FAT Brands Q3 Earnings Miss Estimates

Loading...
Loading...
  • FAT Brands Inc FAT reported third-quarter FY22 sales growth of 247% year-on-year, to $103.22 million, missing the consensus of $105.90 million.
  • System-wide sales increased 57% Y/Y. Year-to-date system-wide same-store sales grew 7.0% Y/Y.
  • General and administrative expenses increased 172% Y/Y to $28.7 million.
  • The operating margin was 1%, and operating income for the quarter declined 57.4% to $1 million.
  • Adjusted EBITDA for the quarter more than tripled to $24.6 million.
  • Adjusted EPS of $(0.98) missed the analyst consensus of $(0.85).
  • The company opened 38 new stores in Q3.
  • Andy Wiederhorn, CEO of FAT Brands, commented, "Looking ahead to 2023, we plan to continue this robust unit growth with over 130 units slated to open. Additionally, during the third quarter, we signed 180 new franchise agreements bringing our total pipeline to over 1,000 new locations which is expected to represent a 60% increase in EBITDA over the next several years."
  • Price Action: FAT shares closed higher by 0.93% at $7.03 on Thursday.
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...