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USA: Granite City Food & Brewery Ltd. reported an 8.3% sales increase in 2006 fourth quarter
Granite City Food & Brewery Ltd., a modern American upscale casual restaurant chain announced increased sales for the fourth quarter ended December 26, 2006, according to company’s press release.
Comparable restaurant sales increased 8.3% for the thirteen weeks ended December 26, 2006. The comparable store sales increase was due primarily to increased guest counts. The Company implemented a 2.1% price increase in the food portion of its menu on November 29th which had a small overall impact on comparable sales and was the first price increase since May 2005.
Fourth quarter sales increased 68.3% to $17.0 million compared to $10.1 million for the fourth quarter of 2005. For the fiscal year, sales increased 61.1% to $58.3 million compared to $36.2 million for fiscal 2005, aided by the 7 new restaurants added in 2006 and the 5.5% increase in comparable sales for the full year. The company opened three new restaurants during the fourth quarter, in Omaha, Nebraska; Roseville, Minnesota; and Madison, Wisconsin.
"We are pleased with the strong sales trends we achieved in the fourth quarter," commented Steve Wagenheim, Granite City's CEO. "These results reflect the strength of our concept and the efforts of our employees, who work very hard to deliver the Granite City experience for every one of our customers. We aim to carry the momentum from our strong fourth quarter sales performance into 2007."
Granite City Food & Brewery Ltd. is a Modern American upscale casual restaurant chain that operates 18 restaurants in 8 Midwestern states. The menu features affordable yet high quality family favourite menu items prepared from made-from-scratch recipes and served in generous portions. The sophisticated yet unpretentious restaurants, proprietary food and beverage products, attractive price points and high service standards combine for a great dining experience. Granite City opened its first restaurant in 1999 and is expanding from its Midwestern base.
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