Rave Restaurant reports Q2 EPS 4c vs. 2c last year

Reports Q2 revenue $2.8M vs. $2.9M last year. Pizza Inn domestic comparable store retail sales increased 7.0% in the second quarter of fiscal 2024 compared to the same period of the prior year. Pie Five domestic comparable store retail sales increased 0.8% in the second quarter of fiscal 2024 compared to the same period of the prior year. “Following a strong Q1, we’ve hit our 15th consecutive quarter of profitability with steady same-store sales growth at both Pizza Inn and Pie Five in Q2,” said Brandon Solano, CEO. “This fiscal quarter, we focused on our unwavering commitment to maintain tight cost control, which has been a cornerstone of our success. Our disciplined financial approach has allowed us to effectively navigate the competitive landscape, while our commitment to operational efficiency has positioned us for continued success in the ever-evolving market. Despite a slight decrease in total revenue, we saw steady profit growth with net income reaching $0.6 million compared to $0.3 million in the same period last year. This is a testament to the dedication of our team and the effectiveness of our financial strategies, positioning us for sustained growth and shareholder value. We’re also thrilled to welcome three new Pie Five franchisees into our family, taking over locations throughout Texas. Their partnership underscores the attractiveness of our brand and continued confidence in our business model. Even in the face of varying same-store sales, including Pizza Inn’s impressive 7.0% increase and Pie Five’s solid 0.8% growth in Q2, our strategic initiatives have contributed to our overall positive financial performance. We’ve embarked on a significant journey to reimagine our stores, and I’m excited to announce 10 more Pizza Inn restaurants are set to begin the process, which elevates both the aesthetics and functionality. These dramatic updates reflect our commitment to enhancing the overall experience for both our franchise partners and guests, and we’ve been pleased to see strong results from the completed prototype in Asheboro, North Carolina. We anticipate completing most of these transformations before the end of the fiscal year. As part of our strategic vision, we’ve strengthened our organization by continuing to invest in key areas such as analytics, development and IT. The addition of team members to these functional areas reflects our commitment to innovation and growth.”