Del Frisco's CEO cites 'sales choppiness' during Q3
Mark Mednansky, CEO of Del Frisco's Restaurant Group, said, "Sales choppiness during our seasonally weak third quarter yielded results that fell short of our expectations and have caused us to revise our annual guidance. In addition to continued weakness at our locations most impacted by the continued downturn in the energy sector, we saw weakness at several East Coast locations from reduced tourism spending, specifically from the fallout over the British pound devaluation. Despite the sales challenges, we were pleased to see an improving trend at Del Frisco's Grille that resulted in positive comparative restaurant sales late in the quarter, and we are encouraged by early momentum in the fourth quarter as both Del Frisco's Double Eagle and the Grille have generated positive comparable restaurant sales through the first five weeks of this important 16-week period. We are working hard to ensure that these trends continue, and we are focused on delivering our brand commitment every day to each and every guest across each day part, but we must remain cautious in view of the current challenges affecting our industry."