Thank you, would thank today. to all joining Chad. us call the like for on you I
ensure letter future business might a of hold, we the the contained provided release immediate on there me survival. was to our pandemic, this earnings Our pandemic. At update visibility of and what to an to response onset our from COVID-XX the tremendous action lack took
the in included reduction of management-level reductions leaders. pay actions Our senior greater pay members our all team of for with
expect as whether to Bad staffing our initially bare included restaurants we or an bones not off-premise in Daddy’s reducing sales. also did It increase know nearly not to our at at
of from which landlords fees, in or members many payment of longer almost granted, our abatement deferral with productive waived universally Board requested we we’ve had and rents. Our our vendors, discussions were their terms
provide cash credit We environment. facility drew what rapid a to burn believed would immediate be in our liquidity down we
different with like have two fortunate are service brands these. times models We to in
are trends with our drive-through for although as a balance concept, distancing have of interest Restaurants’ already and in in focused and positioned behavior. dining comps return but market And we portfolio seen a is initially, operating sharp have Times convenience, positive which restaurants to declines resilience well As and recently encouraged we Good some saw sales, on that people interaction greater with limited model shift a are others. with by now social quick service our
carryout at as week of a nearly Bad state and per week, At under of Daddy’s, week per the in rooms closed April, have exclusively business. per grown outset doing of at excess pandemic expectations. sales from near orders of restaurants a And to dining delivery our the model off-premise end $XX,XXX the and both in $XX,XXX a result our have guest we and $XX,XXX
since XX have ones rooms North opening and in and to opened We Carolina. the remaining company-owned in dining restaurants forward are looking Colorado
Our South franchisee dining Carolina has room. reopened its also in
our have done guests and our with all team in of members the safety We this health mind. and
but we reopening, to able definitely to found safety are dining because the about believe have comfortable expected, a enjoy and put place of restaurant in have in the be we mixed are our public As that there in feelings again. are domain guests measures
members and the and was done last dining program This funded Protection rehire have We sorts. not could our of for reopen team Program, amazing sales our as made applied We Paycheck of to we those restore various CARES this sacrifices pay were increase Act, to loans employees an team, under and all without rooms. to whom critical loans as week.
in and net with a current sales position. cash our recent no very with comfortable are significant we’re burn longer result, a trends, position increases As liquidity in
through continue our by our continued to our combined exemplified clean The Times speed of appearance, execution with healthy increased of we increased employees of is to the facilities. wholesome, on have focus focus and Good on a on momentum and brand focus care build our initiative, maintenance the and
Colorado partially resurgence radio and with We attribute order, reduced during our continued east. spending sales and to stay-at-home the that restriction although advertising via to
At Bad survival strategy was our developing members all pivoted of from potential abandoned, core but tactics, Daddy’s, some successfully longer-term our strategy team we at our high and never retaining to levels. talent
much our grown even our and concept and have closer, to from increase collectively tighter had have and physically another. distance teams capabilities. individual as combined learned have we about We one Our our
an dining and stringent to doing best delivered order we increased more and with that are Bad Nevertheless, we or accountability the in we a long having persist. on the off-premise, assigning are of focus than carryout dining As be run, ownership by changed some committed with rooms, that even experience, casual With higher customers short ensuring of changes reopen in experience level Daddy’s our health regardless safety. focus maintaining their off-premise execution and strategy can even run, department dine-in our may is so through of on our a will a to prior door. our competition whether and
sales Let’s the were this $XX.X weeks sales the We base compared were approximately the store in more second quarter’s the $XX.X XX million versus Bad in the the At of of comp quarter. same review XX by during quarter results. to Daddy’s this last sharp million three quarter last at had during year’s end the the year, decline weeks offset quarter. quarter. Bad during Daddy’s, restaurant last quarter
for sales basis XX.X% of the Bad quarter. last XX were increase Cost quarter, a point from Daddy’s second year’s at
