Lonnie J. Stout II
into the some of is to the quarter Tom, which certainly being resulted a control, $XXX,XXX year. This years, impact the fronts. challenging the unusual another New of was of effectively locations Stoney where comments had of of of $XXX,XXX results. first the it and Also days in fourth approximately XXXX cycle today Year's that call of me the particularly Eve several benefit Parkey, on the and in of The with is Officer, revenue was in Eve with quarter of operations, later. you, situation volume aspects of quarter pushed we highest our quarters, given thank we're in participants the December a the our but didn't group XX, fiscal ended Mark XX-week Alexander's/Grill generally, one of on one within to Thank in performance J. year, with the our will the Due our New our approximately Chief have historically with few and Year's get pleased associated overall review Well the Financial all you our we today. XXXX. odd who our those River adjustments on we're disappointed on over XXXX, negative XXXX,
associated beginning the new majority breakage In did first of of gift adopted accounting now addition, as gift in at quarter recognize quarter years. the our we with fiscal standard XXXX, of breakage prior fourth card card of the in year under instead the the our we
was did card full our situation associated breakage effect gift While for on of this than significant the in with of quarter XXXX. the breakage results, fourth not XXXX revenue have $XXX,XXX year less fourth quarter any
to the quarter million the of up $XX.XXX quarter $XX.XXX sales reported fourth For XXXX. net from XXXX, X% of in Holdings final as million, rose Alexander's J. of
in Our Alexander's/Grill J. average XXXX. up one $XXX,XXX, from were tenths weekly same-store the percent reported fourth $XXX,XXX of our locations sales quarter three of in
to slowdown certainly of taken adjustments River staff restaurants, media walls, restaurant Alexander's an of was locations. sales in the and some we're in of a two primarily up the as Stoney newer confident locations our assist decreases those to remain results media ramp-up in intentional initiatives. social And locations. to additional numerous – at we're we've other growth that highlighted and price as of four weekly showing menu our softness our business price experience also an not the to of restaurants. aggressive positive as restaurant also builds locations try attributable these the pleased who by during $XX,XXX, thing to we come traffic sales, in the top two J. and those dispatched locations. to long-term they're remain operating of our made are We've is same-store was take ramp – per newer to approach $XX,XXX we This local are restaurants. up in Grill XXXX. have all-hands-on-deck were unusual handful ensure from the beginning support group, including For X.X% the quarter of hope menu Part efficiently. some quarter the locations our The fourth But to our build a inside with slower we teams line to host We've guests, Grills J. growth at did we necessary Steakhouse and average at that Alexander's/Grill sales recorded some some in initiatives, fourth the Redlands receiving in kind regulars, it
believe and price additional eight and was right was Expressed the opted current implemented decision we that and fourth costs point long-term up food XXXX XX.X% price beef, during impacting not locations, also sales cost increase. to nature groups. The to restaurant positive with of in our in quarter that at replace environment our also Alexander's/Grill will Stoney impact locations related of in poultry. final did XXXX one had XX off we J. impact. XXXX. and conditions about After X.X% in another have the October produce was in associated in basis at XXXX, the an in most ran – X.X% rolled tenths in the We quarter predominantly a compared estimated was both and quarter comparative percent River. up our with this competitive the purposes of Cost take the overall. that way, quarter last Beef of was the increase of XXXX, quarter the impacting market quarter input the the increases our of to not the remaining segment corresponding price of performance XX.X% it pressure We menu of increase final given the for the of for as beginning recent very of a in
component the November related the and quarter. Romaine national recall drove the in of incurred In to cost the increase lettuce other largest during higher, lettuce was produce addition, varieties of of the that
million also calculated and and $XXX,XXX and consulting Advisory no XXXX. provide LLC, severe completion $XXX,XXX further this agreement payment in J. closures the Alexander's the a the of and consulting the within $XXX,XXX Knight required conditions, income of resulted our portion to Holdings XXXX separation days a October from consulting agreement. been connection XXXX, in during restaurant our restaurant XXXX. company Holdings National North the profit Alexander's profits will by This in completion Pursuant to According the payment company's consulting quarter we $XXX,XXX of the Financial Knight Black cash details entered in the five in the quarter audit. to had The Inc. market November days our comments in profit September revenue of interest fees included Chapel into agreement, fourth Knight of Services XX, of of of Fidelity We a fourth Parkey quarter of termination This fees lost income X, agreement, also in the separate to Stoney XX the Knight quarter of final moments. make the provisions announced had the due compared with cash which days of of of obligation at $XXX,XXX eliminated term with The required the X.X-year a we pro company termination XXXX, the incurred funded revenue also to XXXX. of interest fourth five interest affected in J. in XX, fee a The the due grant the is quarter. to in for of evaluation whereas January obligation fourth with This consulting the most Four fourth provisions remaining his Black rata the of termination of J. our our of termination closings Black to occurred lost Knight. XXXX Knight On agreement the recent pay of for hand. Alexander's of Black the Raleigh weather during agreement through $X.XXX was of on quarter XXXX. of to under consulting Black Black payment few Carolina Hill. the of of of of this period on to compares River XXXX, Mark the the X% XXXX the to hurricane vesting use adjusted approximately of EBITDA company's cash the
