News
Carrols Restaurant Group reports mixed Q3 results
November 3, 2008
SYRACUSE, N.Y. — Carrols Restaurant Group Inc., the parent company of Carrols Corp., has announced financial results for the third quarter ended Sept. 28, 2008. Carrolls Restaurant Group is the largest Burger King franchisee based on number of restaurants and owns and operates the fast casual brands Pollo Tropical and Taco Cabana.
Comparable restaurant sales increased 3.5 percent at Burger King but were down 1.9 percent at Pollo Tropical and 0.9 percent at Taco Cabana.
Total revenues increased 2.7 percent to $209.1 million from $203.5 million, including a 3.6 percent increase for the company's fast casual brands. Burger King revenues were up 1.9 percent to $101.5 million for the quarter compared with revenues of $99.7 million in the same quarter last year. The company closed 11 restaurants since the beginning of third quarter 2007.
Net income for the third quarter was $3.7 million, down 24.5 percent from $4.9 million last year.
Year to date
Year-to-date total revenues were $615.5 million, up 3.9 percent from $592.2 last year. Year-to-date net income was $8.4 million, down 27 percent from $11.5 million last year.
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