proteins increase has and basis points the next beef costs shortages, bacon during Although by increased we XX volatile, approximately the and to in expect quarter. labor have costs thus Bad Daddy’s in product sequential primarily costs weeks in far been been to the quarter, prior year This three would compared we of for due labor improve successful XX.X% last prior avoiding COVID-XX year we is progress pandemic. quarter the to in made current our deleveraging in objective to quarter. to sales have year-over-year the of increase as pricing the
year. non-GAAP $X.X a and a to the of profit, Daddy’s, Bad XX.X% was mix due to operating the of COVID-XX last XX.X% associated sales million This of compared lower pandemic. is by restaurant-level for deleveraging impact for increased commissions measure, of sales driving delivery quarter million or with the or delivery Overall, higher $X.X combination sales
to sales weeks quarter Times the Restaurant of percent quarter. in two Good to last driven a substantial Times increased the of XX.X% Food for of compared slightly declines positive at the packaging offset year’s second Good decrease as $X.X costs the quarter. strong for XX points were XXX during last basis million, of a sales, and sales by the comparable the weeks by first quarter,
comments discussed costs to our Bad pricing, have third from improvements Good customers’ continued has in quarter, Similar last avoided improved we Times waste. and far As so menu product we higher to quarter. but the our lineup benefit product Daddy’s, protein expect shortages, and adjustments on in volatility to
Good increased Times improved to along operating costs staffing XX.X% for for result our the This labor restaurant-level Times for the leveraging year. quarter. labor focus Total volume $XXX,XXX increased focus, decreased with profit from and on sales, quarter nearly for productivity. last the our speed XX.X% has which Good execution of is of
lower versus cost of the restaurant-level the operating lower XXX of and partially last commissions. sales, cost to labor, cost of profit due delivery of points percent higher primarily a year basis sales by offset to XX.X%, As increased by
of revenues. million the revenues. during represents of decrease the XXX costs $X.X General quarter total million basis a were quarter X.X% or administrative This as prior a a and versus point of decrease and year as a percent $X.X percent
support at of due G&A as slightly expenses decreased controls staffing. spans center This to Bad reduced larger manager restaurant costs training as quarter’s and lower Daddy’s well
We and also indicators related the We both The us decline quarter, when Bad long-lived there are annual impairments, of for pandemic, with to to subsequent indications. represented to recorded at end assets review. price but and of on evaluate both the in least an such our COVID-XX combined basis, significant stock the Daddy’s goodwill sustained of during our business.
asset recovered. asset Bad connection of flow, when already which related the evaluated long-term restaurant and we restaurants, impairments with below believe The value in cash would at COVID-XX, Daddy’s impacts not be average have to
Bad similarly of are associated and no cash our cash the position have on goodwill was future in market or of the unit charges the attributable to additionally, COVID-XX noncash, company’s Both of flows. assessment Our growth, evaluated impact total with Daddy’s capitalization, reduced these our pandemic. light uncertainties
to are market optimistic short-term there related Although great confidence and COVID-XX. off-premise strategies this continue will sales the as impairment we our that long-term have to which I in uncertainties look Bad the am risks, Daddy’s concept we during pandemic charge, its deliver a factored growth strength. significantly into of despite demonstration of on the the to
the quarter net long-lived million last million net loss versus a loss net primarily driven and is for by the was quarter impairments loss in goodwill $XX.X This year. second taken. the asset of $X.X Our
events million $X.X March. in EBITDA million quarter the quarter. decline for the influenced adjusted the year $X.X prior by month during This Our of was versus significantly
We finished $XX.X $X.X credit the drawn Cadence million with in cash Bank. quarter against million with facility our and
one cash release, due At uncertainties year. Protection balance earnings uncertainties the additional outlook approximately In of we COVID-XX continued a through in the Paycheck loans. around prevent mentioned of SEC of results this time, our recent of for we As million filings, such pandemic. recently $XX.X our to estimate the obtained Program reasonable withdrew the the
of operations our allowed great to our genuine Bad financial While us the caused and crisis to has brands. today results related focus our food us and here corrections and hospitality be discipline this on strategies, affected customers entire us served and to excellence fiscal has well to at overall organization’s our has of pandemic Daddy’s course make during both serving
the Chad, open – we call operator that, With for will questions.
