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Wednesday, Jun 29, 2022

Habit Revenue, Income Up

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Shares in Irvine-based Habit Restaurants Inc. were up about 4% in midday trading Friday to a market cap of $850 million after the company reported it earned $3 million in its most recent quarter, an increase of 20% over $2.5 million in the same period last year.

The fast-casual burger chain reported results after markets closed Thursday.

Revenues for the quarter were $55 million, up 45%.

Same-store sales grew 12.6% for the quarter.

President and Chief Executive Russ Bendel lauded the chain’s “45th consecutive quarter of comparable sales growth.”

Habit opened four company-owned restaurants in the quarter—part of the 26 to 28 new company-owned sites planned for this year—which brings its company-owned locations to 113.

It said it also plans to open three to five franchised restaurants this year.

The chain would have about 140 restaurants by year-end if all the locations open.

Other 2015 guidance includes annual revenue of $221 million to $225 million and same-store sales growth of at least 4%.

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