News

Bojangles' reports Q3 results 3 days after sale announcement

November 9, 2018

On the heels of news of its pending sale earlier this week to Durational Capital Management LP and The Jordan Company LP, chicken-and-biscuits QSR, Bojangles released its Q3 financials for the period that ended Sept. 30. A news release said that during the 13-week  period the chain recorded a 0.4 percent increase in system-wide comp sales, including 0.1 percent growth at company-owned outlets and 0.7 percent at franchised operations. 

Other key Q3 highlights, include:  

• $138.7 million total revenues, up from $136.0 million in the prior year's quarter. 
• $2.7 million net loss, compared to $6.9 million net income in the prior year's quarter.
• $0.07 diluted net loss per share compared to diluted net income per share of $0.18 in the prior year's quarter.
• $8.1 million adjust net income, up from $6.5 million in the prior year's quarter.
• $0.21 adjust diluted net income per share, compared to $0.17 in the prior year;s quarter,
• $16.5 million adjusted EBITDA as compared to $16.1 million in the prior year's quarter.

 "We are pleased the Bojangles' system returned to positive comparable restaurant sales during the third fiscal quarter despite the negative impact associated with Hurricane Florence in September," Bojangles' Interim President and CEO Randy Kibler said in the release.

"We believe our back-to-basics strategy of operating 'well-run restaurants' is elevating customer perceptions of Bojangles'. We are enhancing customers' total brand experience through staffing and training initiatives, improving speed of service at the drive-thru, promoting high-quality signature menu items with value messaging, and building out our technological capabilities to support the use of our new mobile app and delivery test."

In light of the pending transaction, the company said it has withdrawn its fiscal year 2018 guidance and will not host a conference call to discuss its third fiscal quarter earnings results.