BurgerFi Clocks 29% Topline Growth In Q4, Reiterates FY23 Outlook

  • BurgerFi International Inc BFI reported fourth-quarter FY22 sales growth of 29% year-over-year, to $45.23 million, beating the consensus of $44.90 million.
  • Systemwide sales for BurgerFi decreased by 5% to $38.7 million. Systemwide same-store sales fell 9% at BurgerFi.
  • Restaurant-level operating expenses were $36.4 million compared to $26.9 million in 4Q21. 
  • Loss per share for Q4 was $(1.18), compared to $(5.84) a year ago.
  • Adjusted EBITDA was $2.6 million in both the Q4 of 2021 and 2022.
  • As of Jan. 2, 2023, there were 174 total BurgerFi and Anthony's restaurants, of which 114 were BurgerFi, and 60 were corporate-owned Anthony's.
  • "I remain enthusiastic about the development pipeline in place as well as the long runway of whitespace opportunities ahead for both brands. In total, we plan to open 15-20 new franchised restaurants, including 2-3 Anthony's in 2023," commented Ian Baines, CEO of BurgerFi.
  • FY23 Outlook, reiterated: BurgerFi sees annual revenues of $175 million-$180 million vs. consensus of $177.4 million; and Adjusted EBITDA of $10 million-$12 million.
  • It sees low-single-digit same-store sales growth for corporate-owned locations; 15-20 new franchised restaurants, including 2-3 new Anthony's.
  • Price Action: BFI shares traded lower by 1.63% at $1.21 on the last check Wednesday.
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