Carrols Restaurant Group, Inc. Reports Preliminary Sales Results for the Fourth Quarter and Full Year 2023
Preliminary sales results for the Fourth Quarter of 2023 versus the Fourth Quarter of 2022 include:
- Total restaurant sales increased 5.7% to
$470.4 million compared to$445.1 million in the fourth quarter of 2022; - Comparable restaurant sales for the Company’s Burger King® restaurants increased 7.2%; and
- Comparable restaurant sales for the Company’s Popeyes® restaurants increased 7.6%.
Preliminary sales results for the Full Year 2023 versus the Full Year 2022 include:
- Total restaurant sales increased 8.4% to
$1.88 billion compared to$1.73 billion in the full year of 2022; - Comparable restaurant sales for the Company’s Burger King® restaurants increased 9.3%; and
- Comparable restaurant sales for the Company’s Popeyes® restaurants increased 10.1%.
Management Commentary
Guidance Update
The Company now believes that fourth quarter Adjusted EBITDA(1) will be at the high end or slightly above the high end of the previously provided range of
Balance Sheet Update
During the fourth quarter of 2023, the Company used its cash balances to repay
ICR Conference Participation
Carrols will host investor meetings at the 26th Annual
About the Company
Carrols is one of the largest restaurant franchisees in
Forward-Looking Statements
Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent Carrols' expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words "may", "might", "believes", "thinks", "anticipates", "plans", "expects", "intends" or similar expressions. In addition, expressions of our strategies, intentions, plans or guidance are also forward-looking statements. Such statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties, as included in Carrols’ filings with the
Footnotes
(1) Adjusted EBITDA is a non-GAAP financial measure the Company uses to measure performance. The reconciliation of Adjusted EBITDA to net income (loss) is not available as the Company cannot estimate net income (loss) at this time.
Investor Relations:
332-242-4370
investorrelations@carrols.com
Source: Carrols Restaurant Group, Inc.