McCormick & Schmick’s 3Q revenues drop
McCormick & Schmick’s Seafood Restaurants on Wednesday posted third-quarter revenues of USD 86.3 million (EUR 58 million), a 13.6 percent drop from the same period last year.
The Portland, Ore.-based company reported a net income of USD 1.3 million (EUR 873,600) in the third quarter, which ended 26 September, compared to net income of USD 1.4 million (EUR 940,800) in the third quarter of 2008.
What’s more, the upscale seafood chain — which like many high-end restaurant chains has struggled amid the recession — watched its third-quarter same-restaurant sales slide 18.8 percent and its same-restaurant traffic fall 14.2 percent.
“The third quarter continued to be a challenging economic environment,” said McCormick & Schmick’s CEO Bill Freeman.
“I am pleased with our team’s ability to adapt to the ever-changing economic pressures while balancing our commitment to providing an exceptional guest experience with continued prudent cost management,” explained Freeman. “We continue to focus our plans on delivering programs and choices that reflect our sensitivity to the financial pressures on our guests by offering great value on our menu every day coupled with the exceptional service our guests have come to expect.”
Based on its performance through the first nine months of 2009, McCormick & Schmick’s adjusted its projected annual revenues from USD 370 million (EUR 248.6 million) to USD 360 million to 365 million (EUR 241.9 million to 245.3 million).
However, the company is sticking with its plan to open a total of three restaurants next year: one in West Palm Beach, Fla., in the first quarter; one in Houston in the second quarter; and one in Richmond, Va., late in the year.
Currently, McCormick & Schmick’s operators 93 restaurants: 87 U.S. restaurants and six Canadian restaurants under The Boathouse banner.