With the safety of its employees and guests as its number one priority, the Company has re-opened a majority of its dining rooms as state and local municipalities have announced new guidelines regarding restaurant operations.
For the second quarter through
|---------------------------------------- 2Q 2020 ---------------------------------------|
|Comparable Restaurant Sales||(60.8)%||(57.4)%||(50.2)%||(52.7)%||(61.0)%||(39.4)%||(45.4)%||(31.3)%|
|Average Sales per Restaurant|
|Number of Restaurants Open||92||92||92||92||92||92||92||92|
|Number of Opened Dining Rooms (1)||—||—||—||—||—||7||53||74|
|(1) Represents the dining rooms open as of the end of each week designated. On
As a result of the pandemic, the Company transformed its existing take-out and delivery business to a safe and efficient operation for its guests as well as employees and more than tripled its pre-COVID-19 off-premise sales entering the second quarter of 2020.
As the Company has reopened its dining rooms, recent off-premise sales have continued at a rate of more than double pre-COVID-19 levels and the comparable restaurant sales have begun to show a significant improvement over immediately preceding weeks. As of today, 87 of the company’s dining rooms were in operation in varying levels of capacity, while five restaurants continue to operate with enhanced off-premise service only, and nine restaurants remain temporarily closed.
In response to the business disruption caused by the COVID-19 pandemic, during the eight-week period ended
(1) We define EBITDA as earnings before interest expense, income tax provision, depreciation and amortization, and stock based compensation.
Certain statements in this release that are not historical facts, including, without limitation, those relating to the Company’s cash and cash equivalents if it had paid all of its expenses, the Company’s estimates regarding achieving positive EBITDA, expected additional restaurant operating and G&A expenses and other statements that can often be identified by words such as “expect,” “believe,” “intend,” “estimate,” “plans” and similar expressions, and variations or negatives of these words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the ultimate geographic spread, duration and severity of the coronavirus (COVID-19) outbreak, and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, the actual number of restaurant openings and reopenings, the sales at the Company’s restaurants, changes in restaurant development or operating costs, such as food and labor, the Company’s ability to leverage its existing management and infrastructure, changes in restaurant pre-opening expense, general and administrative expenses, capital expenditures, our effective tax rate, impairment and closed restaurant costs, changes in the number of diluted shares outstanding, strength of consumer spending, conditions beyond the Company’s control such as timing of holidays, weather, natural disasters, acts of war or terrorism and other factors disclosed from time to time in the Company’s filings with the
Source: Chuy's Holdings, Inc.