FAT Brands (FAT) Reports Q2 Loss of $0.36

FAT Brands (NASDAQ: FAT) reported Q2 EPS of ($0.36), versus ($0.04) reported last year. Revenue for the quarter came in at $3.1 million, versus $5.9 million reported last year.

“In the second quarter, even while navigating the rapidly evolving state by state regulatory landscape, and while supporting and empowering our franchisees, the FAT Brands team executed on our strategic goals. This included anticipating and capitalizing on the rapid shift to delivery and to go, with the successful implementation of third-party delivery through enterprise partnerships with the big four delivery platforms. We also made progress on our cross-selling and co-branding programs, with four new co-branded Fatburger / Buffalo’s locations during the quarter and one multi-concept virtual restaurant, and we have a strong development pipeline for the second half of the year. Lastly, in July, we completed the public offering of our Series B Preferred Stock, which, on the heels of our whole business securitization in March, simplified our capital structure and lowered our cost of capital.”

Wiederhorn continued, “Toward the end of the second quarter and through July, local restrictions eased and dining rooms began to re-open. Same-store sales steadily improved, increasing 44% from $3.3 million the week ending May 17th to $4.7 million the week ending July 26th. We are optimizing operations wherever possible, and continuing the expansion of the FAT Brands asset light model. Through the end of July, there have been 15 new store openings, and we have plans to open 18 additional stores by the end of the year.”

For earnings history and earnings-related data on FAT Brands (FAT) click here.

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