McCormick & Schmick's Seafood Restaurants on Wednesday reported it first-quarter results. For the period ending 28 March, the Portland, Ore., company posted revenues of USD 91.9 million (EUR 68.5 million), down from USD 92.3 million (EUR 68.8 million) during the same period last year. The decline is primarily attributed to a 13.9 percent decline in same restaurant sales.
The drop in sales was partially offset by revenue from two new restaurants opened during the first quarter in Roseville, Calif., and St. Louis, which are not in the comparable restaurant base.
McCormick & Schmick's also reported a net loss of USD 1.1 million (EUR 820,800), compared to USD 118,000 during the same period last year.
"During the first quarter of this year, we have focused on implementing aggressive cost control initiatives to help mitigate the impact of this challenging economic environment. I am pleased with the initial results of these initiatives and the effect they have had on our financial results for the quarter," said CEO Bill Freeman. "We will continue to focus in the second quarter on gaining additional traction with the cost-cutting initiatives while also exploring new revenue building programs to improve our top line through the rest of the year."
The restaurant chain affirmed its revenues guidance of about USD 370 million (EUR 276 million), assuming comparable restaurant sales decrease for the full year. Based on capital availability and economic conditions improving, the company may open an additional restaurant this year.
