Rockville, Md.-based restaurant chain Silver Diner today [Tuesday] announced results for its Q2 and H1 ended 14 July 2002.
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Net sales for the Q2 increased 3.8% to US$7.81m, compared to US$7.53m year on year. Excluding the Company’s Towson, Maryland location, which was closed in November 2001, net sales increased 8.1%, year on year. Net sales for the H1 were up 3.5% to US$17.5m, compared to US$16.9m for the comparable period last year. Excluding the firm’s Towson, Maryland and Tysons Corner locations, the latter of which was closed for 25 days in the Q1 2001 due to a fire, year-to-date net sales increased 7.1% compared to the same period last year.
The positive sales trends experienced by the company year-to-date were, in part, due to the mild winter in the Mid-Atlantic region of the US and the comparison to weak sales results in the H1 2001. Although the company expects sales to continue to improve in comparison to 2001 levels, it does not believe that year-to-date comparable store sales trends are indicative of results that can be anticipated for future quarters.
Restaurant operating margin (sales less cost of goods, labour and operating expenses) increased 11% to US$1.56m in the Q2, compared to US$1.4m in the Q2 2001, and increased as a percentage of net sales to 20% in the Q2 from 18.7% in the comparable quarter last year. Year-to-date restaurant operating margin increased 12.4% to US$3.8m, compared to US$3.4m in the comparable period last year, and increased as a percentage of net sales to 21.9% versus 20.2% in the comparable period last year. The increase in restaurant operating margin for the Q2 and H1 was primarily due to the company’s ability to control food and labor costs and to a drop in restaurant operating costs.
Q2 net loss fell US$275,265, or 38.7%, to US$436,713, compared to US$711,978 for the same quarter last year. H1 net loss fell US$878,044, or 58.9%, to US$611,984, compared to US$1.49m for the comparable period last year.
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