Industry News | May 16, 2001

Quizno's Profitable in 2Q

Bookmark/Share this post with:
Email this story Email this story
Printer-friendly versionPrinter-friendly version

Read More About

The Quizno's Corporation (Nasdaq: QUIZ), which franchises and owns and operates Quizno's Subs restaurants, announced it posted a profit of $360,619, or $.12 per diluted share, in the 2nd quarter of fiscal 2001 ending March 31, compared to a profit of $129,709, or $.03 per diluted share, for the same period ended March 31, 2000.

The company reported a loss of $1.7 million, or $.66 per diluted share, for the first six months of this fiscal year, compared to a profit of $515,143, or $.14 per diluted share, for the comparable six months of 2000. The loss was due to non-recurring expenses of $3.4 million posted in the 1st quarter of 2001. The company's core business of franchise operations and company restaurants has remained profitable in 2001 year-to-date.

Total revenue in the 2nd quarter was $13.3 million, up 37 percent over $9.7 million in the same quarter of 2000. Year-to-date revenue is up 39 percent to $25.7 million in the six months ending March 31, 2001, compared to $18.5 million for the six months ended March 31, 2000.

A total of 113 new Quizno's Subs restaurants opened in the 2nd quarter, including 15 internationally, and 116 new franchises, including 7 international, were sold. Today there are more than 1,200 Quizno's operating throughout the U.S. and Puerto Rico as well as in eight foreign countries.

Domestic system wide sales grew to $87.8 million in the recent quarter, up 37 percent over the $63.9 million in the same quarter of 2000. Same store sales increased 9.5 percent in the 2nd quarter fiscal 2001 over the 2nd quarter fiscal 2000.