Rave Restaurant reports Q2 EPS 2c vs 2c last year

Reports Q2 revenue $2.866M vs $2.696M last year. Our second quarter results mark 11 consecutive quarters of profitability for RAVE driven by a strong top-line and focused cost controls while investing in the future of our business," said Chief Executive Officer of RAVE Restaurant Group, Inc., Brandon Solano. "Our second quarter shows continued same-store sales growth at both Pizza Inn and Pie Five, net income and EBITDA stability and strong operating cash performance. We continue to make investment decisions with the goal of driving long-term performance and competitiveness," Solano said. "We expect key initiatives such as our Pizza Inn rebranding efforts, reimagined Pizza Inn buffet experience, Pie Five menu relaunch and our new group value proposition, will provide returns long after our initial investments. In fiscal 2022, we delivered the first Pizza Inn buffet unit count growth in 24 years. In Q2, we had one buffet opening and zero closures, making us net positive in buffet store count year-to-date. We continue to focus on building our strong pipeline of new buffet stores, including our first new store image Pizza Inn slated to open in April in Asheboro, NC. In the coming months we are poised to begin re-image efforts at Pizza Inn buffets which will give our customers an enhanced Pizza Inn experience. In Q2, RAVE continued the rollout of its modernized Pizza Inn logo and mascot ‘Jojo’ across consumer touch points especially in new buffet units under construction. The company also began the implementation of Revel, its new point of sale system, with full rollout expected in late summer 2023." Solano continued, "The restaurant industry continues to abandon dine-in, leaving us an opportunity to win with our differentiated strategy, focusing on the value and variety of Pizza Inn’s buffet while opportunistically capturing delivery and carry-out. We know our customers are hungry for a connection and an ‘experience’ with their family, not just Covid-esque functional feeding, and we are well positioned to fulfill that need."