Business
Southern Concepts Focuses On Profitability, Increases Flagship Margins By Triple Digits
Southern Concepts Focuses On Profitability, Increases Flagship Margins By Triple Digits.
About this update from Southern Concepts Restaurant Group, Inc.
[{"type":"text","content":"\n\n COLORADO SPRINGS, Colo., April 13, 2016 (GLOBE NEWSWIRE) -- Southern Concepts Restaurant Group, Inc. (OTCQB:RIBS), operator of Southern Hospitality Restaurant and Bar and innovator of fast casual barbecue concept Carve Barbecue, has reported certain unaudited store-level metrics for the first quarter of 2016 emphasizing the company’s focus on building the fundamentals of the business, primarily store-level profitability.\n During the first quarter of 2016, Southern Hospitality in downtown Denver increased store level EBITDA by 146 percent compared to the first quarter of 2015, from $24,400 to $60,100. As a percentage of revenue, EBITDA in Southern Hospitality Denver during the first quarter of 2016 was nine percent compared to four percent in 2015. During the quarter, Southern Hospitality in downtown Denver grew comparable same store sales by three percent. Southern Hospitality in Lone Tree, Colo. also earned nine percent in store-level EBITDA during the quarter, its third full operating quarter. Earning nine percent in the first quarter during its initial year marks the most profitable first calendar quarter for an opening of any of Southern Concepts’ restaurants historically. “The results from Q1 illustrate the major strides we are making as a management team to grow profitability throughout the system and we are only getting started,” said Mitchell Roth, Southern Concepts CEO. “With relatively normal sales, we more than doubled bottom line margins and increased efficiencies that will allow us to consistently serve a world-class product.” For the purpose of this press release, store level EBITDA is equal to revenue less cost of goods sold, labor, store-level operating expenses, and franchise fee. These financial measures have not been audited. About Southern Concepts Restaurant GroupHeadquartered in Colorado Springs, Southern Concepts Restaurant Group owns and manages three full-service Southern Hospitality restaurants in the Colorado market, and has introduced Carve, a new fast casual barbecue concept. The full-service Southern Hospitality concept was co-created by Eytan Sugarman, Justin Timberlake, and Trace Eyala in New York City's Hell's Kitchen neighborhood. To learn more, visit www.southernconcepts.com. About Mitchell RothMitchell Roth is the Co-Chairman, President and CEO of SCRG...