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BurgerFi International (Nasdaq: BFI, BFIIW) will hold a conference call on April 14, 2021, at 8:30 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ending December 31, 2020. The company, recognized as QSR’s 2020 Breakout Brand of the Year, will issue a press release with the financial results prior to the call. Investors can join the call via a toll-free number or listen to a replay available until April 28, 2021.
BurgerFi is launching the SWAG Burger, a Spicy Wagyu Burger, available from March 15, 2021 to May 9, 2021. This new addition follows the success of the Spicy Fi’ed Chicken Sandwich, reinforcing BurgerFi’s focus on premium offerings. The burger comprises a double wagyu and brisket blend, charred jalapeños, candied ghost pepper bacon, and habanero pepper jack cheese. BurgerFi carried out a consumer research study with over 2,500 participants to gauge interest in this unique product. The introduction reflects the company's dedication to innovating within the fast-casual dining segment.
BurgerFi International has appointed Michael Rabinovitch as Chief Financial Officer, effective April 1, 2021. Rabinovitch brings over 25 years of financial leadership, having managed over 25 acquisitions worth more than $2 billion. His experience includes roles at Tech Data Corporation and Office Depot. He replaces Bryan McGuire, who will assist in the transition. Rabinovitch aims to enhance financial strategies and shareholder value as BurgerFi pursues its growth strategy, particularly in the competitive fast-casual dining market.
BurgerFi International Inc. (Nasdaq: BFI, BFIIW) has appointed Martha Stewart as the Chair of its Product & Innovation Committee. Stewart, a renowned culinary entrepreneur, brings extensive brand and marketing expertise, aimed at enhancing BurgerFi's innovative offerings. As a part of the board, she will collaborate with Chef Paul Griffin to elevate BurgerFi's brand and product line. With a robust reach of over 100 million fans, Stewart's involvement is seen as a strategic move to strengthen the company's market position and drive growth in the fast-casual dining sector.
On February 25, 2021, BurgerFi International Inc. (Nasdaq: BFI, BFIIW) appointed Martha Stewart as Chair of its Product & Innovation Committee. Stewart, a renowned food entrepreneur, brings extensive experience in brand launches and culinary expertise. Her appointment aims to enhance BurgerFi's business and brand value, leveraging her substantial market reach, with 100 million monthly fans and a 96% awareness among U.S. women. BurgerFi, known for its high-quality burgers and commitment to fresh ingredients, operates approximately 125 restaurants and seeks to innovate under Stewart's leadership.
BurgerFi International (Nasdaq: BFI, BFIIW) has appointed Jim Esposito as Chief Operating Officer. With over 20 years of experience in the QSR industry, Esposito has a proven track record in enhancing operations and profitability.
He previously drove significant revenue growth at Planet Fitness and led operations at Burger King, Panera Bread, and Papa Gino's. Esposito aims to build on BurgerFi's commitment to quality and customer experience, targeting a 30% growth projection for 2021.
BurgerFi International (Nasdaq: BFI, BFIIW) reported a 121% increase in delivery sales for Q4 2020 compared to Q4 2019, contributing to projected total revenues of approximately $9.0 million for the quarter, up from $8.9 million in 2019. Despite challenges from COVID-19, the company aims to expand its restaurant locations by 30% in 2021 and has experienced significant digital sales growth. However, same store sales declined 2.9% in Q4 and 13.4% for the year. Cash and marketable securities stood at $39.5 million as of December 31, 2020.
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BurgerFi International (Nasdaq: BFI, BFIIW) has signed a multi-unit development agreement with Food Supplies Co. LLC to open six restaurants in Saudi Arabia's Eastern Province. This partnership marks BurgerFi's second expansion in the Middle East, following existing locations in Kuwait. The first restaurant is set to open in Khobar City by late 2021, with plans for additional locations in the coming years. The company aims to grow its footprint both domestically and internationally, with a target of 25 new openings in 2021.