BurgerFi falls as sales drop; sees FY revenue at lower end of forecast

Burgerfi International

16/08/2023 15:17

** Shares of burger chain BurgerFi International  BFI.O 
down ~4% at $1.67 
    ** BFI's total revenue drops 4% to $43.4 mln in Q2, with
same-store sales declining 10% at its BurgerFi outlets compared
with a year earlier
    ** Co now sees annual revenue at the lower end of its prior
forecast range of $175 mln to $180 mln
    ** CEO Carl Bachmann says co plans initiatives to improve
its products by H2 that will include launching new chicken
sandwiches and improving milk shakes    
    ** Q2 net loss, however, narrows to $6 mln, or 24
cents/share, from a net loss of $60.4 mln, or $2.72/share a year
earlier
    ** YTD, shares up ~33%
    

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))