Granite City reduces losses in Q2
Granite City Food & Brewery’s second quarter loss was nearly 80 percent smaller than in the same period last year as the restaurant chain boosted sales and cut administrative costs.
St. Louis Park-based Granite City (Nasdaq: GCFB) reported late Tuesday that it saw a loss of $579,734, or 8 cents per share, for the quarter ended June 29. That compares to a loss of $2.5 million, or 94 cents per share, for the same quarter last year.
Restaurant sales increased 5.1 percent to $23.2 million in the most recent quarter. Comparable-restaurant sales increased 5.3 percent to $22.2 million.
Guest counts at Granite City’s restaurants were up 4.6 percent year-over-year. Meanwhile, administrative expenses were $1.7 million in the second quarter, down about $800,000 from a year earlier saving account pay day loan.
“We could feel the momentum building with our customers during the first quarter, and we can see by the second quarter results that we have been operating at a level that satisfies our customer’s expectations and drives home sales and cash flow,” Steve Wagenheim, Granite City’s president and CEO, said in a news release.
“We continue to remain cautiously optimistic that this momentum will continue throughout 2010 which will allow us to improve our cash position and overall operating results.”
Granite City operates 26 restaurants in 11 states.
Filed under: term by Wolf