Captain D's posted a first-quarter same-store sales increase of 1.6 percent, pushing its positive streak to 20 months.
Same-store sales at Nashville-based Captain D's climbed 8.3 percent in 2012 as the company continued to rebound from a sales slide in the last decade with the help of new menu items, a marketing push and investments in its stores. Putting up a 1.6 percent number for the first three months of the year is nowhere near the double-digit pace of last summer but it beats the 6.6 percent drop recently published by rival seafood chain Red Lobster or the sluggish Q1 performances of several other casual-dining or quick-service competitors.
"After our significant sales turnaround which garnered impressive sales increases over the past few years, we’ve continued to build upon that success entering the new year," said President and CEO Phil Greifeld. "Our brand transformation has just begun and our growth potential is significant from here. Facility upgrades have rolled out to only a fraction of our restaurants and our product innovation pipeline is strong."
With a new prototype concept in hand, Greifeld is looking to build out the Captain D's franchise network this year and next. The company now runs about 520 restaurants in 25 states.