Rave Restaurant Group, the parent company of Pizza Inn and Pie Five, reported its 15th profitable quarter in a row Thursday, though revenue dipped slightly.
The Dallas-based operator said Pizza Inn’s same-store sales rose 7% and Pie Five’s same-store sales ticked up by 0.8% during its second quarter of fiscal 2024, which ended Dec. 24.
Rave’s net income of $600,000 for the period is twice what it was a year ago.
But total revenue fell by about $100,000, to $2.8 million, compared to the same period in 2022.
“Following a strong Q1, we’ve hit our 15th consecutive quarter of profitability with steady same-store sales growth at both Pizza Inn and Pie Five in Q2,” Rave CEO Brandon Solano said in a statement. “This fiscal quarter, we focused on our unwavering commitment to maintain tight cost control, which has been a cornerstone of our success. Our disciplined financial approach has allowed us to effectively navigate the competitive landscape, while our commitment to operational efficiency has positioned us for continued success in the ever-evolving market.”
Rave ended the quarter with 112 domestic Pizza Inn restaurants and 24 Pie Five locations. There are 18 international Pizza Inn restaurants. In 2019, Rave had 155 buffet-style Pizza Inn restaurants and 58 fast-casual Pie Five locations.
Solano noted that the company has onboarded three new Pie Five franchisees in Texas recently.
Rave is in the midst of “reimagining” its restaurants.
“We’ve embarked on a significant journey to reimagine our stores, and I’m excited to announce 10 more Pizza Inn restaurants are set to begin the process, which elevates both the aesthetics and functionality,” he said. “These dramatic updates reflect our commitment to enhancing the overall experience for both our franchise partners and guests, and we’ve been pleased to see strong results from the completed prototype in Asheboro, N.C. We anticipate completing most of these transformations before the end of the fiscal year.”
Rave also continues to add to its analytics, development and information technology infrastructure, he added.
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