BurgerFi Reports Third Quarter 2023 Results
Bachmann continued, “Many of the initial initiatives we put in place are already taking hold, including the expanded menus at BurgerFi and Anthony’s. Most recently, we successfully executed the biggest enhancement of the BurgerFi menu in company history, adding wings and salad bowls, and the response has been resounding. At the end of the month, we will also launch chicken sandwiches. At Anthony’s, we added a Chicken Alfredo and Artichoke Pizza, and two pasta dishes -- Spaghetti and Meatballs and Italian Fettuccine Alfredo. We have already decreased turnover at both brands and significantly reduced training labor which has resulted in higher consumer satisfaction scores as well as faster throughput and ticket times. These are leading indicators that we are on the right path towards higher sales and margins.”
- Restaurant-level operating expenses for the third quarter of 2023 were $32.9 million compared to $35.2 million in the third quarter of 2022.
- For the BurgerFi brand, restaurant-level operating expenses, as a percentage of sales, increased 440 basis points for the third quarter of 2023, compared to the third quarter of 2022, primarily due to lower leverage on sales.
- During the third quarter 2023, there was one corporate-owned Anthony’s and three franchise BurgerFi closures.
- Management is updating its outlook for the fiscal year 2023:
The Company will hold a conference call today, November 15, 2023, at 8:30 a.m. Eastern time to discuss its third quarter 2023 results.