Fast casual restaurant chain BurgerFi has reported a net loss of $4.95m for the third quarter of 2023, compared to a net loss of $3.33m a year ago.
The company attributed the widening of net loss to a decline in same-store sales and the absence of gains on employee retention credits compared to the prior period.
For the quarter ended 2 October 2023, total revenue was $39.48m compared to $43.25m a year earlier.
In the latest quarter, the company’s consolidated systemwide sales declined to $65.3m from $70.6m in the year-ago period.
During this period, BurgerFi’s systemwide sales decreased 9% to $35.7m compared to the prior year’s period.
The restaurant company’s restaurant-level operating expenses for the quarter were $32.9m, compared to $35.2m last year.
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By GlobalData
Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in the third quarter was $0.8m, compared to $1.6m in the same period last year.
During the quarter, the company opened five BurgerFi franchised locations and acquired four from franchisees year to date.
BurgerFi CEO Carl Bachmann said: “Our third quarter performance is not reflective of what we believe these brands and the people at this organization can and will accomplish.
“Having arrived here ten days into the quarter, these results are in no way indicative of our work to date or where we intend to take the business.
“Using my prior experience at enhancing pizza and burger concepts, BurgerFi is now implementing strategic priorities that should position the Company for long-term, profitable growth.”
