Del Frisco's sees FY19 total comparable restaurant sales flat to up 1.5%
For the 53-week fiscal year 2019, which ends on December 31, 2019, the company sees: Seven to eight restaurant openings, consisting of one Del Frisco's Double Eagle Steakhouse, two to three Barcelona Wine Bars, and three to four bartaco restaurants. Six restaurants have already opened year-to-date. Restaurant-level EBITDA of 20.0% to 22.0% of consolidated revenues. General and administrative costs of approximately $53 million to $55 million, which excludes items we consider non-recurring in nature. Pre-opening expenses of $5 million to $7 million. Net capital expenditures, after tenant allowances, of $25 million to $35 million. Adjusted EBITDA of $58 million to $66 million. By the end of fiscal year 2023, the company is targeting generation on an annual basis of at least $800 million in consolidated revenues and $130 million in adjusted EBITDA. To achieve these long-term targets, it said it would need to satisfy the following key annual goals: Consolidated revenue growth of at least 10%. Total comparable restaurant sales growth of 0% to 2%. Total net restaurant growth of 10% to 12% annually. Maintaining strong restaurant-level EBITDA margins. General and administrative cost leverage. Adjusted EBITDA growth of at least 15%. It is also targeting net debt to adjusted EBITDA of approximately 3x by the end of fiscal year 2021 and 2x by the end of fiscal year 2023.