The parent company of Pizza Inn and Pie Five continues to shrink.
That’s according to the second quarter earnings report from Dallas-based Rave Restaurant Group, which reported that it ended the quarter with 128 Pizza Inn buffet locations. That’s down from 133 the quarter before. Before the pandemic, Rave had 155 Pizza Inn restaurants.
The operator added one Pie Five location, to bring the total to 34. In 2019, there were 58 Pie Five restaurants.
For the quarter ended Dec. 25, Rave reported net income of $457,000 and total revenue of $2.7 million, up $600,000 from the prior year.
“Our franchisees and team members have remained committed to our business and customers resulting in our seventh consecutive quarter of profitability,” Rave CEO Brandon Solano said in a statement. “Despite supply chain disruptions and labor challenges, our focus on cost control continues to pay off for our restaurants and operators.”
Solano noted that Rave has more than $8 million in cash on hand.
Pizza Inn’s sales were bolstered in September by the launch of the chain’s new House Pan Pizza, the company said.
Pie Five is testing some new offerings in four units, including new décor, a refreshed specialty pizza menu and an emphasis on “house-made curated salads,” Solano said.
Rave’s stock has been trading at less than a dollar per share since mid-January.
Rave has previously received, and resolved, de-listing notices from Nasdaq.
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