Quizno's announced in November it had changed its fiscal year end from December 31 to September 30, effective September 30, 1999.
The Company, which franchises and owns and operates Quizno's Classic Subs restaurants, opened a record 100 new units in the 1st quarter, including 18 new international locations. Along with additional Quizno's locations in Japan and Canada, the first Quizno's restaurants in Australia and Costa Rica opened in 1st quarter. At the end of calendar 1999, more than 700 Quizno's were operating.
Total revenue increased 35 percent from $6.5 million in the period ending December 31, 1998, to $8.8 million in this period. Continuing fees increased by 110 percent from $1.7 million to $3.6 million. Company stores earned $221,027 on sales of $2.7 million in this period, compared to $83,554 on sales of $1.8 million in the previous period.
System wide sales increased 74% to $53.1 million in 1st quarter 2000 from $30.6 million in the comparable period in 1998. Same store sales increased 4.7% in the quarter ending December 31, 1999, over the same period in 1998.
A total of 118 new franchises were sold in the period, including 21 international franchises. A master franchise was sold for development of Quizno's in Switzerland, Luxembourg, Belgium and the Netherlands. At the end of calendar year 1999, more than 500 franchises were sold, but not yet open.
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