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Friday, June 21, 2024

Rave Restaurant Group Stock increased 3.83% following new CFO

Key Takeaways:

  • Rave Restaurant Group’s stock price increased by 3.83% following the appointment of Jay Rooney as the new Chief Financial Officer.
  • Rave has been focusing on expanding its Pizza Inn buffet concept, which has seen consecutive years of net unit growth after a 24-year decline.
  • The company reported its 15th consecutive profitable quarter in Q2 2024, with income doubling year-over-year from $0.3 million to $0.6 million.

RAVE’s stock price increased by 3.83% following the appointment of Jay Rooney as its new Chief Financial Officer. The company’s shares rose in response to the announcement.

Rave Stock Price 1-Minute Data

Rooney previously served as CFO at Dickey’s Barbecue for nearly six years. His appointment is part of a restructuring plan for the company’s executive team aimed to drive growth and expansion for both the Pizza Inn and Pie Five brands.

The newly appointed executives include Carlos Cojulun as Marketing Director of Pizza Inn, Roger Mangum as Director of Operations, Zack Viljoen as Vice President of Operations for Rave and General Manager of Pie Five, Denise Wilson as Associate Vice President of Supply Chain and Training, and Liam Finn as Director of Franchise Development.

Rave’s focus on expanding its Pizza Inn buffet concept has driven growth in recent years. The company has seen consecutive years of growth after a 24-year decline, with the number of domestic buffet units increasing from 70 in June 2021 to 75 by mid-2023.

Earnings Report

The company’s financial performance has also contributed to investor optimism. Rave reported its 15th consecutive profitable quarter in Q2 2024, with income doubling year-over-year from $0.3 million to $0.6 million. This profitability, along with the company’s growth initiatives, has increased confidence in Rave’s future opportunities.

CEO Brandon Solano has also announced that 10 more Pizza Inn restaurants are set to undergo a transformation process that will elevate both the aesthetics and functionality of the locations. CEO Brandon Solano stated in his recent earnings announcement, “We’ve embarked on a significant journey to reimagine our stores, and I’m excited to announce 10 more Pizza Inn restaurants are set to begin the process, which elevates both the aesthetics and functionality”.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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