BBQ Holdings Q2 Revenue Tops Consensus

  • BBQ Holdings Inc BBQ reported second-quarter FY21 sales growth of 64% year-on-year, to $45.5 million, beating the consensus of $39.12 million, driven primarily by the easing of dining restrictions.
  • Same store net restaurant sales climbed 51%.
  • Total costs and expenses increased 21.8% Y/Y to $42.6 million.
  • The operating margin was 6.4%, and operating income for the quarter recovered to $2.9 million.
  • Restaurant-level operating margin, as a percentage of restaurant net sales, for company-owned restaurants was 12.7% versus 0.4% last year.
  • The company held $39.2 million in cash and equivalents as of July 4, 2021.
  • Adjusted EBITDA was $5.1 million versus $(1.1) million last year.
  • EPS was $1.64 compared to $(0.68) the previous year.
  • Outlook: BBQ raised FY21 sales guidance to $183 million - $188 million (prior $180 million - $185 million), versus the consensus of $194.17 million.
  • Price Action: BBQ shares are trading higher by 0.77% at $13.10 on the last check Monday.
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