The average monthly passenger throughput for Q2 2022 indicates that travel between the
HIA served a total of 2.5 million passengers in the month of April, 2.8 million passengers in May and 3.1 million passengers in June, which is a total of 8.42 million passengers served in the second quarter of 2022.
Commenting on the traffic figures, HIA's COO,
With a busy summer season underway, Al-Meer stressed: 'In light of the restrictions placed on travel over the past two years, we have recognised that passengers need to travel this summer and had anticipated the travel rush over this period. Using a combination of technology and effective stakeholder coordination, we mitigated it in advance. Through real-time monitoring of passenger flow across the terminal and forecasting of passenger rushes, we are able to anticipate any traffic issues and mitigate them well in advance, working with our airport stakeholders such as airlines, government partners, contractors, etc.'
Not only was Q2 2022 the busiest quarter for HIA since 2020, but the award-winning airport also welcomed
HIA also continues to expand its network of airline partners, with a strategic partnership with
The FIFA World Cup Qatar 2022 countdown has officially begun as HIA prepares to welcome thousands of fans from all over the world.
HOTEL & RESORTS
Second Quarter 2022 Comparable Restaurant Sales Growth Accelerated above First Quarter 2022 to 8.4% vs. 2021
June and
Four Consecutive Quarters of Comparable Restaurant Sales Growth above 2019
Fiesta President and Chief Executive Officer
Stockinger continued, 'Second quarter 2022 Restaurant-level Adjusted EBITDA margin, a non-GAAP financial measure(3), was 15.2%, including approximately
Stockinger added, 'When compared to the second quarter of 2021, our Restaurant-level Adjusted EBITDA margins declined during the second quarter of 2022 primarily due to food cost, labor and other operating expense increases including utilities and insurance. Second quarter 2022 net loss from continuing operations was
Stockinger further commented, 'We continued to make significant progress during the second quarter on the brand's previously communicated key growth initiatives. We made great strides in enhancing our digital platform with the ongoing rollout of our digital drive thru technology with five units targeted for completion by the end of August and 8-10 units by year end. All dining rooms now allow access to the 'Kiosk in Hand' QR code feature to enable customers to order online in the restaurant. We also made progress on improving kitchen and drive thru productivity in high volume units, with our first kitchen retrofit unit completed this week and additional retrofits being identified as part of our ongoing remodel plans. Our refresh/remodel program continues to exceed initial sales growth expectations. The refreshes completed to date have generated a sales lift(5) of approximately +3.8% to +5.6% when comparing the sales trend of each unit before and after the refresh to a control group of other Pollo units in each refresh unit's local market. Finally, our investments in restaurant general manager leadership training and retention are already showing very positive results through improved execution and reduced turnover. As we realize the full impact of our growth initiatives, we expect them to contribute meaningfully to sales momentum.'
Stockinger concluded, 'We are encouraged by our continued strong sales momentum thus far in 2022, and are intensely focused on driving ongoing traffic growth across all channels while also taking action to improve margins. In addition, G&A expense reduction plans are being implemented which we expect will result in a reduction in expense levels in the second half of this year, and an ultimate reduction in G&A to the targeted range of 8.5% to 9.0% of restaurant sales. Most importantly, we will continue to drive growth by further implementation of our key initiatives to enhance customer experience across all service channels.'
(1)
Comparable restaurant sales results are not adjusted for the impact of named storms.
(2)
Recent trends represent preliminary traffic results for the trailing 21-day period ended
(3)
See non-GAAP discussion below.
(4)
See discussion below on non-recurring costs from chicken supply issue and labor.
(5)
Sales lift on refreshed units based on sales in the respective units for 4-weeks prior to the commencement of the project compared to the sales after reopening the unit for full operations, excluding units with non-recurring events impacting the comparability of the unit's respective results.
Second Quarter 2022 Financial Summary
Total revenues from continuing operations increased 8.0% to
Comparable restaurant sales at Pollo Tropical increased 8.4% in the second quarter of 2022 compared to the second quarter of 2021;
Net loss of
Net loss from continuing operations of
Adjusted net loss (a non-GAAP financial measure) of
Consolidated Adjusted EBITDA (a non-GAAP financial measure) of
Restaurant-level Adjusted EBITDA (a non-GAAP financial measure) of
Second Quarter 2022 Comparable Restaurant Sales: See full results at:
https://www.frgi.com/news/press-release-details/2022/Fiesta-Restaurant-Group-Inc.-Reports-Second-Quarter-2022-Results/default.aspx
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