In the fourth quarter of 2023, FAT Brands recorded a net loss of $26.23 million, contrasting with a net loss of $70.8 million in the same period the previous year.
The adjusted net loss for the fiscal fourth quarter (Q4) of 2023 was $17.3 million, in contrast to $43 million in Q4 of 2022.
For the quarter concluding on December 31, 2023, FAT Brands experienced a 52.8% increase in total revenue, reaching $158.6 million compared to $103.8 million in the preceding year.
The increase was credited to a 10.4% uptick in royalties, a significant 80.5% spike in company-owned restaurant revenues, and a 10.0% boost in manufacturing facility revenues.
During Q4 of 2023, the company saw a system-wide sales growth of 16.5% when compared to the corresponding quarter of the prior fiscal year.
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Its system-wide same-store sales experienced a 0.6% decline compared to the corresponding period of the prior fiscal year.
During this period, 29 new stores were opened.
Adjusted earnings before interest, taxes, depreciation, and amortization for the quarter amounted to $27 million, marking an increase from $19.6 million in the fiscal fourth quarter of 2022.
FAT Brands co-CEO Ken Kuick said, “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year we opened 14 new lodges and ended the year with 109 lodges, a 33% increase since acquiring the brand in 2021.
“Our growth pipeline includes 113 lodges and the Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”