Fritch's attributed the higher quarterly earnings to lower food costs and a modest sales increase at both chains along with a drop in payroll costs at its Golden Corral restaurants.
Same-store sales at the firm's chain of Big Boy Restaurants rose 0.9% in the quarter while same store sales increased 0.6% at its Golden Corral restaurants, ending a string of quarterly sales declines at Golden Corral's comparative stores, Craig F. Maier, Fritch's president and chief executive officer said in a statement.
Maier said Fritch's continues to see "modest improvements" at its Big Boy chain with gains spilling over into the early weeks of the third quarter as mild winter weather continues throughout Ohio, Kentucky, and Indiana, where its Big Boy chain operates.
The company currently has 90 company-owned Big Boy restaurants along with 28 franchised Big Boy restaurants that are run by licensees. Fritch's 34 Golden Corral restaurants are located in Ohio, Kentucky and Pennsylvania but a planned expansion is expected to bring the chain into Indiana and Michigan, the company said. No further details on those expansion plans were released.
Fritch's, which has posted a profit every year since going public in 1960, also released year-to-date figures that show a net income of $5.1 million, or 98 cents per share. That compares to a net income of $4.3 million, or 83 cents per share earned last year during the same period. Year-to-date sales were also up to $156.5 million from $153.5 million a year earlier, the company said.
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