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Rave Restaurant Group, Inc. (NASDAQ: RAVE), headquartered in Dallas, Texas, is a prominent name in the pizza industry. The company owns, franchises, and supplies over 275 Pie Five and Pizza Inn restaurants operating both domestically and internationally. Pie Five is a leader in the fast-casual pizza segment, offering individually crafted pizzas with fresh ingredients made to order in under five minutes. Pizza Inn, with its rich history dating back to 1958, is renowned for its traditional and specialty pizzas, fresh salads, pastas, wings, and a variety of desserts.
Rave Restaurant Group operates through three main segments: Pizza Inn and Pie Five Franchising, and company-owned restaurants. The franchising segments oversee establishing franchisees, licensees, and territorial rights, with Pizza Inn contributing significantly to the company’s revenue. Most of the revenue is generated within the United States, yet the company maintains an international presence in the UAE, Kuwait, Oman, Saudi Arabia, Palestine, and Honduras.
Recent developments include the opening of the first Pizza Inn franchise in New Zealand, marking a significant milestone in the brand’s global expansion. The company reported twelve consecutive quarters of profitability and a positive net growth of buffet units. CEO Brandon Solano has emphasized the brand’s enduring appeal and commitment to delivering an exceptional dining experience.
Rave Restaurant Group continues to innovate with updated restaurant designs and new menu offerings. The company reported its 14th consecutive quarter of profitability in Q1 fiscal 2024 and ongoing same-store sales growth. Investments in reimaging existing stores and introducing new prototypes have begun yielding positive returns. Rave also plans to test adding Pizza Inn “ghost kitchens” in select Pie Five locations to leverage brand recognition and drive volume.
The company’s strategic initiatives and financial discipline have positioned it for sustained growth, with a focus on enhancing customer experiences and expanding its market footprint. For more detailed information, visit www.raverg.com and follow their Instagram accounts @pizzainnofficial and @piefivepizza.
RAVE Restaurant Group, Inc. (NASDAQ:RAVE) reported strong financial results for Q4 and fiscal year 2024. Key highlights include:
- Q4 net income of $0.9 million, up from $0.6 million in Q4 2023
- FY2024 net income of $2.5 million, up from $1.6 million in FY2023
- Q4 total revenue increased by $0.3 million to $3.4 million
- FY2024 total revenue increased by $0.3 million to $12.2 million
- Adjusted EBITDA for FY2024 increased by $0.5 million to $3.2 million
- Diluted EPS for FY2024 increased to $0.17 from $0.10 in FY2023
The company achieved its 17th consecutive quarter of profitability. Pizza Inn saw domestic comparable store sales increase 2.3% for FY2024, while Pie Five experienced a 3.7% decrease. RAVE ended the fiscal year with a strong balance sheet, including $7.8 million in cash and short-term investments and no debt.
Pizza Inn has announced a new multi-store Master Franchise Agreement with Al Ruwad Hospitality Services & Restaurants Management Group in Egypt. This partnership will bring seven new Pizza Inn locations to Egypt, with the first store set to open in Cairo during Q4 2024. The expansion marks a significant milestone in Pizza Inn's international growth strategy.
The agreement outlines plans to open two additional locations each year for the next three years across various Egyptian cities. These restaurants will offer Pizza Inn's signature menu, including pizzas, pasta dishes, wings, and Pizzerts®. This collaboration aims to establish Pizza Inn as a household name in Egypt, leveraging the brand's 65-year legacy as America's Hometown Pizza Buffet.
Rave Restaurant Group, Inc. reported strong financial results for the third quarter of fiscal 2024, with net income increasing to $0.7 million and total revenue remaining stable at $3.0 million. Adjusted EBITDA also saw an increase to $0.8 million. However, Pizza Inn and Pie Five experienced a decrease in comparable store sales. Cash and cash equivalents stood at $6.3 million, with Pizza Inn and Pie Five domestic unit counts finishing at 104 and 23, respectively. The company's CEO highlighted the restructuring of the executive team and the positive performance in same-store sales over the past few years. The CFO expressed optimism about expense management and growth strategies.
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