BurgerFi touches record low after Q4 same-store sales decline

Burgerfi International

22/03/2023 16:25

** Shares of BurgerFi International Inc  BFI.O  fall as much
as 13% to an all-time low of $1.07
    ** Stock last down 2.4% at $1.20
    ** Burger chain reports 4% decline in Q4 overall same-store
sales 
    ** BurgerFi brand's same-store sales decreased 9% in Q4,
hurt by slowdown in demand for its offerings
    ** "Sales are continuing their recovery to pre-COVID levels
both in Florida and in the Northeast where we do not have as
strong of a brand awareness," CEO Ian Baines says on
post-earnings call
    ** However, BFI's Q4 revenue rises 29% to $45.3 mln and beat
analysts' estimate of $44.9 mln, per Refinitiv data
    ** Co reports a smaller loss for Q4, compared with a year
ago
    ** Also reiterates 2023 forecast
    ** Stock has fallen over 71% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))