FRGI - Fiesta Restaurant reports improving trend for comparable sales ahead of ICR meeting

Fiesta Restaurant Group (FRGI) shows sequential improvement in its comparable restaurant sales for FQ4.Pollo Tropical comparable sales -8.2% compared to -11.1% in Q3, with November (-8.2%) at Pollo Tropical negatively impacted by Tropical Storm Eta. On adjusting, it could result in ~130bps increase during the month, taking Q4 comps up ~40bps.Taco Cabana also improved its comparable restaurant sales trend from -14.2% in Q3  to -10% in Q4; October -12.4%, November -6.4% and December -10.2%. The company plans to drive its 2021 profitable sales growth through capacity increase across its online ordering, drive-thru and pickup channels.On liquidity front, President and CEO Richard Stockinger says: "As we have previously stated, maximizing liquidity during the COVID crisis has been a top priority. Our new Senior Credit Facility consisting of a $75M term loan and $10M revolver that we entered into on November 23 allowed us to replace our prior credit agreement with a more flexible and longer-term loan

For further details see:

Fiesta Restaurant reports improving trend for comparable sales ahead of ICR meeting