Spicy Pickle(TM) Delivers Positive Same Store Sales Increases in First Quarter of 2008
Same Store Sales Increase by Approximately 5% Over the First Quarter of 2007
DENVER, CO--(Marketwire - April 16, 2008) - Spicy Pickle™ fast casual restaurants (OTCBB: SPKL) announced today its same store sales for the first quarter of 2008 compared to the first quarter of 2007 rose nearly 5%.
The comparison includes the 16 Spicy Pickle™ restaurants that were open during both the first quarter of 2007 and the first quarter of 2008. The total revenues of those combined restaurants yielded a 4.64% increase over 2007. Spicy Pickle™ noted that because these restaurants are owned by franchisees the revenues are not reflected in Spicy Pickle Franchising, Inc.'s consolidated financial statements.
Today, there are 36 Spicy Pickle™ restaurants open and operating.
Marc Geman, CEO of Spicy Pickle Franchising, Inc. commented: "We believe the increase in same store sales of 4.64% over 2007 is a remarkable achievement against a backdrop of an economic recession. For the most part, other restaurant operators have reported declining sales or very minimal growth. Spicy Pickle is delivering significant growth at the store level in a very difficult environment."
"As the Spicy Pickle name gets out, people are trying the food and coming back. The increase in same store sales represents an endorsement of our food and model. People are still taking a break from their work day and seeking out healthy food that tastes great."
"We are known and have a relatively long history in Colorado. Four of the sixteen stores in the same store calculation were in other states. The evidence confirms we can be successful even at the early stages when our name is not as well known. This coupled with the 4 franchise agreements, which encompass 25 franchised restaurants we have sold outside of Colorado this year, bodes well for our future development."
About Spicy Pickle™:
Founded in 1999, Spicy Pickle Franchising, Inc. (OTCBB: SPKL) serves high quality meats and fine artisan breads, baked fresh daily, along with a wide choice of eight different cheeses, twenty-two different toppings, and fourteen proprietary spreads to create healthy and delicious panini and sub sandwiches with flavors from around the world. As a leading "fast-casual" concept, Spicy Pickle™ offers menu items that are far beyond traditional fast food -- but without the price point of casual dining. The hallmark of a Spicy Pickle™ restaurant is quality, service and an enjoyable atmosphere. The company is headquartered in Denver, Colorado, with restaurants open or under construction across 16 states and many more in development nationwide. To find out more about Spicy Pickle (OTCBB: SPKL), visit our website at www.spicypickle.com/.
Certain statements in this press release, including statements regarding the number of restaurants we intend to open, are forward-looking statements. We use words such as "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "target," and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified franchisees and employees; risks relating to our expansion into new markets; the risk of food-borne illnesses and other health concerns about our food products; changes in the availability and costs of food; changes in consumer preferences, general economic conditions or consumer discretionary spending; the impact of federal, state or local government regulations relating to our franchisees and employees, and the sale of food or alcoholic beverages; the impact of litigation; our ability to protect our name and logo and other proprietary information; the potential effects of inclement weather; the effect of competition in the restaurant industry; and other risk factors described from time to time in our SEC reports.