The parent company of the Logan’s Roadhouse restaurant chain said it earned $555,000 in its second fiscal quarter, down from $1.1 million the year before. Sales rose 8 percent to $157 million, driven by price hikes and the opening of new locations.
Same-store sales, however, fell 0.6 percent despite a 4.3 percent rise in the average check. Customer traffic at restaurants open more than a year fell 4.7 percent, which was a slightly smaller drop than in the company’s fiscal Q1.
“Commodity inflation continues to pressure restaurant-level profitability, although we are limiting the full impact by controlling labor and other restaurant expenses,” said President, Chairman and CEO Tom Vogel. “Our customer surveys demonstrate that our value proposition is at all-time highs, and we remain focused on delivering our guests a great food and service experience at Logan’s to support our primary organizational focus of increasing customer traffic.”
Nashville-based Logan’s runs 218 company-owned and 26 franchise locations in 23 states.
First Farmers & Merchants Corp. said it finished with profits of $8.2 million in 2011, a year in which its asset base topped $1 billion for the first time.
The Columbia-based parent of 18-branch First Farmers & Merchants Bank posted net income of about $2.4 million during the last three months of the year, up about 5 percent from the year before. Deposits grew 3.5 percent during the quarter, but the bank trimmed its loan books by about the same number to $511 million.
“While both the economy and loan demand continued to be weak in 2011 — certainly a reflection of the nation’s challenging financial situation — First Farmers saw strong profitability, as well as greater financial strength and stability for its shareholders and customers,” said CFO Pat Bearden. “We continue to be well-positioned for further growth and greater shareholder value.”