Despite operating during a pandemic, BurgerFi International Inc., which went public last month, reported that Q4 total revenue was slightly higher than the prior year, thanks to increases in delivery and app sales. Financial results for the fourth quarter ending Dec. 31, 2020, which are subject to completion of BurgerFi's annual financial reporting process, revealed that total revenue hit $9 million compared to $8.9 million in the fourth quarter of 2019.

The expected total revenue for the year ending Dec. 31, 2020 was about $34.3 million versus $34.2 million in 2019.

"While this past year was challenging for the entire restaurant industry, it has been a tremendous year of growth for BurgerFi as they have just gone public," Executive Chairman Ophir Sternberg said in a company press release. "BurgerFi has seen incredible success with delivery sales up over 120% year over year in the fourth quarter, "BurgerFi is poised to expand its brick-and-mortar restaurants nationally by 30% this year and has amped up in ghost kitchens plans as well."

The chain's investments in digital platforms and its swift response to environmental challenges stemming from the pandemic, allowed it to post five consecutive months of over 90% month-over-month delivery sales growth," CEO Julio Ramirez said in the release.

"We'll continue to invest in technology with the goal of delivering a frictionless, omnichannel experience to drive guest satisfaction and sales," he said.

Restaurant sales

In the fourth quarter 2020 versus the fourth quarter 2019, same-store sales declined 2.9% compared to down 9.2% in the third quarter of 2020, and down 33.7% in the second quarter of 2020 and down 11.8% in the first quarter of 2020. Same-store sales continued to sequentially improve each quarter in 2020, however, since Covid-19 hit in March. Same-store sales declined 13.4% for the year ending Dec. 31, 2020 versus the prior year.

In the fourth quarter 2020, sales at company-owned restaurants increased 12.4% to $7 million versus $6.2 million in the same period last year. Systemwide restaurant sales for the fourth quarter were $34.7 million, a decrease of 7.2% of same period in the prior year of $37.4 million.

"This decrease was due primarily to the effects of COVID, which resulted in significant same store sales declines, particularly in the second quarter in 2020, versus the prior year, and also resulted in 10 temporary closings of franchise restaurants," according to the release.

The decrease, however, was partially offset by the opening of 11 company and franchise-owned restaurants in 2020. Systemwide sales were $129.3 million in 2020, down 11.3% from $145.8 million in 2019.

BurgerFi is expecting to open 30 to 35 company- and franchise-operated restaurants this year as well as up to 46 in 2022.

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