Printer Friendly

PANCHO'S MEXICAN BUFFET REPORTS COMPARABLE STORE SALES UP 14.3 PERCENT FOR FIRST QUARTER; OPENS 69TH RESTAURANT

 FORT WORTH, Texas, Jan. 5 /PRNewswire/ -- Pancho's Mexican Buffet Inc. (NASDAQ: PAMX) announced today that comparable store sales for the month of December 1993, the last month of the company's fiscal first quarter, increased 17.4 percent compared to December 1992. For the three-month period, comparable store sales were up approximately 14.3 percent.
 "We are pleased to see the restaurant strategies we implemented throughout fiscal 1993 are stimulating sales in our existing restaurants," said Hollis Taylor, president and chief executive officer. "Because of increased expenses associated with these strategies, we do not expect the higher sales to positively affect first quarter earnings. However, we successfully initiated a modest price increase in the later part of the first quarter to help offset these costs. We expect that this price increase, combined with continued strong sales volumes, will positively impact earnings for the remaining three quarters of fiscal 1994."
 The company also announced that it has opened two new restaurants in Burleson, Texas and in Sherman, Texas. This brings the total number of company operated restaurants to 69. The company remains on target to open a total of 11 new restaurants in fiscal 1994.
 Based in Forth Worth, Pancho's Mexican Buffet is the only publicly held company offering "all-you-can-eat" Mexican food in a buffet-style format. The company operates 69 restaurants in Texas, Arizona, Arkansas, Louisiana, New Mexico and Oklahoma.
 -0- 1/5/94
 /CONTACT: Shirley Thompson of Carl Thompson Associates, 303-494-5472; or David Oden of Pancho's Mexican Buffet, 817-831-0081/
 (PAMX)


CO: Pancho's Mexican Buffet Inc. ST: Texas IN: FOD SU: ERN

MC -- DV004 -- 9362 01/05/94 12:59 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1994
Words:269
Previous Article:ROC COMMUNITIES ACQUIRES THREE PROPERTIES
Next Article:MCDONNELL DOUGLAS WINS DEVELOPMENT AND TESTING CONTRACT
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters