Rave Restaurant reports Q3 EPS 4c vs. 2c last year

Reports Q3 revenue $3M vs. $3M last year. Pizza Inn domestic comparable store retail sales decreased slightly by 1.9% in the third quarter of fiscal 2024 compared to the same period of the prior year. In the prior year third quarter, comparable store sales were up 15.6% from the third quarter of 2022. Pie Five domestic comparable store retail sales decreased 6.4% in the third quarter of fiscal 2024 compared to the same period of the prior year. In the prior year third quarter, comparable store sales were up 8.4% from the third quarter of 2022. “Following a strong first half of the year, we’ve hit our 16th consecutive quarter of profitability with steady same-store sales at both Pizza Inn and Pie Five in Q3,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc. “This fiscal quarter, we restructured our executive team with some of the industry’s most well-respected and results-driving talent, further elevating the caliber of our overall team, while at the same time realizing significant savings in employee-related expenses. We are proud of our Q3 performance over the past three years. Over the past two years, same-store sales have increased by 13.7% at Pizza Inn and by 1.7% at Pie Five, and in the last three years, Q3 same-store sales grew 36.5% and 23.1% at Pizza Inn and Pie Five, respectively. We are pleased to report growth in RAVE’s total overall Q3 sales, profit and net income as compared to the same period last year,” Solano continued. “Through the first three quarters of the current fiscal year, we have matched the $1.6 million in net income that the company delivered in all four quarters combined in the prior fiscal year. This is a testament to the dedication of our team and the effectiveness of our financial strategies, positioning us for sustained growth and shareholder value. We are steadfast in our commitment to continue expanding our reimaging and marketing programs. As of the end of quarter three, we have 12 Pizza Inn restaurants set to begin the reimage process, in addition to the five sites that are already in progress or completed. This program embodies our determination to invest in our long-term success, as we expect to see double-digit same-store sales increases once completed.”