Carrols Restaurant Group (TAST) Prelim. Q4 Revenue Tops Consensus

Carrols Restaurant Group, Inc. (“Carrols” or the “Company”) (Nasdaq: TAST) today reported preliminary sales results for the fourth quarter and full year 2021.

Preliminary Sales Results for the 13-Week Fourth Quarter of 2021 versus the 14-Week Fourth Quarter of 2020

• Total restaurant sales were $416.1 million in the fourth quarter of 2021. Total restaurant sales were $420.5 million in the fourth quarter of 2020, which included a $28.4 million contribution from the 14th week in 2020;
• Comparable restaurant sales for the Company's Burger King® restaurants increased 7.4% (October +5.0%, November +9.7%, December +8.3%); and
• Comparable restaurant sales for the Company’s Popeyes® restaurants increased 1.0%.

(Consensus sees Q4 revenue of $408 million)

Preliminary Sales Results for the 52-Week Full Year of 2021 versus the 53-Week Full Year of 2020

• Total restaurant sales were $1,652.4 million in the full year of 2021. Total restaurant sales were $1,547.5 million in the prior year, which included a $28.4 million contribution from the 53rd week in 2020;
• Comparable restaurant sales for the Company's Burger King® restaurants increased 9.1%; and
• Comparable restaurant sales for the Company’s Popeyes® restaurants decreased 1.9%.

Management Commentary

Daniel T. Accordino, Chairman and Chief Executive Officer of Carrols, commented, “Our favorable Burger King comparable restaurant sales performance during the fourth quarter of 2021 was driven by average check growth of 12.1%, inclusive of menu price increases and lower promotional activity, partially offset by a traffic decline of 4.2%. Our Burger King restaurants also demonstrated strong sequential improvement in comparable restaurant sales until the last two weeks of December, when we believe the initial impact of the Omicron variant began slowing sales trends. Compared to the fourth quarter of 2019, the Company’s Burger King quarterly comparable restaurant sales rose 7.0%. From a cost perspective, in the latest quarter we continued to see meaningful headwinds with respect to commodity and labor cost inflation similar to what we experienced during the third quarter of 2021.”

ICR Conference Participation

Carrols will participate in a virtual fireside chat at the 24th Annual ICR Conference this morning, Monday, January 10, 2022, at 8:30 AM ET and host virtual meetings with institutional investors later in the day. Investors and interested parties may listen to a webcast of the fireside discussion by visiting www.carrols.com under the tab “Investor Relations”.

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