Total revenues decreased 11.5%, to
It's a number that brought hope to Fiesta President and CEO
"We have realized sequential sales improvement weekly at both brands since that time," he said in the release. "Aided by strong drive-thru and carry out sales, recent weekly
Pollo Tropical comparable restaurant sales trends have improved to -37.8% compared to the same weeks last year, supported by increased drive-thru and delivery sales.
"At those sales trends, we estimate that we generate break-even profitability, which we believe should be sustainable and provide us a base from which to rebuild the bottom line as the economy re-accelerates," he said.
Stockinger said the company was seizing the opportunity created by changes in response to COVID-19 to create a better business model.
"We have expanded and will continue to expand delivery options, we are creating more in-home dining options including Pollo Pantry and TC Pantry and we are rapidly improving our curbside and pick up capabilities to be faster and safer for our customers," he said. "Additionally, we have completed our re-opening plans in compliance with applicable state and local guidelines for the return of safe dine-in activity in
First quarter 2020 financial summary
- Total revenues decreased 11.5% to
$146.7 million in the first quarter of 2019 from$165.9 million in the first quarter of 2019. - Comparable restaurant sales at Pollo Tropical decreased 7.3%; comparable restaurant sales for Pollo Tropical increased 0.6% during the first 10 weeks of the first quarter of 2020 prior to the impact of COVID-19 compared to the prior-year period and decreased 32 % during the last three weeks of the first quarter of 2020 compared to the prior-year period.
-
Comparable restaurant sales at Taco Cabana decreased 13.5%; comparable restaurant sales for
Taco Cabana decreased 8.6% during the first 10 weeks of the first quarter of 2020 prior to the impact of COVID-19 compared to the prior-year period and decreased 28.3% during the last three weeks of the first quarter of 2020 compared to the prior-year period; -
Net loss of
$7.3 million , or$0.29 per diluted share, in the first quarter of 2020 compared to a net income of$2.3 million , or$0.08 per diluted share, in the first quarter of 2019. -
Comparable restaurant sales during fiscal April decreased 49.2% for Pollo Tropical and 26.2% for
Taco Cabana compared to the prior-year period.
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