RE:RE:RE:RE:Bidding war Consolidated revenue and Same Store Sales(1)
(“SSS”):
Period-over-period declines in revenue and SSS(1) noted below are directly attributable to the COVID-19 outbreak.
Food and beverage revenue from corporate restaurant operations for Q1 2021 totaled $28.7 million, a decrease of
53.8%, or $33.4 million, compared to the 12-week period ended November 17, 2019 (“Q1 2020”).
Consolidated SSS(1) declined 54.1% for Q1 2021. This decline is primarily a result of the negative impact of the
COVID-19 outbreak on food and beverage revenue since mid-March 2020.
SIR’s flagship Concept Restaurant brand, Jack Astor’s, which generated approximately 79.0% of Pooled Revenue
in Q1 2021, had a SSS(1) decline of 46.3% for Q1 2021.
Scaddabush had a SSS(1) decline of 53.8% for Q1 2021.
Canyon Creek had a SSS(1) decline of 96.4% for Q1 2021.
The Signature Restaurants had a SSS(1) decline of 85.9% for Q1 2021.
Please refer to page 12 for a discussion on the factors that impacted SSS(1)
in Q1 2021.
Prior to the COVID-19 outbreak, take-out and delivery sales comprised approximately 5% of SIR’s food and
beverage revenue. Through the development of new product and service offerings, SIR’s take-out and delivery sales
have grown significantly, but this growth has only partially offset the negative impact on SIR’s food and beverage
revenue due to capacity restrictions resulting from the COVID-19 outbreak.