The parent company of the Logan's Roadhouse chain of restaurants posted a net loss of $1.7 million in its third fiscal quarter after posting a small profit the year before. Same-store sales slipped 3.2 percent versus the same period in early 2013, an improvement from Q2's drop of 5.3 percent.
Net sales at Nashville-based Logan's came in at $169 million for the quarter, a drop of 3.3 percent. Operating income, which doesn't include the 260-unit chain's large interest costs, was $8.8 million versus $8.5 million last year. Adjusted EBITDA — which excludes restructuring costs, losses on property and equipment sales and other things — ended the quarter at $17.2 million versus $21.4 million in 2013.
Traffic, which was off by 6.8 percent from last year, continues to be a big issue for Logan's, although an increase of 3.9 percent to $14.49 in the company's average check helped offset that drop somewhat. The team led by Chairman, President and CEO Mike Andres said rough winter weather hurt same-store sales by about 1.2 percent during the quarter, while a cut in the amount of broadcast advertising also contributed to the drop.
Through the first nine months of its fiscal year, Logan's sales are off 4.5 percent.
POSTDATA: WARRANTY DEEDS