Shells' Revenue, Sales Drop
Shells Seafood Restaurant's second-quarter revenues decreased 22 percent to $9 million compared to the same period last year, the Tampa, Fla., chain reported yesterday.
Comparable restaurant sales decreased 18 percent compared to the second quarter of 2007 for the 22-restaurant company.
Revenues decreased 21.1 percent to $19.6 million for the first 26 weeks of this year compared to 2007. Comparable restaurant sales decreased 16.8 percent for the same period.
"We have been greatly challenged by declining guest traffic and increasing external cost pressures," says Marc Bernstein, Shells' CEO. "We have worked diligently during the second quarter to further reduce both the operating and administrative cost structure of Shells."
The chain in July rolled back its menu prices and broadened its offerings. Shells also introduced the Rock Beach Grill concept on Aug. 1 in Pembroke Pines, Fla.