US-based multi-brand restaurant operator FAT Brands has reported a revenue increase of 39.9%, to $103.8m, in the fourth quarter (Q4) of the fiscal year (FY) ended 25 December 2022.
The company’s total revenue during the same period of the previous year was $74.2m.
The increase in Q4 revenues was attributed to the acquisition of Twin Peaks, Fazoli’s, and Native Grill & Wings, as well as the recovery from negative effects on royalties from restaurant sales during the Covid-19 pandemic.
In FY 2022, FAT Brands total revenue surged by 242.5% to $407.2m, compared to $118.9m in 2021.
During Q4 2022, FAT Brands system-wide sales increased by 22.1% compared to the prior year’s quarter, and its year-to-date system-wide same-store sales grew 2.7% in Q4 2022 compared to the same period in 2021.
For FY 2022, the company reported system-wide sales growth of 108% compared to 2021 and year-to-date system-wide same-store sales growth of 6% in 2022 against the prior year.
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However, the company reported a net loss of $70.8m, or $4.29 per diluted share, in Q4 2022, compared to $19.6m, or $1.38 per diluted share, in Q4 2021.
It also reported a net loss of $126.2m, or $7.66 per diluted share, in 2022, against $31.6m, or $2.15 per diluted share, in 2021.
In the latest quarter, the company reported an adjusted EBITDA of $19.6m, compared to $10.4m in Q4 2021.
FAT Brands adjusted EBITDA in 2022 stood at $88.8m, compared to $21.1m in the prior year.
The restaurant operator opened more than 140 new stores in 2022, with 44 opened in Q4.
FAT Brands president and CEO Andy Wiederhorn said: “The fourth quarter marked yet another strong performance for FAT Brands, as evidenced by our robust unit development and profitable revenue growth.
“After a very active acquisition strategy in 2021, I am particularly pleased with the momentum of our organic growth strategy during 2022.
“With over 140 store openings during 2022, we achieved a new milestone for FAT Brands, including 44 that opened in the fourth quarter. We plan to continue this robust unit growth with between 150 and 175 units slated to open in 2023.”