Seed Restaurant Group, Inc. the parent company of Fazoli’s “Real Italian. Real Fast.”¨ restaurants, announced January 21, 2000 that Fazoli’s company-and joint venture-owned restaurants recently completed nine consecutive quarters of positive comparable sales growth. During this period, comparable sales increased 13.1% for the calendar year ended December 27, 1998 and 2.8% for the calendar year ended December 26, 1999.
“This sales momentum began in the quarter ended December 28, 1997 with the initial roll out of our Submarinos(TM) sandwich line,” said Kuni Toyoda, president and CEO of Seed. “We have been able to continue our sales growth during the past year by continuing to focus on taking care of our guests one breadstick at a time!”
Seed also announced upwardly revised projections for 37 new franchised Fazoli’s restaurant openings, versus a plan of 35, for the fiscal year ending April 2, 2000, a 68.2% increase over prior year franchise openings. The Company expects franchise openings to continue to accelerate, with 45 new unit openings projected for the fiscal year ended April 1, 2001. Fazoli’s-which launched West Coast franchising in December -reports 190 new units committed nationally through 2005.
Seed’s subsidiaries develop, franchise and operate Fazoli’s “quick casual” Italian restaurants in 29 states. The Fazoli’s concept combines the convenience of fast food with the food quality and dining atmosphere associated with casual dining. Currently, there are 352 Fazoli’s restaurants, of which 166 are company-owned, 175 are operated by franchisees and 11 are joint venture-owned.