BurgerFi: Reports First Quarter 2024 Results

Fort Lauderdale / FL. (bfi) BurgerFi International Inc., owner of the BurgerFi brand (BF), and the Anthony’s Coal Fired Pizza + Wings brand (ACF), reported financial results for the first quarter ended April 01, 2024.

• Total revenue was USD 42.9 million in the first quarter 2024 compared to USD 45.7 million in the prior period
  • Consolidated systemwide sales decreased to USD 66.0 million compared to USD 73.4 million in the prior period
  • Same-store sales decreased 2 percent at Anthony’s compared to the prior period
  • Systemwide sales for BurgerFi decreased 17 percent to USD 33.4 million compared to the prior period
  • Systemwide same-store sales decreased 13 percent at BurgerFi compared to the prior period
• Hourly turnover continued to decline significantly from the sequential quarter, with Anthony’s and BurgerFi performing within industry benchmarks. Management turnover improved from the sequential quarter, with Anthony’s performing within industry benchmarks and BurgerFi continuing to approach industry benchmarks
• Opened one BurgerFi franchised location and one corporate-owned flagship BurgerFi restaurant in New York City
• Net loss decreased to USD 6.5 million, or USD (0.24) per diluted share, compared to net loss of USD 9.2 million or USD (0.39) per diluted share in the prior period
• Adjusted Ebitda of USD 0.3 million compared to USD 2.6 million in the prior period

Management Commentary

Chief Executive Officer Carl Bachmann: «We had a difficult start to the year, but do not view our performance as indicative of these brands’ long-term potential. Like so many of our industry peers, we experienced a softening in revenue and profitability as a result of a challenging consumer environment but also contended with unfavorable weather in key markets. Notably however, we saw a sequential improvement through the quarter, beginning with a slight improvement in February followed by a more substantive recovery in March at both brands, outside of Florida. March same-store sales were flat at Anthony’s, adjusting for the Easter calendar shift, and sales have shown stability during the second quarter to date as we see our initiatives beginning to take hold.

«Looking ahead, we remain laser-focused on driving revenue growth while further enhancing operational efficiencies to increase profitability based upon the five key strategic priorities that we have implemented since last July. Achieving sales and margin improvements cannot happen overnight but we are laying a solid foundation upon which to build. We are making highly strategic decisions, following a straightforward formula – to deliver wins for our guests, our team members, and our shareholders and franchisees.»

Chief Financial Officer Christopher Jones: «We are fully underway with the rollout of new inventory control systems for both brands and a new point-of-sale platform for Anthony’s. This new infrastructure is laying the groundwork for expected progress ahead and we believe that our ongoing efforts to streamline operations will pave the way as we navigate through the recovery phase.»