LRI Holdings reports fiscal Q1 net loss of US$12.1M, compared with year-ago loss of US$10.1M, as net sales fall 2.2% to US$147M
December 11, 2013
– LRI Holdings, Inc., the parent company of Logan's Roadhouse, Inc., today announced financial results for the first quarter of fiscal year 2014 ended October 27, 2013.
Selected Highlights for the First Quarter 2014 Compared to the First Quarter 2013:
Net sales decreased 2.2% to $147.0 million from $150.3 million.
Comparable restaurant sales decreased 5.2%, average check increased by 1.4%, and customer traffic decreased by 6.5%
Net loss of $12.1 million compared to net loss of $10.1 million.
Adjusted EBITDA decreased 44.5% to $6.7 million from $12.1 million. (*)
(*) Please see reconciliation table at the end of this release.
Mike Andres, President, Chief Executive Officer and Chairman, stated "The first quarter continued to be challenging with respect to the economic and competitive environment which contributed to a decrease in customer traffic. Also, as we focus on providing our guests with a better quality dining experience, we continue to work through some difficult sales comparisons as we lap over heavy discount promotions that drove traffic in the prior year, but sometimes at the detriment of the overall guest experience. This has produced choppy sales results this year and is compounded by increased promotional activity from our competitors and continued pressure on the discretionary income of our guests."
Mr. Andres continued, "We continue to focus on our sources of growth, including restaurant-level execution and revitalizing our concept and brand to position ourselves for long-term sustainable growth."
Additional discussion and analysis of the Company's financial condition and results of operations can be found in its Quarterly Report on Form 10-Q for the quarterly period ended October 27, 2013. It is available at www.logansroadhouse.com under the investor relations section.
The Company will host a conference call on Thursday, December 12, 2013 at 10:30 a.m. ET to discuss its financial results for the first quarter of fiscal year 2014. The conference call will be hosted by Mike Andres, President, Chief Executive Officer, and Chairman, and Amy Bertauski, Chief Financial Officer.
The domestic dial-in number for the call is 877-407-0784, and the international dial-in number is 201-689-8560. Please call approximately 10 minutes in advance to ensure that you are connected prior to the presentation. A telephone replay will be available beginning at 1:30 p.m. ET on Thursday, December 12, 2013 through 11:59 p.m. ET on Thursday, December 19, 2013, and may be accessed by using the domestic replay number 877-870-5176 or the international replay number 858-384-5517; the passcode is 13573075. The archived webcast may be accessed at http://public.viavid.com/index.php?id=107034 and will be available for one year.
About Logan's Roadhouse
Logan's opened its first restaurant in 1991 in Lexington, KY, and has grown as an affordable, full-service casual dining steakhouse offering specially seasoned aged steaks and sizzling southern-inspired dishes in a roadhouse atmosphere. Headquartered in Nashville, Tennessee, Logan's Roadhouse presently runs 233 company-operated and 26 franchised Logan's Roadhouse restaurants in 23 states. LRI Holdings, Inc. is the parent company of Logan's Roadhouse.