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Burger King franchisee encouraged by Q4 results
March 3, 2009
SYRACUSE, N.Y. — Carrols Restaurant Group Inc., parent company of Carrols Corp., the largest Burger King franchisee and owner and operator of two fast casaul brands, Pollo Tropical and Taco Cabana, has reported strong results for the fourth quarter and year ended Dec. 28, 2008.
For the quarter, comparable restaurant sales increased 1.2 percent at its Burger King stores, decreased 3.6 percent at Pollo Tropica and increased 0.5 percent at Taco Cabana. For the year, comps increased 3.5 percent at Burger King, decreased 1.0 percent at Pollo Tropical, and were flat at Taco Cabana.
Total revenues for the quarter increased 1.8 percent to $200.8 million from $197.2 million, including a 3.2 percent increase for the company's Fresh Mex brands. Burger King revenues increased 0.4 percent to $97.0 million during the fourth quarter compared to $96.7 million in the same period last year, despite the closing of 10 Burger King restaurants since the beginning of the same period in 2007.
For the year, total revenues increased 3.4 percent to $816.3 million from $789.4 million, including a 4.2 percent increase for the company's fresh mex brands.
Net income for the quarter was $4.4 million, up 25.7 percent compared to $3.5 million in the same period last year. For the year, net income was $12.8 million, down 15 percent compared to $15.1 million last year.
As of Dec. 28, 2008, the company owned and operated a total of 560 restaurants, including 315 Burger King, 91 Pollo Tropical and 154 Taco Cabana restaurants.
Forbes reported that Burger King shares rose 91 cents, or 4.2 percent, to close at $22.46 Tuesday and shares of Carrols rose 14 cents, or 5.4 percent, to close at $2.72, after the results were released.
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