TAST - Carrols Restaurant reports Q4 and FY2020 preliminary sales figure in line with consensus

Carrols Restaurant Group (TAST) +3.2% premarket, reports Q4 total restaurant sales increased 5.8% to $420.5M vs. consensus of $420.17M.Comparable restaurant sales for Burger King restaurants decreased 0.9% and Popeyes restaurants decreased 12.9%. FY2020 total restaurant sales increased 6.5% to ~$1.55B, in line with consensus of $1.55BComparable restaurant sales for the Burger King restaurants decreased 2.8% and Popeyes restaurants decreased 0.1% for the year. Daniel T. Accordino, Chairman and CEO said, “Last week, we finalized our revised Burger King area development agreement with our franchisor on the terms generally outlined in our third quarter earnings release. With this agreement, our remodel and new restaurant build commitments have been significantly reduced. Also, while we terminated our right-of-first-refusal provision in the prior agreement, we are pre-approved to acquire up to 500 Burger King restaurants in territories where we currently operate. Under this new arrangement, we believe we will have the flexibility to grow our business

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Carrols Restaurant reports Q4 and FY2020 preliminary sales figure in line with consensus