Industry News | February 23, 2001
Quizno's Posts Loss in 1Q 2001
The recent quarterly loss compares to a net income applicable to common shareholders of $385,434, or $.11 per diluted share, in the comparable period ending December 31, 1999.
Total revenue increased 41 percent from $8.8 million in the period ending December 31, 1999, to $12.4 million in this period. Continuing fees increased by 65 percent from $3.6 million in the period ending December 31, 1999, to $6 million in this period.
The Company, which franchises and owns and operates Quizno's Subs restaurants, opened 98 new restaurants in the 1st quarter, bringing the total number of Quizno's restaurants operating throughout the U.S. and in six foreign countries to more than 1,000 at the end of December 2000.
Domestic system wide sales increased 57% to $83.6 million in 1st quarter fiscal 2001 from $53.1 million in the comparable period in 2000. Same store sales increased 4.3% in the quarter ending December 31, 2000, over the same period in 1999.
A total of 152 new franchises were sold in the period, including one new international franchise.
Food & Beverage
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