McCormick & Schmick’s Seafood Restaurants on Wednesday released its first-quarter results, including a 7.7 percent drop in revenues to USD 84.8 million (EUR 66.8 million).
The Portland, Ore.-based upscale seafood chain also watched its same-restaurant sales fall 9.6 percent and same-restaurant traffic slip 6.2 percent in the first quarter of 2010.
However, the company posted a net loss of USD 400,000 (EUR 315,120), compared to a net loss of USD 1.1. million in the first quarter of 2009.
“I’m encouraged by the positive response of our guests to our strategic initiatives designed to improve guest traffic,” said McCormick & Schmick’s CEO Bill Freeman. “Our results reflect consecutive quarter over quarter improvement for the past two quarters in comparable sales and guest traffic. For the balance of the year, we intend to remain focused on execution at the restaurant level while completing the implementation of strategies launched last year. We will continue to evolve our concept, further connect with our current guests and broaden our appeal to a wider audience.”
This year, the company plans to open two McCormick & Schmick’s restaurants — the first opened in West Palm Beach, Fla., in February, and the second is due to open in Houston in June. Also, one The Boathouse restaurant is slated to open in Vancouver, British Columbia, this summer.
The company operates a total of 94 restaurants, including 88 in the United States and six in Canada under The Boathouse banner.
