Pizza Inn buffet chain continues to shrink

Photo courtesy Pizza Inn

Pizza Inn and Pie Five’s parent company continues to shrink.

That’s according to Dallas-based Rave Restaurant Group’s second-quarter earnings report, which said it ended the quarter with 128 Pizza Inn buffet locations. That’s down from 133 the previous quarter. Before the pandemic, Rave had 155 Pizza Inn restaurants.

The operator added a Pie Five location, bringing the total to 34. In 2019, there were 58 Pie Five restaurants.

For the quarter ended Dec. 25, Rave reported net income of $457,000 and total revenue of $2.7 million, up $600,000 from a year earlier.

“Our franchisees and team members have remained committed to our business and our customers, resulting in our seventh consecutive quarter of profitability,” Rave CEO Brandon Solano said in a statement. “Despite supply chain disruptions and labor issues, our focus on cost control continues to pay off for our restaurants and operators.”

Solano noted that Rave had over $8 million in cash.

Pizza Inn sales were buoyed in September by the launch of the chain’s new House Pan Pizza, the company said.

Pie Five is testing new offerings in four units, including new decor, a refreshed specialty pizza menu and an emphasis on “home-prepared salads,” Solano said.

Rave shares have been trading at less than a dollar a share since mid-January.

Rave has previously received and resolved Nasdaq delisting notices.

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