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Fiesta Restaurant Group (NASDAQ: FRGI) will host a conference call on
Additionally, Fiesta will participate in the EF Hutton Global Conference in
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) announced the appointment of Dirk Montgomery as the permanent President and Chief Executive Officer, effective April 13, 2023. Montgomery has been serving as Interim CEO since December 8, 2022 and previously held the role of Chief Financial Officer since September 9, 2019. The Board of Directors believes Montgomery’s extensive knowledge of the Pollo Tropical brand and operations positions him well to lead the company. Since taking the interim role, he has emphasized strategic initiatives to drive transaction growth and margin expansion while enhancing guest experience and operations excellence. This leadership change aims to unlock the growth potential of the brand.
Fiesta Restaurant Group reported a 9.3% revenue increase to $97.6 million for Q4 2022, driven by an 11.0% rise in comparable restaurant sales at Pollo Tropical. The net loss narrowed to $4.1 million, from $4.7 million YoY, while Adjusted EBITDA rose to $6.9 million from $2.5 million. The company experienced positive momentum in early 2023 with transaction growth recovering, particularly in South Florida. Despite operational challenges, including rising commodity costs and impacts from Hurricanes Ian and Nicole, Fiesta aims for an 18% restaurant-level operating margin in 2023. Significant G&A reductions are also being pursued to enhance profitability.
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) will host a conference call on