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BBQ Holdings has announced the launch of a new restaurant prototype, Famous Dave's Quick-Que', set to debut in September in Coon Rapids, Minnesota. This innovative line-service model aims to streamline customer experiences and reduce operational costs for franchisees. Following the acquisition of Real Urban BBQ, this prototype promises quick service without sacrificing food quality. CEO Jeff Crivello emphasized that Quick-Que' represents a significant advancement for the brand, enhancing profitability for franchisees while introducing a drive-thru in future plans.
BBQ Holdings, Inc. (NASDAQ: BBQ) reported its third quarter fiscal 2020 results, noting a net income of $328,000, a significant increase from $17,000 in Q3 2019. Total revenue rose 47.9% to $35.5 million year-over-year, driven by the addition of new restaurant locations. However, same-store net sales declined, with company-owned Famous Dave's down 4.6% and franchise-operated locations down 10.0%. The company successfully signed a 25-unit development agreement for Famous Dave’s ghost kitchens, aiming to enhance growth despite COVID-19 challenges.
Famous Dave's has signed a significant 25-unit development agreement with Bluestone Hospitality Group to expand its BBQ brand across the U.S., complementing its existing 125 locations. The partnership includes the opening of ghost kitchens and dual restaurant concepts with Johnny Carino's. Bluestone's leadership, with experience in various franchises, will bolster Famous Dave's growth strategy amid increasing consumer demand for off-premises dining. The company is also exploring drive-thru options to enhance service delivery.
BBQ Holdings, Inc. (NASDAQ: BBQ) reported its Q2 2020 results impacted by COVID-19 restrictions. Total revenue was $27.1 million, a 28.2% increase year-over-year, primarily due to new restaurant additions. Company-owned Famous Dave's same-store net sales fell 22.9%, while franchise-operated sales decreased by 31.5%. The net loss reached $6.3 million, driven by lower sales and a $4.8 million impairment charge. Same-store to-go sales soared by 106.0%. Management remains cautious about future COVID-19 impacts but optimistic about recovery as restrictions ease.
BBQ Holdings, Inc. (NASDAQ: BBQ) has announced a significant format change for its 2020 Annual Meeting of Stockholders, shifting from an in-person gathering to a virtual-only meeting due to COVID-19. The meeting is scheduled for June 16, 2020, at 3:00 PM Central Time. Shareholders must access the meeting online, as physical attendance will not be permitted. The company aims to provide equal participation rights for shareholders despite the format change. Log-in details and technical support will be available during the meeting to assist participants.
BBQ Holdings reported first-quarter results impacted by the COVID-19 pandemic. Company-owned Famous Dave’s same-store sales fell 6.8%, while franchise sales decreased 13.1%. However, To-go sales increased 8.4%. Net income surged to $13.7 million due to a one-time gain from the Granite City acquisition. Total revenue rose 65.4% year-over-year to $23.5 million, aided by expanded restaurant operations. Adjusted EBITDA stood at a loss of $457,000. The company furloughed 85% of its workforce but adapted its business model to focus on off-premise sales.