Schlotzsky's Inc. (Nasdaq:BUNS) announced on February 4 its sales trend results for 1999.
These sales include results from all restaurants in the Schlotzsky's franchise system including both franchised restaurants and company-owned restaurants.
For the calendar period fourth quarter of 1999, same store sales were a positive 4.4% over the comparable calendar period of 1998. This represents the 20th consecutive calendar quarter of positive same store sales by the Schlotzsky's franchise restaurant system. For the calendar year of 1999, same store sales grew at an annual rate of 2.8% over the calendar year of 1998.
Average weekly sales per restaurant during the fourth quarter of 1999 were $10,532 per week, which was a 9.5% increase over the fourth quarter of 1998. Average weekly sales per restaurant for the entire year of 1999 were $10,579 per week, which was 9.4% higher than average weekly sales for 1998.
Previously, quarterly same-store sales comparisons have been based on the company's financial accounting periods, which consist of equal 13-week quarters (91 days each). This standard accounting practice results in a 364-day annual accounting period. Every seven years, this results in a seven-day variance between the fiscal accounting period and the calendar. At the end of every seventh year, an additional week is added to the last month of the year. This occurred during the fourth quarter of 1998, thus the fiscal year 1998 contained 53 weeks.
In comparing fiscal accounting periods, the 13-week fourth quarter accounting period of 1999 had same store sales that were 1.9% lower than the longer 14-week fourth quarter accounting period of 1998. On an annual basis, the 52-week 1999 accounting period had same store sales that were a positive 1.6% higher than the longer 53-week 1999 accounting period.
Schlotzsky's Inc., founded in Austin in 1971, is a franchisor of quick-service restaurants featuring made-to-order sandwiches served on distinctive sourdough bread, along with pizzas, salads and soups. As of Dec. 31, 1999, there were 759 Schlotzsky's restaurants operating in 37 states, the District of Columbia and 12 foreign countries.
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