Rave Restaurant reports Q4 EPS 6c vs. 4c last year

Reports Q4 revenue $3.4M vs. $3.1M last year. Pizza Inn domestic comparable store retail sales decreased 1.5% in the fourth quarter of fiscal 2024 compared to the same period of the prior year. Pie Five domestic comparable store retail sales decreased 10.6% in the fourth quarter of fiscal 2024 compared to the same period of the prior year. “We have wrapped up the year by hitting our 17th consecutive quarter of profitability – and what a great year it was,” said Brandon Solano, CEO. “I could not be happier with the quality, dedication, and results of our new executive team which is now fully entrenched and driving initiatives that will position us well for the future, and at a reduced G&A expense.” “Growing the Pizza Inn brand is a priority for the team, and three key growth initiatives made significant advancements in Q4 that will positively impact future sales. On reimages, we now have five stores completed, another three in progress, and expect to have over 25% of our buffet restaurants reimaged by the end of our fiscal year 2025. New restaurant openings continue to be a key focus. The fiscal year 2024 was the third consecutive year of increasing buffet restaurant count, and we have an additional 21 domestic sites contracted for development, with development agreements for nine new stores being signed since Q3. We successfully rolled out a new online ordering platform in Q4 that will greatly increase our digital business as fewer orders are now being dropped during the online ordering process, and orders from third-party delivery sites are now being integrated into our point-of-sale system. We are proud of our fiscal year 2024 performance. Both revenue and profit increased from fiscal year 2024, with profit before tax increasing an impressive 43.7%. Our financial performance is a testament to the dedication of our team and the effectiveness of our financial strategies, positioning us for sustained growth and shareholder value.”