Tough 2009 for McCormick & Schmick's
McCormick & Schmick's Seafood Restaurants on Wednesday released its results for the fourth quarter of 2009.
Compared to 2008, the upscale seafood chain's fourth-quarter revenues dropped 9.7 percent to USD 89.2 million (EUR 66.2 million). Its fourth-quarter same restaurant sales also fell 12.9 percent, and traffic slipped 7 percent.
The Portland, Ore., company also reported a fourth-quarter net loss of USD 16.1 million (EUR 12 million) in 2009, compared to a net loss of USD 73.4 million (EUR 54.5 million) in 2008. Net income improved to USD 2.8 million (EUR 210.8 million), up slightly from USD 2.4 million (EUR 1.8 million) in 2008.
Overall in fiscal 2009, the company's revenues dropped 7.8 percent to USD 360.1 million (EUR 267.3 million). Its same restaurant sales fell 15.7 percent, and traffic slipped 14 percent.
"I am pleased with our team's performance in the fourth quarter. In light of a continuing difficult economic environment, our team was able to deliver better than expected operating results while achieving further improvement on our overall guest satisfaction scores," said McCormick & Schmick's CEO Bill Freeman. "I am also encouraged by the positive response from our guests to the new strategic initiatives that we launched in 2009."
The company said it does plan to close any locations.
Looking to the rest of 2010, the company expects its annual revenues to be between USD 355 million (EUR 263.5 million) and USD 365 million (EUR 270.9 million). The company also plans to open two restaurants in Florida and Texas.
Currently, McCormick & Schmick's operators 94 restaurants: 88 U.S. restaurants and six Canadian restaurants under The Boathouse banner.