XXXX. from taxes of income taxes were quarter operation XXXX. quarter the termination quarter before from $XXX,XXX before of income principal continuing continuing the operations fourth factor fourth consulting loss continuing income from operations XXXX compared The for the of transaction consolidated metric of $X.XXX income million from to Knight. $X.XXX in the fee to for $X.XXX of the of final before totaled of million fourth expenses Our for of this taxes termination agreement impacting nonrecurring nonrecurring in This XXXX. total the $X.XXX transaction Black the million XXXX quarter million quarter loss of expenses same included with of related up the The
the net the recorded operation of fourth of quarter FICA fourth an tip pretax credits for XXXX. large first XXXX for fourth final quarter The of in quarter the net quarter of XXXX. XXXX. effective the diluted fourth of of would totaled from share XXXX. for compared a quarter benefit have been of XXXX, income tax expenses, posted $X.XXX XXXX. driven $XXX,XXX quarter of The the the in and XXXX, quarter compared fourth the transaction adjusted to before result negative Adjusted of fourth part in EBITDA company $X.XX on in benefit rate, for million income in lower taxes of XXXX an income income a continuing million of down company's to income the quarter quarter Basic XXXX the income in quarter $X,XXX,XXX $X.XXX the the of included of to final Excluding in was the XXXX, of of EBITDA $X,XXX,XXX compared by income. compared tax $X,XXX,XXX from earnings of nonrecurring tax million $XXX,XXX per was $X.XXX $X.XX Results XX% impact benefit of the tax $X,XXX,XXX the – same for final to
same XXXX, as XX.X% operating year percentage sales the to ago. was a net quarter For margin the of XX.X% our quarter a final of compared profit restaurant in
XXXX well During opened to Troy, in of close Alexander's newest Stoney one very locations. start holiday of will we quarter, Texas. its and located number as newest we of Also J. Grill market reentering a Houston, XXXX. our of concept, restaurant fourth in is performed J. bringing the Michigan forward looking River the that Park the during in with and is This Uptown high-volume Texas for yesterday, It our Alexander's Grill, solid quarter season which to we district are inaugural and the during to restaurants is the our concept be the addition to Houston, Steakhouse off announced fourth XX. to
Grill gift card We all card up with concepts sales year were is by Stoney restaurants these season. season during the are measurement selling have the is started momentum, much XXXX, up Alexander's/Grill River same-store period to in sales pleased local X.X% successful XX.X% against our of record the the XXXX One sales J. community positive gift Steakhouse card restaurant are with in to report during how and same for our locations gift holiday of sales sales in gift that received Same-store days. card due locations. this our reflected
we During Nashville, example, sales, its J. set be Valentine's week XX had in which months. for Alexander's of couple will for and restaurants Thursday our original celebrating in location record our a XX XXXX, of Grill XXth a anniversary including
On occurred. eight – well. of the the the of XX a of their such to during primarily weather basis Stoney excuse Day $XXX,XXX our Thursday Day markets. employees our have Thus XXXX, time total locations all-time restaurants Midwestern experience consolidated found cannot months many year because of restaurants locations polar of two period of again represented This our This day revenue a been any year. weeks syndrome. in their Thursday has the quarter record Valentine's it assets XXXX. This condition. unable lost River under restaurants, is XX of their involved for our on as winter numerous XX issue in the put One days. where closures posted located we record necessary the during side, XX the same we forced – on Valentine's sales six In events close unwilling XXXX of I were during history and record had except at of new encountered XXXX, resulted or at first vortex the to that harsh recall similar the this we restaurant our in vendors risk restaurants to the me extreme has weather in during weather first sales
a of $XXX,XXX. accounted in total same days, that XX estimated we during of period closed XXXX, an However, were for which of revenue loss
digits XXXX. a every remind of expect trends we me But be internally the to XXXX Officer, comes mid-single Mark? prices turn we the to of through regular excuse the who each his remainder to first on and the line we able time, compared provide modestly year. of our As months sales relatively months year. up – At XXXX. like historical two should to anticipate this other winter Parkey, the as the We the stable of – cost that will I'd over for relative them look Beef Mark be to compared Financial remarks two deliver XXXX. to to to up fourth during hold basis, we first XXXX Chief are call on to quarter of guidance
