Fox Restaurant Concepts Starting 2021 off Strong

Article originally posted on Phoenix Business Journal on May 3, 2021

After a tough 2020, Phoenix-based Fox Restaurant Concepts started 2021 off right, reporting a profit and its largest revenue numbers in more than a year.

FRC, which is owned by Calabasas Hills, California-based The Cheesecake Factory, reported revenue of $36.2 million for the first quarter of 2021 and a net profit of $3.9 million.

First quarter revenue was just slightly higher than the $35.6 million the company brought in during Q1 a year ago, but earnings were significantly better than the $70 million loss the company posted in the year-earlier period. FRC and Cheesecake (Nasdaq: CAKE) had to close down all of its restaurants in mid-March of 2020 because of the Covid-19 pandemic.

FOX RESTAURANT CONCEPTS MAKING MONEY AGAIN

Even though things picked up the second half of the year, for the entire year of 2020 FRC posted a loss exceeding $77 million.

A year since the pandemic started, FRC appears to be heading out of it in a strong position.

Find the Complete Article Here: https://www.bizjournals.com/phoenix/news/2021/04/30/fox-restaurant-concepts-starting-2021-off-strong.html

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