The chain is increasing the number of wines under $30 and promoting a seasonal cocktail menu to attract a younger and more value-oriented customer, said Bill Freeman, CEO. Average ticket prices have dropped as a result.
"Our 10 items under $10 [program] represents 34% of our lunch entrées," Freeman said.
Meanwhile the company has completed both its planned 2009 openings, and construction is under way on the first of three planned restaurants in 2010, in West Palm Beach, Fla. Units will open in Houston and Richmond, Va., later next year.
For the quarter, revenues were $86.3 million, down 13.6% from the same quarter in 2008. Comparable restaurant sales decreased 18.8%. Net income was $1.3 million, compared with net income of $1.4 million in the year-ago quarter.
McCormick & Schmick's Seafood Restaurants operates 93 restaurants, including 87 restaurants in the United States and six restaurants in Canada under The Boathouse brand.
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