More tough times ahead for restaurants as hurricanes clobber sales [CNBC]
Fiesta Restaurant Group, Inc. (FRGI)
Last fiesta restaurant group, inc. earnings: 2/26 04:05 pm
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Source: CNBC
Heavy rainfall and flooding battered restaurant sales in August, and that trend looks like it will continue well into September. Hurricane Harvey ripped through Houston and other parts of southeast Texas last week, weighing heavily on same-store sales of restaurants and dragging down overall same-store sales for the industry. August is really a tale of two different periods, said Victor Fernandez, executive director of insights and knowledge for TDn2K, a segment of Black Box Intelligence. He said that during the first three weeks of the month, same-store sales were down about 1.4 percent, a narrower drop than the 2.8 percent in July. However, following Harvey, same-store sales at the end of August were down 2 percent, with traffic lagging 3.9 percent, according to Black Box Intelligence. Results from the final week of August were very soft, with two major events impacting results, Fernandez said. The first, and most extensive, was the heartbreaking tragedy of Hurricane
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