May 23, 2005

Chain Update

Applebee’s and Panera Bread are among the chain restaurants that announced significant financial or operational news in recent days.

Applebee’s International reported same-store sales for the four weeks that closed on May 22. Company-owned stores reported a same-store sales increase of 0.9% vs. the same period a year earlier, while same-store sales at franchised restaurants grew by 4.7%. System-wide same-store sales increased by 3.8% during the period.

Benihana reported its financial results for its fiscal fourth quarter, which closed on March 27. Revenue for the quarter reached $54.8 million, an 8.1% increase vs. the year-ago period. Operating income, before a one-time impairment charge, increased by 34% to $6.5 million. For the full fiscal year, revenue reached $218.3 million, an increase of 7.6%, while net income, including one-time charges, totaled $7.8 million.

Panera Bread announced agreements with two existing franchisees to open a total of 16 new restaurants. Trigo Bread Company, owned by Joyce Lunsford, signed an agreement to open six units in Ohio Counties that are contiguous with Trigo’s current territory in Southern Michigan. These units are in addition to the 15 that Trigo had previously agreed to open. Manna Development Group, owned by Paul Saber, initially agreed to open 15 restaurants in North San Diego. Saber now will open an additional 10 by 2012.

Checkers Drive-In Restaurants signed an agreement with new franchisee Strick Chex Inc. to open 10 new units between Atlanta and the Georgia/Alabama border by 2009.

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