Spicy Pickle narrows loss in Q3, nine months
November 20, 2009
by Eric Schroeder
DENVER — Spicy Pickle Franchising, Inc., a fast casual restaurant operator offering premium meat and poultry as well as artisan bread, narrowed its loss in the third quarter of fiscal 2009. The company sustained a loss of $570,911 in the third quarter ended Sept. 30, which compared with a loss of $1,360,401 in the same period a year ago. Net sales fell 30% to $954,188.
For the nine months ended Sept. 30, the company recorded a loss of $1,363,138 on sales of $3,181,641, which compared with a loss of $4,530,329 on sales of $3,219,502 in the first nine months of fiscal 2008.
“The last three quarters have been stable in terms of system-wide sales, which include both the Bread Garden Urban Cafes and the Spicy Pickle Restaurants with a very slight increase, so hopefully with the addition of a few new restaurants both at Spicy Pickle and Bread Garden going into next year we will start 2010 with positive momentum,” said Marc Geman, chairman and chief executive officer.
Spicy Pickle said bakery sales dropped during the third quarter, reflecting fewer customers. The company arranged for three restaurants to receive bread from other sources where distance made it impractical to service them from Spicy Pickle’s bakery.