Carrols Restaurant Reports Mixed Q3 Results As Inflation Weighs

  • Carrols Restaurant Group Inc TAST reported third-quarter FY21 restaurant sales growth of 3.6% year-on-year, to $421.70 million, beating the analyst consensus of $417.99 million.
  • Comparable restaurant sales for Burger King restaurants increased 2.7%, and Popeyes restaurants decreased 3.2%.
  • Total costs and expenses rose 7.2% Y/Y to $425.4 million. The company recorded an operating loss of $(3.6) million for the quarter.
  • Adjusted Restaurant-Level EBITDA of $35.4 million fell 32.9% Y/Y, and adjusted Restaurant-Level EBITDA margin declined 460 basis points to 8.4%.
  • Adjusted EPS loss of $(0.16) missed the analyst consensus of $(0.15).
  • The company held $89.4 million in cash and equivalents as of October 3, 2021. Net cash provided by operating activities amounted to $23.6 million with a free cash flow of $13.5 million.
  • "Inflationary challenges continued to weigh heavily on our profitability metrics," said CEO Daniel T. Accordino.
  • Price Action: TAST shares are trading lower by 3.26% at $3.70 on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!