Charlotte, North Carolina based chicken and biscuit chain Bojangles’ has decided “It’s Bo Time!” on Wall Street. The 622-shop chain filed for an IPO Monday. It plans to list on the NASDAQ under the symbol BOJA.
In its prospectus Bojangles’, which opened for business in 1977, pitches itself a “high-quality” choice for quick dining and its key point of differentiation as breakfast. The company points out that while many of its competitors do not serve breakfast they do all day long, generating 38% of its more than $1 billion in 2014 revenue before 11 a.m.
Company restaurants generated a total of $406.8 million in revenue last year while franchise locations brought in $628.6 million. Company wide net income was $26.1 million. The company’s 368 franchises also contributed $23.7 million in franchise royalties. In the fourth quarter same store sales grew 7%.
“Our strong breakfast results make us a leader in the fastest growing daypart in the industry,” says the company. “We believe breakfast has broad customer appeal and is the most habitual daypart, which drives repeat business and customer loyalty.” Market research cited by Bojangles’ forecasts breakfast sales will grow from $27.4 billion in 2013 to $35.7 billion in 2018.Read the Full Article