RAVE Restaurant Group, Inc. Reports Fourth Quarter Update and Year-End Financial Results

RAVE Restaurant Group, Inc. (NASDAQ:RAVE) has announced its financial results for the fourth quarter and fiscal year ending June 30, 2024. Key highlights include a net income of $0.9 million for the fourth quarter of fiscal 2024, compared to $0.6 million for the same period in the previous year. Income before taxes rose by $0.4 million to $1.2 million. Total revenue increased by $0.3 million to $3.4 million.

Pizza Inn and Pie Five saw mixed results in domestic comparable store retail sales, with the former decreasing by 1.5% and the latter by 10.6%. On the annual side, net income rose to $2.5 million from $1.6 million in fiscal 2023, with a noteworthy 70% increase in diluted earnings per share.

CEO Brandon Solano highlighted three growth initiatives for Pizza Inn, including reimages, new restaurant openings, and the rollout of a new online ordering platform. CFO Jay Rooney noted the $3.1 million profit before tax and $7.8 million in cash and short-term investments, emphasizing a debt-free status.