Operations

Pie Five sales continue to tumble

Rave Restaurant Group reported an 11% same-store sales decline for its fast-casual brand, while quick service Pizza Inn saw 2.4% comps growth in Q2.
pie five

Rave Restaurant Group’s ailing fast-casual pizza concept, Pie Five, continues to struggle, reporting an 11% same-store sales nosedive for its second quarter, according to financial results released Wednesday. It's the chain's 17th consecutive quarter of declining sales. 

During the quarter ended Dec. 29, Pie Five shuttered six stores and opened three, bringing its total unit count to 53. The chain had about 100 locations two years ago. It reported a same-store sales decline of 7.3% last September.

In an interview last year with Restaurant Business, Brandon Solano, Rave’s new CEO, referred to Pie Five as “almost a blank slate,” as the Dallas-based parent company, which also operates quick-service chain Pizza Inn, looks to turn around the brand.

“Although Pie Five isn’t where we want it to be today, we are unwavering in our commitment to rebuild the brand and confident we have the right leadership team in place to put us back on the right track,” Solano said in a statement. “We see a huge opportunity to reposition the brand and better articulate the overall Pie Five brand promise to consumers. We also have some menu work to do that will solidify Pie Five as a disruptor and leader in the fast-casual industry.”

pie five same-store sales

Pizza Inn, meanwhile, reported a same-store sales increase for the quarter of 2.4%. The chain opened three units and closed two for a net total of 153 stores for the quarter.

Systemwide revenue for the quarter decreased to $2.8 million., which the company attributed to a decrease in franchise royalties and franchise license fees. 

“As we work through our transformation, we’re making strategic investments in new leadership that will address underperforming areas of our business and create operational efficiencies that will lead to a stronger business model,” Solano said in a statement.

The company is scheduled to hold a call with analysts to discuss the earnings numbers Wednesday afternoon.

 

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

Noodles & Company stock hits a new, all-time low

The Bottom Line: The fast-casual noodle chain was once dubbed the "Next Chipotle." But it has lost 80% of its value this year amid persistent sales weakness and compounding losses.

Financing

Shoppers apparently returned to stores on Black Friday

The Bottom Line: Holiday shopping season isn’t what it used to be as more than half of consumers get most of their gifts online. But they were more likely to shop inside stores last weekend.

Food

How one small burger chain is staying ahead of the curve

POS provider Toast pinpoints 15 burger trends impacting menus now and into 2025, and Nashville’s Pharmacy Burger is nailing most of them.

Trending

More from our partners