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Victoria Station and Hungry Tiger Post Losses

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Citing a general slowdown in their industry, two California-based restaurant companies reported losses for the latest quarter.

Hungry Tiger reported a net loss and a 3% decline in revenue for its third quarter, attributing the red ink to intense competition and the high cost of major menu changes at most of its restaurants.

For the 16 weeks ended June 7, the Van Nuys company lost $390,000, compared to a profit of $463,000 for the same period a year ago. Sales were $20.7 million, down from $21.4 million.

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“Hungry Tiger, like many other companies in the highly competitive restaurant industry, continued to see a shortfall in its customer counts and sales from last year’s levels,” company President Vincent Kikugawa said. “At the same time, our labor and food costs rose substantially in the third quarter as we rolled out a major revision of the menu for our 26 restaurants in the Hungry Tiger Seafood Restaurants division.”

Victoria Station, meanwhile, said it had a loss in its first fiscal quarter ended June 23 of $2.02 million. That figure included a loss of $109,000 from the sale of a restaurant. In the same period last year, the company had a loss of $835,000.

The company said the loss resulted primarily from a decline in sales volume in its dinner-house restaurants.

Revenue for the first quarter was $19.8 million, down from $23.7 million in the year-ago period.

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