Charlotte-based Chanticleer Reports Lower Loss on Smaller Expenses

8/14/17

By Chris Roush, NC BIZ News

Restaurant company Chanticleer Holdings Inc., which operates restaurants such as Hooters, reported a smaller second quarter loss on lower expenses, according to a filing Monday with the Securities and Exchange Commission.

The Charlotte-based company reported a net loss of $1.4 million, or 58 cents per share, compared to a net loss of $5 million, or $2.35 per share in the same quarter a year ago.

Revenue increased slightly to $11.76 million from $11.75 million in the year-ago quarter. The analyst estimate was for revenue of $11.72 million.

“Store revenue improved sequentially from the first quarter, but were down as compared to prior year periods as we saw softer traffic particularly in our East Coast locations this spring as compared to last spring,” said Chief Executive Officer Mike Pruitt in a statement.

The company’s shares closed Monday at $2.83, up 7 cents.

General and administrative expenses fell to $1.08 million in the quarter from $1.37 million in the second quarter of 2016.

Chanticleer’s restaurants include American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh and Hooters. It had 61 locations at the end of the quarter.

During the quarter, the company opened two new Little Big Burger stores in Oregon and one new BGR location in Virginia. It expects to open eight to 12 new stores during 2017.

Same-store sales, or sales at locations open at least a year, fell 9.7 percent at its burger locations and 10.9 percent at its Just Fresh locations.

Same-store sales fell 3.9 percent at its Hooters locations in the United States.

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