BurgerFi reports Q3 EPS (19c) vs. (15c) last year

Reports Q3 revenue $39.5M vs. $43.3M last year. Same-store sales decreased 5% at Anthony’s in the third quarter of 2023 compared to the prior period. Carl Bachmann, Chief Executive Officer of BurgerFi stated, “Our third quarter performance is not reflective of what we believe these brands and the people at this organization can and will accomplish. Having arrived here ten days into the quarter, these results are in no way indicative of our work to date or where we intend to take the business. Using my prior experience at enhancing pizza and burger concepts, BurgerFi is now implementing strategic priorities that should position the Company for long term, profitable growth.” Bachmann continued, “Many of the initial initiatives we put in place are already taking hold, including the expanded menus at BurgerFi and Anthony’s. Most recently, we successfully executed the biggest enhancement of the BurgerFi menu in company history, adding wings and salad bowls, and the response has been resounding. At the end of the month, we will also launch chicken sandwiches. At Anthony’s, we added a Chicken Alfredo and Artichoke Pizza, and two pasta dishes — Spaghetti and Meatballs and Italian Fettuccine Alfredo. We have already decreased turnover at both brands and significantly reduced training labor which has resulted in higher consumer satisfaction scores as well as faster throughput and ticket times. These are leading indicators that we are on the right path towards higher sales and margins.”