MOD Super-Fast Pizza Holdings, LLC announced 2017 year-end results that reflect continued new store growth and strong performance from existing stores. During the 2017 fiscal year, MOD added 110 locations system-wide, bringing its system-wide store count to 302, and grew same-store sales by 5.2 percent. System-wide sales reached $275 million, reflecting a year-over-year increase of 81 percent, while company net revenue hit $219 million, up 68 percent over 2016.
To support its rapid growth, MOD raised $33 million in equity in 2017 with continued support from its strong investor base, and closed on a $40 million credit facility. To date, MOD has raised over $185 million in total equity capital.
“2017 was an amazing year for MOD as we added 110 stores to our system-wide store base, making it the second year in a row during which we grew by 100 stores or more. We continued our aggressive geographic expansion entering seven new states, giving us a presence in 27 states at year end,” says Scott Svenson, co-founder and CEO of MOD Pizza. “We accomplished this during a difficult period for the broader restaurant industry, and we believe our remarkable growth was enabled, in significant part, by our continued commitment to make a positive social impact. In 2017 alone, MOD contributed over $1 million to support our local communities and Squad members in need.”
New store openings increased MOD’s presence in existing markets and launched the brand in seven new states: Indiana, Montana, Utah, Delaware, Florida, Nevada and Georgia - creating over 2,600 jobs and building the MOD Squad to more than 6,800 system-wide by year end. The Company also significantly strengthened its executive team, adding four key individuals: Paul Twohig, Chief Operating Officer; Tracy Cioffi, Chief Marketing Officer; Robin Hamm, Vice President of Culinary, and Robert Notte, VP of Technology. Further bolstering the company’s leadership, Kate Jaspon, Chief Financial Officer of Dunkin’ Brands, was appointed to MOD’s Board of Directors.
MOD’s growth also supported its ongoing commitment to Spreading MODness—the idea of using the business as a platform for creating positive social change. During the company’s annual week-long Spreading MODness campaign, MOD and its franchisees donated over $364,000 to Generosity Feeds to help create a half-million meals for kids struggling with hunger. The Company’s donation will help fund over 40 meal-packing events in the states where MOD operates, serving as a catalyst to bring communities together to help combat childhood hunger.