McCormick & Schmick’s reports 2Q losses

By

SeafoodSource staff

Published on
August 5, 2009

McCormick & Schmick’s Seafood Restaurants on Thursday reported its financial results for the second quarter ending 27 June.

The seafood chain reported a 7 percent drop in revenues in the second quarter of 2009, to USD 92.7 million (EUR 64.5 million), compared to the same period in 2008. The company attributed the loss to the decline in same-restaurant sales, which tumbled 17.3 percent. The loss in same-restaurant sales was the result of a 16.7 percent drop in traffic.

The Portland, Ore.-based chain’s net income also fell to USD 1.2 million (EUR 836,104) from USD 2.4 million (EUR 1.7 million) last year.

“While the challenging economic environment resulted in a decrease in comparable sales for the quarter, we are pleased with the impact our cost savings initiatives have had on our operating results,” said McCormick & Schmick’s CEO Bill Freeman. “Throughout the second quarter we remained focused on out efforts to contain costs while introducing new revenue building initiatives for the future. I am encouraged by the evolution of our marketing strategy as we focus on communicating to a broader audience to strengthen our connectivity to our guests.”

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