Pictured Left: Del Frisco's Restaurant Group CEO Mark Mednansky.
Southlake's own Del Frisco's Restaurant Group posted narrow fourth-quarter earnings results due to a combination of issues, including inefficiencies at newly open restaurants — specifically, delayed openings within the quarter.
Consequently, the company made $4.6 million in the fourth quarter, down from $7.6 million in the same quarter last year.
Del Frisco's Restaurant Group was featured on our November cover because the Southlake location was tentatively supposed to open that month. However, the restaurant grand opening was held in December.
"Quarterly results fell short of our expectations due to a combination of factors," says Del Frisco's Restaurant Group CEO Mark Mednansky. "...Lower operating leverage on the 17th week than we had anticipated and weather issues during our very profitable holidays season."
However, Mednansky is more confident than ever that Del Frisco's Grille — one of our Southlake 10 picks — has earned its place as the dominant expansion vehicle after 11 successful openings across various geographies in just two years.
This year, the company will open five Del Frisco's Grilles and expand its footprint in the Northeast, Mid-Atlantic, Florida and California.
Comparable restaurant sales increased 5.2% for the company, following a comparable restaurant sales increase of 5.9% in the fourth quarter last year.
"The Grille's ability to attract a broad demographic of upwardly mobile and affluent guests -- millennials, generation x, and even baby boomers, is quite extraordinary and truly 'next generation,'" Mednansky says. "Discerning guests of all ages appreciate the Grille's casual atmosphere and upscale experience and it has quickly become a dining and social destination in every market that it serves."