Using digital in an uncertain marketplace: What Pizza Inn learned pizzamarketplace.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pizzamarketplace.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
DALLAS, Feb. 5, 2021 /PRNewswire/ RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the second quarter ended December 27, 2020.
Second
Quarter Highlights:
The Company recorded net income of $102 thousand for the second quarter of fiscal 2021 compared to net income of $14 thousand for the same period of the prior year.
Total revenue decreased by $0.7 million to $2.1 million for the second quarter of fiscal 2021 compared to the same period of the prior year.
Income before taxes was $104 thousand for the second quarter of fiscal 2021 compared to $10 thousand for the same period of the prior year.
Logo: Provided
Feb. 5, 2021
Pizza Inn and Pie Five parent company, Rave Restaurant Group Inc., reported Friday that the pandemic severely hurt the brands Q2 sales, which ended Dec. 27.
Pizza Inn reported that comp sales were down 18%, while Pie Five recorded a 16% drop in comp sales. A news release concerning the earnings report did not include the total comp sales quantity for each brand. While we continue to work through challenges presented by the pandemic, we are seeing strong indications that the team and strategy we ve put into place are taking hold and yielding results in repositioning Rave for long-term success, CEO Brandon Solano said in the release. We hold significant cash, have limited leverage, and were more profitable in Q2 during the pandemic than we were in Q2 a year ago before COVID-19 was declared a pandemic leading to dining room restrictions and closures.