Granite City Food & Brewery Q2 net loss widens

Jul 31, 2008 (Datamonitor via COMTEX) -- GCFBU | Quote | Chart | News | PowerRating -- Granite City Food & Brewery, a casual restaurant chain, has reported a net loss of $3.25 million for the second quarter ended June 24, 2008, compared to the net loss of $1.44 million reported for the same period of 2007.

The company's sales for the second quarter of 2008 increased 36% to $25.1 million from $18.5 million in the second quarter of 2007. Comparable restaurant sales increased 0.5% during the second quarter of 2008 compared to the second quarter of 2007.

Revenue increased 34.1% to $49.1 million for the 26 weeks ended June 24, 2008, compared to $36.6 million for the same period in 2007, aided by six new restaurants and a 1.1% increase in comparable restaurant sales.

Net loss for the first half of fiscal year 2008 was $7.6 million, or $0.47 loss per share, compared to a net loss of $2.8 million, or $0.19 loss per share, for the first half of 2007.

Steve Wagenheim, CEO and president of Granite City Food & Brewery, said: "With strong operators in place we are seeing the results kick in, which is a great sign that we will continue this positive momentum throughout the year."

http://www.datamonitor.com

Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index