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Carrols Restaurant Group, Inc. (NASDAQ: TAST) stands as one of the largest restaurant franchisees in the United States, with its headquarters located in Syracuse, New York. The company prides itself on owning and operating over 1,022 Burger King® restaurants across 23 states, alongside 60 Popeyes® restaurants in six states. Carrols' impressive portfolio generates approximately $1.8 billion in system sales annually, demonstrating its significant presence in the quick-service restaurant industry.
Established in 1976, Carrols’ core business revolves around providing outstanding service and quality food through its fast-food outlets. The company attributes its success to its dedicated workforce of over 24,000 employees, all committed to its mission-focused approach. Carrols fosters a unique ownership-based culture that rewards performance and encourages longevity, positioning its management teams for exceptional career advancement through comprehensive training.
Recently, Carrols has been in the news for its acquisition by Restaurant Brands International Inc. (NYSE: QSR). This strategic move, valued at approximately $1.0 billion, aims to accelerate growth and enhance profitability under Burger King’s “Reclaim the Flame” plan. This includes a significant investment of $500 million to remodel 600 Carrols restaurants over the next five years, ensuring they meet modern standards and improving the overall guest experience.
Carrols’ ability to operate efficiently and profitably has made it a valuable asset within RBI’s portfolio, which includes iconic quick-service brands such as Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. The acquisition is expected to bring about exciting development opportunities for Carrols employees and franchisees, aligning with RBI’s goal of improving sustainable outcomes related to food, the planet, and communities.
For investors, Carrols represents a stable and growing entity within the competitive fast-food sector. The company's clear vision, strong operational performance, and strategic alignment with RBI's long-term objectives make it a noteworthy stock to consider. Keep up with the latest news and updates about Carrols Restaurant Group, Inc. for more insights into its evolving business landscape.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING franchisee in the U.S., reported increased sales but a net loss for Q4 and FY 2022. Q4 restaurant sales grew 7% year-over-year to $445.1 million, with comparable sales increasing 6.2% for Burger King and 9.2% for Popeyes. Adjusted EBITDA rose to $25.4 million, reflecting operational improvements, while Net Loss widened to $19.1 million from $16.4 million in the previous year. For FY 2022, total restaurant sales increased 4.7% to $1.73 billion, yet Net Loss expanded to $75.6 million. The company retains $211.3 million in available liquidity, positioning it for potential growth in 2023.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING® franchisee in the U.S., announced a conference call to discuss its fourth quarter and full year 2022 financial results on February 28, 2023, at 8:30 a.m. (ET). A press release detailing these results will be issued at 7:00 a.m. (ET) the same day. Interested parties can join the call by dialing 201-493-6779, with a replay available until March 7, 2023. Carrols operates 1,022 BURGER KING® restaurants across 23 states and 65 POPEYES® restaurants in seven states, having been in operation since 1976 for BURGER KING® and 2019 for POPEYES®.
Carrols Restaurant Group reported preliminary sales results for Q4 2022, showing a 7.0% increase in total restaurant sales, reaching $445.1 million, compared to $416.1 million in Q4 2021. Comparable sales for Burger King® rose by 6.2%, while Popeyes® saw a 9.2% increase. For the full year, total sales climbed 4.7% to $1,730.4 million. Despite inflationary pressures, management noted a positive trend in sequential revenue growth. Carrols will participate in the 25th Annual ICR Conference on January 9-10, 2023.
Carrols Restaurant Group (TAST) announced the passing of CEO Paulo A. Pena on December 31, 2022. Anthony E. Hull has been appointed Interim President and CEO, while Joseph Hoffman has been designated Chief Restaurant Officer, effective January 1, 2023. Hull will maintain his role as CFO during this transition. The Board will initiate a search for a permanent CEO. Carrols operates over 1,000 BURGER KING® and POPEYES® restaurants across the U.S., emphasizing its commitment to operational excellence and customer focus.
Carrols Restaurant Group (TAST) reported third-quarter 2022 financial results, revealing a 5.3% rise in total restaurant sales to $444 million, compared to $421.7 million in Q3 2021. Comparable restaurant sales saw a 4.9% increase for Burger King and 6.5% for Popeyes. Adjusted EBITDA was $17.7 million, down from $18.6 million, while net loss improved to $8.7 million ($0.17/share), from a loss of $9.9 million ($0.20/share) a year earlier. The company generated $14 million in free cash flow and ended the quarter with $3.2 million in cash. Debt totaled $492.3 million with ample liquidity available.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING® franchisee in the U.S., will host a conference call on November 9, 2022, at 8:30 a.m. (ET) to discuss its Q3 2022 financial results. The press release revealing these results will be available at 7:00 a.m. (ET) on the same day. Interested parties can join the call by dialing 201-493-6779, with a replay accessible after the event. Carrols operates 1,022 BURGER KING® locations and 65 POPEYES® restaurants across the U.S.
Carrols Restaurant Group (TAST) reported a net loss of $26.5 million for Q2 2022, compared to a loss of $9.6 million in Q2 2021. Total restaurant sales rose by 4.1% to $441.9 million, with comparable sales for Burger King up 2.8% and Popeyes by 2.0%. Adjusted EBITDA fell to $15.1 million from $29.3 million. A significant $18.2 million impairment charge was noted due to goodwill from the Popeyes acquisition. Despite challenges from inflation and rising costs, management plans further price increases and has a strategy to improve profitability.
Carrols Restaurant Group (TAST), the largest BURGER KING® franchisee in the U.S., will hold a conference call on August 11, 2022, at 8:30 a.m. ET to discuss its Q2 2022 financial results. The press release will be issued at 7:00 a.m. ET on the same day. Carrols operates 1,023 BURGER KING® restaurants across 23 states and 65 POPEYES® restaurants in seven states. The call can be accessed via telephone or webcast on the Company's Investor Relations page.
Carrols Restaurant Group, Inc. (Nasdaq: TAST) has appointed Ahmad Filsoof as Vice President of Strategic Initiatives, a new role aimed at enhancing the company's strategic and innovative capabilities. With over 15 years of expertise, Filsoof previously worked at Amazon Web Services and McDonald's, where he developed substantial business strategies. CEO Paulo Pena expressed enthusiasm about Filsoof's potential to foster innovation and improve operations. Carrols operates 1,026 BURGER KING® and 65 POPEYES® restaurants, making it a leading franchisee in North America.
Carrols Restaurant Group (TAST) reported Q1 2022 financial results, with total restaurant sales of $399.5 million, up 2.4% year-over-year. Comparable sales for Burger King increased 1.6%, while Popeyes saw a 2.2% gain. However, the company faced a net loss of $21.3 million ($0.42 per share), worsened from a loss of $7.2 million a year prior. Adjusted EBITDA plummeted to $4.3 million from $19.9 million, reflecting pressures from commodity costs and labor expenses. Management is evaluating operational strategies to enhance profitability amid industry challenges.
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