain Del Frisco’s Restaurant Group has reported consolidated revenues of $105.3m for Q3 ending 25 September.

This represents a 73.7% increase from the $60.6m achieved in 2017.

However, the company’s total comparable restaurant sales decreased by 1.9%, while the company reported adjusted net income of $1.9 or $0.07 per diluted share, compared to $0.8m or $0.04 per diluted share during the prior year.

“Front-end operations for Barcelona Wine Bar and bartaco have now been substantially integrated into the Del Frisco’s eco-system.”

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of the steakhouse chain increased 113.8% to $6.8m from $3.2m for the same period last year. Restaurant-level EBITDA of the company increased 96.5% to $18.6m from $9.5m.

The firm’s CEO Norman Abdallah said: “We are positioning ourselves for long-term success by executing our brand strategies, ensuring liquidity and investment behind our major growth brands Del Frisco’s Double Eagle Steakhouse, Barcelona Wine Bar and bartaco through capital restructuring, shedding underperforming assets and divesting of Sullivan’s Steakhouse.

“Front-end operations for Barcelona Wine Bar and bartaco have now been substantially integrated into the Del Frisco’s eco-system with their respective management teams working from our Irving, Texas, support centre while back-end support systems are on track to be fully integrated ahead of schedule by mid-2019.

“Encouragingly, general and administrative (G&A) and purchasing synergies are now anticipated at the high end of our previous $3m to $5m range, with significant savings run-rate beginning in the second half of 2019.”

The company recently opened three Double Eagle Steakhouses, three Del Frisco’s Grilles, and three bartacos during the third quarter.

Earlier this month, the company signed a multi-year partnership with St. Jude Children’s Research Hospital to raise $5m for the charity.

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