Welcome to our dedicated page for Rave Restaurant news (Ticker: RAVE), a resource for investors and traders seeking the latest updates and insights on Rave Restaurant stock.
RAVE Restaurant Group, Inc. operates and franchises pizza restaurant concepts through Pizza Inn and Pie Five Pizza Company. Company news typically centers on quarterly and fiscal-year financial results, revenue, net income, Adjusted EBITDA, comparable-store retail sales, and domestic and international unit counts across its franchised restaurant system.
Updates also cover franchise development, including Pizza Inn buffet locations, international franchising activity, and Pie Five's fast-casual pizza concept. Capital actions such as common-stock repurchases may appear alongside operating commentary and brand-level performance trends.
Pizza Inn has launched a new Pizza Inn Express store in Bearden, Arkansas, managed by franchisee David Blackmon, marking his fifth location in West Arkansas. The store is strategically located at the Bearden Travel Center and is open daily, offering a variety of pizzas including popular and specialty options. Pizza Inn currently has 28 locations in Arkansas, showcasing its growth in the region. RAVE Restaurant Group, the parent company, oversees over 200 Pizza Inn and Pie Five restaurants, emphasizing a commitment to quality and community involvement.
On March 29, 2021, Pizza Inn introduced a new Garlic Buttery Crust to enhance the flavor of its pizzas. This crust incorporates buttery garlic and a blend of Romano and Parmesan cheeses, tested successfully at five locations. The new offering is available on various crust styles, including New York Pan and Stuffed Crust, and will be featured in dine-in, carryout, and delivery services. The chain promotes special offers, such as a large 2-topping pizza for $9.99. Pizza Inn, part of RAVE Restaurant Group, has been serving quality pizza since 1958.
On March 15, 2021, Pie Five Pizza, a subsidiary of Rave Restaurant Group (NASDAQ: RAVE), announced the launch of its new Panzano pan crust. Made from scratch daily, the crust features a thick, crispy exterior and fluffy center, complemented by a garlic buttery blend with Parmesan and Romano cheeses. The restaurant's popular menu items, including the High Five-Meat pizza, have been updated to enhance flavors. Pie Five Pizza emphasizes its unique product offering in the fast-casual sector, aiming to set a new standard for pan pizzas.
RAVE Restaurant Group reported a net income of $102,000 for Q2 FY2021, up from $14,000 in the same period last year. However, total revenue fell by $0.7 million to $2.1 million. Pizza Inn saw an 18% drop in comparable store sales, while Pie Five experienced a 16% decline. Despite these challenges, cash and cash equivalents increased by $3.3 million to $6.3 million. The company is launching innovative products, including Panzano pan pizza, and has implemented cost control measures, resulting in profit amidst the ongoing pandemic.
Pizza Inn, a subsidiary of RAVE Restaurant Group, has voiced concerns over election integrity following the recent Presidential election. CEO Brandon Solano emphasized the need for transparency and security in elections, advocating for a 10-day audit of the vote. The company proposed several reforms, including requiring voter ID, eliminating electronic voting machines, and restricting mail-in ballots to uphold election integrity. Despite potential backlash, Pizza Inn believes these measures are vital for restoring faith in the electoral process, emphasizing the importance of democracy and civic engagement.
RAVE Restaurant Group reported a net income of $76,000 for Q1 fiscal 2021, down from $237,000 last year. Total revenue fell to $1.9 million, a $1 million decrease year-over-year. Comparable store sales for Pizza Inn and Pie Five dropped 22% and 23%, respectively. Cash reserves decreased to $2.9 million. Despite the challenges posed by the pandemic, management is implementing strategies like the Contactless Buffet To-Go to boost traffic. They reported an income before taxes of $78,000, indicating effective cost control amidst declining revenues.
Pizza Inn has reintroduced its popular Contactless Buffet To-Go options in response to high demand. This initiative features three new meals designed to serve 2 to 6 people, allowing for customization with up to four different pizza flavors. The new offerings include Jojo's Party Pack ($12.99), Jojo's Family Feast ($25.99), and Jojo's Ultimate Variety ($32.99). The chain emphasizes enhanced safety measures in its dining rooms while expanding its delivery and carryout services. Founded in 1958, Pizza Inn is part of RAVE Restaurant Group and operates over 200 locations.
On October 6, 2020, RAVE Restaurant Group announced the hiring of Darren Webb as director of development and Dion Firooznia as franchise business consultant, aimed at enhancing franchise operations for Pizza Inn and Pie Five Pizza.
These additions are part of RAVE's strategy to strengthen its presence, particularly in the Carolinas, a key expansion area. Webb brings 15 years of experience in regional development, while Firooznia adds 26 years of experience in franchise operations. RAVE also offers a multi-unit incentive surpassing $1 million for franchisees opening five or more locations.
RAVE Restaurant Group reported mixed financial results for Q4 and fiscal year 2020. Total revenue for Q4 decreased by $1.5 million to $1.6 million, with Pizza Inn and Pie Five comparable store sales down 39% and 37.9%, respectively. However, net income increased to $31,000 from a loss of $0.8 million in Q4 2019. Fiscal 2020 saw total revenue decrease 18.6% to $10 million and a net loss of $4.2 million, down from $0.7 million the previous year. Cash reserves rose by $1.4 million, and operational adjustments are being made to stimulate recovery amid the COVID-19 impacts.
Pizza Inn has announced a partnership with RetailStack as its official point of sale provider. This decision, approved unanimously by Pizza Inn's Franchise Leadership Council, aims to enhance operational efficiency. RetailStack provides a flexible POS platform that supports digital transactions and integrates with third-party delivery services, reducing labor costs. Pizza Inn, part of RAVE Restaurant Group, continues to prioritize customer safety with its New Right-Way Buffet while expanding its technological capabilities for franchisees.