Profits Steady at Restaurant Group
American Restaurant Group Inc., Newport Beach-based operator of several restaurant chains, posted flat earnings for the second quarter on lower sales. The company said it earned $800,000 for the three months, about the same as in the same period last year. Revenue dropped 5.6% to $104.7 million.
The company attributed the revenue decline partly to closing poorly performing restaurants. Sales at restaurants open at least a year, a key industry indicator, declined at Grandy’s restaurants, but were higher for the Black Angus chain, American said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
