Landry’s Restaurants reports 2Q loss
Landry’s Restaurants on Monday reported its results for the second quarter of 2010.
The Houston-based restaurant and hospitality reported a loss of USD 14.1 million (EUR 10.7 million), compared to a profit of USD 6.6 million during the same period last year.
However, Landry’s revenues from continuing operations reached USD 294.6 million (EUR 222.7 million), up from USD 282 million during the same period in 2009, though same-restaurant sales for the company’s brands — which include Landry’s Seafood House, Chart House, Rainforest Café and Saltgrass Steak House — were flat.
Results for the second quarter of 2010 were impacted by a litigation settlement charge as well as the cost of acquiring Oceanaire Seafood Room (USD 1.3 million) early this year.
“We are pleased with the performance of our restaurant and hospitality operations where we experienced sequentially improving same store sales despite the impact of the Gulf oil spill on our three locations in the affected area,” said Rick Liem, Landry’s executive VP and CFO. “The gaming industry continues to struggle with excess capacity eroding pricing power and reduced consumer spending.”
In May, Landry’s agreed to be acquired outright by President, Chairman and CEO Tilman Fertitta, ending a two-year-long bid for the company.All Foodservice & Retail stories >