FAT Brands has posted a net loss of $26.23m for the fourth quarter of 2023. This compares with a net loss of $70.8m a year previously.
Its adjusted net loss was $17.3m compared with $43m in the fiscal fourth quarter (Q4) of 2022.
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For the fourth quarter ended on 31 December 2023, FAT Brands’ total revenue grew by 52.8% to $158.6m from $103.8m a year previously.
The growth was attributed to a 10.4% rise in royalties, a notable 80.5% surge in company-owned restaurant revenues and a 10.0% increase in manufacturing facility revenues.
In Q4 2023, the company reported system-wide sales growth of 16.5% compared to the same quarter of the previous fiscal year.
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Its system-wide same-store sales declined 0.6% compared to the same period of the previous fiscal year.
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By GlobalDataThe period also saw the opening of 29 new stores.
Its adjusted earnings before interest, taxation, depreciation and amortisation for the quarter stood at $27m, up from $19.6m in the fiscal fourth quarter of 2022.
FAT Brands co-CEO Ken Kuick said: “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year we opened 14 new lodges and ended the year with 109 lodges, a 33% increase since acquiring the brand in 2021.
“Our growth pipeline includes 113 lodges and the Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”
