Welcome to our dedicated page for Carrols Restaurant Group news (Ticker: TAST), a resource for investors and traders seeking the latest updates and insights on Carrols Restaurant Group stock.
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., will host a conference call on May 12, 2022, at 8:00 a.m. ET to discuss its Q1 2022 financial results. A press release will precede the call at 7:00 a.m. ET. Investors can join the call by dialing 201-493-6725, with a replay available after three hours. Carrols operates 1,026 BURGER KING® restaurants across 23 states and 65 POPEYES® restaurants in seven states, having been a Burger King franchisee since 1976.
Carrols Restaurant Group (TAST) reported its Q4 2021 results, showing total restaurant sales of $416.1 million versus $420.5 million the previous year. The company's Burger King comparable sales grew 7.4%, while Popeyes sales increased 1%. Adjusted EBITDA fell to $13.9 million from $31.8 million year-over-year. Net loss improved slightly to $16.4 million, or $0.33 per share, compared to a loss of $18.6 million in Q4 2020. Cash and cash equivalents totaled $29.2 million, with long-term debt at $478.2 million. Paulo Pena will succeed Daniel Accordino as CEO effective April 1, 2022.
Carrols Restaurant Group announced the appointment of Paulo Pena as the new CEO and President, effective April 1, 2022. He succeeds Daniel T. Accordino, who will retire after a 50-year tenure. Pena brings over 20 years of experience in operations and finance from leading roles at Selina and McDonald's. David S. Harris will become the Non-Executive Chairman. The board expressed confidence in Pena's ability to drive financial results and add value while ensuring a smooth leadership transition.
Carrols Restaurant Group (TAST), the largest BURGER KING® franchisee in the U.S., announced a conference call on February 24, 2022, at 8:00 a.m. (ET) to discuss its fourth quarter and full year 2021 financial results. A press release with financial data will be issued at 7:00 a.m. the same day. Investors can access the call by dialing 201-493-6725 or listen via the Investor Relations page on their website. Carrols operates 1,027 BURGER KING® and 65 POPEYES® restaurants across the U.S.
Carrols Restaurant Group (Nasdaq: TAST) reported its preliminary sales results for Q4 and FY 2021. In Q4 2021, total restaurant sales reached $416.1 million, a slight decline from $420.5 million in Q4 2020, which benefited from an extra operational week. Comparable sales for Burger King increased by 7.4%, while Popeyes saw a 1% rise. For FY 2021, total sales were $1,652.4 million, up from $1,547.5 million in 2020. The CEO highlighted challenges, including commodity and labor cost inflation affecting margins. Carrols will participate in the ICR Conference for investor engagement.
Carrols Restaurant Group (TAST) reported a net loss of $9.9 million for Q3 2021, a significant decline from a net income of $3.5 million in Q3 2020. Total restaurant sales rose by 3.6% to $421.7 million, with comparable sales for Burger King restaurants increasing 2.7%, while Popeyes saw a 3.2% decline. Adjusted EBITDA fell to $18.6 million from $34.1 million, reflecting higher labor and commodity costs. Despite challenges, management remains focused on pricing actions and capital allocation to enhance shareholder value.
Carrols Restaurant Group, Inc. (Nasdaq: TAST), the largest BURGER KING® franchisee in the U.S., will announce its Q3 2021 financial results on November 10, 2021, at 8:00 a.m. ET. A press release will precede this at 7:00 a.m. ET. Investors can access the live conference call by dialing 201-493-6725, with a replay available until November 17, 2021. Carrols operates 1,028 BURGER KING® restaurants across 23 states and has been in operation since 1976.
Garnett Station Partners, a New York-based investment firm, announces the appointment of Alex Macedo as Partner. Macedo, with nearly two decades of experience in consumer businesses, currently serves as CEO of Fat Tuesday, a leading off-premise alcohol business. Previously, he held executive roles at Restaurant Brands International, including President of Burger King North America and Global President of Tim Horton’s. His expertise will enhance Garnett Station’s investment strategies and consumer-focused portfolio, particularly in the franchise sector.
Carrols Restaurant Group (Nasdaq: TAST) announced that its CEO, Daniel T. Accordino, will retire by June 30, 2022. Accordino has held the role since 2012 and has been with the company for nearly 50 years. The board is commencing a search for a new CEO with the help of an executive search firm. This transition comes as Accordino believes Carrols is positioned for continued success. Carrols is the largest BURGER KING® franchisee in the U.S., operating 1,027 locations across 23 states, and also manages 65 POPEYES® restaurants.
Carrols Restaurant Group (TAST) announced a special cash dividend of $0.41 per share, returning $25 million to shareholders. For Q2 2021, total restaurant sales rose 15.2% to $424.5 million, with Burger King comparable sales up 12.6%, while Popeyes sales dipped 5.3%. However, the company reported a net loss of $(9.6) million, influenced by an $8.5 million debt extinguishment charge. Adjusted EBITDA fell to $29.3 million, down from $38.0 million year-over-year. The company improved its adjusted leverage ratio to 3.82 times and ended the quarter with $56.2 million in cash.
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