2020-11-05 07:18:35 TAST Carrols Restaurant
11/05/20 11/0507:18 11/05/2007:18 | Carrols Restaurant reports Q3 EPS 9c, consensus 11cReports Q3 revenue $407M, consensus $403.93M. Daniel T. Accordino, Chairman and Chief Executive Officer of Carrols, commented, "The sequential quarterly improvement in comparable restaurant sales of 720 basis points at our Burger King restaurants is demonstrative of Carrols' resiliency in the face of the unprecedented current environment. We believe our business model is well-suited to meet the needs of customers seeking great value and convenience and we have been able to serve them effectively and efficiently through our drive-thru, at-the-counter for take-out, and delivery channels. Over the past two months, we have seen modest softening in comparable sales at our Burger King restaurants driven primarily, we believe, by a strain on consumer spending due to a weakening 'Main Street' economy. Despite this year's challenges, we have been extremely adept in managing food costs, optimizing labor hours despite higher wage rates, and controlling other restaurant-level and corporate overhead expenses. Third quarter results reflect the strength of our positioning and operational acuity as we once again delivered improved restaurant-level profitability and increased Adjusted EBITDA compared to the prior year period." |
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