Portland, Ore.-based McCormick & Schmick's Seafood Restaurants today reported its financial results for its fourth quarter and fiscal year ending 27 December 2008.
Compared to the fourth quarter for 2007, the company's revenues decreased 0.7 percent, from USD 99.5 million (EUR 78.7 million) to USD 98.8 million (EUR 78.3 million). Same restaurant sales dropped 13.5 percent.
The company also reported a net loss of USD 73.4 million (EUR 58 million) in the fourth quarter, compared to a loss of USD 1 million (EUR 791,384) during the same period in 2007.
Perhaps the only positive note in the report, annual revenues increased 8.9 percent to USD 390 million (EUR 309 million), up from USD 358 million (EUR 283 million).
Same restaurant sales dropped 7.5 percent in 2008, and the company reported a net loss of USD 69.6 million (EUR 55.1 million), compared to a net income of USD 8.8 million (EUR 6.96 million) in 2007."Our sales trends were consistent with what many other restaurant and retail companies experienced during the holiday shopping season," said Douglas Schmick, chairman of McCormick & Schmick's.
"Our results were further impacted by unusually harsh weather in the Pacific Northwest and lower than expected banquet activity. We have been proactively managing costs to mitigate the impact of revenue pressures on our financial results."
The company also said for 2009 it is focusing on revenue building initiatives, driving guest frequency through its loyalty program and improving guest relations and the "price-value experience."
McCormick & Schmick's plans to limit its 2009 expansion to the two restaurants already open in Roseville, Calif., and St. Louis.
March 5, 2009
