Fast food restaurant company Nathan’s Famous (Nathan’s) has reported a net income of $7.39m for the first quarter (Q1) of fiscal year (FY) 2024.
This is an increase of 3.5% compared with $7.14m a year ago.
For the quarter ended 25 June 2023, the company’s total revenues were $41.98m, up 5.7% from $39.72m a year earlier.
The restaurant company’s revenues from franchise operations during the period were $1.07m compared to $1.09m in Q2 of the last FY.
Nathan’s income from operations was $11.4m, a decline of 2.6% compared to $11.7m in the same period a year ago.
Its sales from company-owned restaurants were $3.6m during the quarter, down 1.74% from $3.7m a year earlier.
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The restaurant company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $12.03m versus $12.06m a year earlier.
During the quarter, Nathan’s total royalties were $980,000, an increase of 8.7% from $901,000 in the year-ago period.
Its license royalties were $11.65m, up 3.04% from $11.31m a year ago.
The company said it opened seven franchised locations in the first quarter fiscal 2024.
In December 2022, Nathan’s started its new franchise sales initiative to help struggling restaurant owners by converting their locations into Nathan’s Famous.
Nathan’s will offer flexible options to owners and operators to convert their existing or closed restaurants to its brand.