Two Struggling Pizza Chains Are on a Rebound

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In recent years, restaurants have struggled. The coronavirus outbreak generated company closures, labour shortages, and other issues that exist today. One pizza place is growing.

Rave Restaurant Group's fourth-quarter 2022 net income was $6.8 million. It's up from 2021's $0.9 million. Rave repurchased $500,000 last quarter and $1.1 million this quarter.

Dallas-based Pi5 owns Pizza Inn. In 2021, Pie Five will have 33 fast-casual locations in 11 states. By 2020, Pizza Inn will have 252 U.S. and 38 international locations.

After nine successful quarters, we're changing from a turnaround to a stable business ready for expansion, said RAVE Restaurant Group's CEO.

Pizza Inn and Pie Five's fourth quarter and fiscal year same-store sales grew, as did net income, EBITDA, and operating cash.

Pizza Inn's fourth-quarter comps grew 13.5% year-over-year. Restaurant Business reports Pizza Inn's same-store sales are up 13%. The brand added 2021 buffets.

Rave upgraded Pizza Inn's logo and look. These changes seek to improve dine-in experiences.

We focus on Pizza Inn's buffet as the restaurant industry abandons dine-in. We know our customers want a connection and a "experience" with their family, not simply food.

Five is harder. The brand's had problems. In 2018, half of Pie Five's locations closed. Rave is revamping Pie Five's menu to attract new consumers.

Operational and hospitality improvements" will prevail. The brand will remove large pies and make other modifications.

Pie Five is evolving. We're eliminating large pizzas off the menu and focusing on individual pizzas. We're upgrading operations and hospitality to customise dine-in and delivery experiences.

Pie Five and Pizza Inn are improving. Rave's fourth-quarter earnings announcement boosted its shares 15% on September 23. Shares are $1.35 now.

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