MOD Pizza Announces 2016 Growth Plans Following Transformative Year of Business
Company Triples Its Business in 2015, Including 200% Unit Growth, Over $60M in Revenue and 12.4% Same Store Sales Growth
SEATTLE, WA - (Marketwired - Jan 11, 2016) - MOD Pizza, the pioneer of fast casual pizza, today provided a 2016 growth outlook which includes plans to double its store base to nearly 200 locations. MOD will continue to build upon its rapidly growing footprint primarily through company-owned locations, which will be complemented by a select number of multi-unit franchise partnerships. In addition to entering six new markets in the United States, including Kansas, Kentucky, Missouri, Ohio, South Carolina and Wisconsin, the Company will also debut its first international location in the United Kingdom this year.
MOD Pizza's upcoming plans follow an impressive 2015 marked by 61 new locations, expansion into eight new states, the addition of 1,300 employees, and raising $45 million of equity to fund growth. The company's 2015 successes include ending the year with 92 stores (including 80 company-owned locations), revenue growth of over 200% to $60M+ and same-store sales growth of 12.4%, as customers continue to embrace MOD's individual artisan style pizzas and salads along with their purpose led culture. The company added two new domestic multi-unit franchise partners this year, bringing MOD's pipeline of U.S. franchise stores to 149. Internationally, the company announced its first global commitment with Sir Charles Dunstone and Roger Taylor to bring MOD to the UK during the first half of 2016. The company will continue to pursue its strategy focused on growing company-owned stores supported by highly qualified franchise partners, to grow the brand domestically and internationally.
"We are very pleased with our growth in 2015, and believe our success in an increasingly competitive fast casual marketplace is a testament to the quality of our food and the unparalleled experience delivered by our MOD Squad," said Scott Svenson, co-founder and CEO of MOD Pizza. "As a purpose-led organization, we believe that a business can succeed by putting its people first, while offering consumers an authentic, affordable and fast dining experience. We remain committed to sharing our unique concept with new consumers and look forward to bringing MOD to many new markets in 2016."
During 2015, MOD continued to invest in elevating and differentiating its food experience. New partners, King Arthur Flour Company (the nation's oldest flour company) and Mama Lil's Peppers (a cult-brand from the Northwest), joined the list of specialty food purveyors supporting MOD's ongoing commitment to food quality.
MOD also received recognition for its people-centric, purpose-driven culture in 2015 which has been a key component to its success. Fortune magazine recognized MOD as the seventh best place to work in retail in their annual '20 Best Workplaces in Retail' list and for the second year in a row, MOD was named to the Inc. 5000 list of fastest-growing private companies. In September 2015, Harvard Business School released a case study on MOD ("MOD Pizza: A Winning Recipe") focusing on the company's unique culture and its effect on the brand's growth and success. The case will be studied at Harvard and other business schools throughout 2016.
Finally, throughout 2015 the Company materially stepped-up its commitment to using its business as a platform for making a positive social impact. To demonstrate to the MOD Squad the power of giving and the importance of gratitude, MOD donated over $283,000 to over 100 community-based non-profit organizations across the US, including $125,000 during its annual "Spreading MODness" campaign in November.
About MOD Pizza
Seattle-based MOD Pizza is the pioneer of the fast casual made-to-order pizza segment, founded in 2008 by entrepreneurs Scott and Ally Svenson. MOD's individual artisan-style pizzas are made on demand, allowing customers to create their own pizzas and salads, using fresh-pressed dough and signature sauces for one price. Pizzas are hand-cooked in an 800 degree oven in less than three minutes, and salads are individually hand-tossed for each customer. The menu is rounded out with handspun milkshakes, house-made lemonades and iced teas, and local craft beers and wine. With 94 locations in 14 states, MOD is committed to creating not just a cool place to eat, but an inspired place to work. To learn more, visit www.modpizza.com and watch The MOD Difference Video.
SOURCE MOD Pizza