Flanigan's Enterprises Inc. (BDL) reports earnings

Flanigan's Enterprises Inc. (BDL) has submitted its annual report on Form 10-K for the fiscal year ended September 28, 2024. filing

The company operates 32 units consisting of restaurants, package liquor stores, and combination units. It also franchises an additional five units.

Total revenue for the fiscal year 2024 was $188.3 million, an increase from $174.4 million in the previous year. This increase was primarily due to higher sales in both package liquor stores and restaurants.

Restaurant food sales amounted to $114.8 million, while restaurant bar sales were $30.0 million. Package store sales totaled $40.5 million.

Cost of merchandise sold was $80.0 million, with restaurant costs at $49.9 million and package goods at $30.1 million.

Payroll and related costs rose to $59.3 million, reflecting increased minimum wages and the opening of new locations.

Operating expenses were $24.9 million, and occupancy costs totaled $8.1 million.

Selling, general, and administrative expenses increased to $5.3 million. Depreciation and amortization were $4.3 million.

Net income for the fiscal year was $5.3 million, compared to $5.4 million in the prior year. Net income attributable to Flanigan's stockholders was $3.4 million.

The company operates in two segments: restaurants and package liquor stores. The restaurant segment contributed $148.9 million in revenue, while the package store segment contributed $40.5 million.

Flanigan's plans to continue its expansion strategy by opening new locations and forming limited partnerships to raise capital for new restaurants.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flanigan's Enterprises Inc. annual 10-K report dated December 27, 2024. To report an error, please email [email protected].