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.
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