Famous Dave’s of America, Inc. (Nasdaq:DAVE) yesterday announced that it achieved its 9th consecutive quarter of positive same-store sales growth. Comparable sales increased 3.1% for the quarter with total revenues of approximately $22.8 million. The comparable sale information excludes the Chicago club which was contributed to a new entity, as previously announced. Total revenue growth over the same quarter of fiscal 2000 was approximately 24%.
In the second quarter, the Company also announced 10 additional franchise commitments bringing the total to 49. Two new franchise operated restaurants were opened during the quarter, one in Sioux Falls, South Dakota and one in Cross Lake, Minnesota. Additionally, a new company operated restaurant opened in Oakton, Virginia. Total restaurant count at the end of the quarter was 35 company operated and 12 franchise operated.
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“The record sales performance testifies to the strength of our brand.” stated Martin O’Dowd, President and CEO. “We are very pleased with the continued success of our three-pronged strategy with profitable growth in company restaurants, franchised restaurants as well as the licensed products.”
Famous Dave’s of America, Inc. (Nasdaq:DAVE) owns, operates and franchises barbeque restaurants and blues clubs. The company currently owns 35 locations and franchises an additional 12 units in Minnesota, Wisconsin, Illinois, Iowa, Nebraska, Maryland, Virginia, South Dakota and Utah. Its menu features award-winning barbecued and grilled meats, an ample selection of salads, side items, sandwiches and unique desserts.
Certain matters discussed within this press release, including statements regarding revenue and profit forecasts, new restaurant sites, restaurant openings and expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Famous Dave’s of America, Inc. believes the expectation reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to defer materially from Famous Dave’s expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, changes in local or national economic conditions, availability of financing and other risks detailed from time to time in the company’s SEC reports.
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