Skip to main content
Updated:
Original:

Famous Dave's profit plunges 92% in 1Q

Author:

Famous Dave's of America posted first-quarter profits of just $62,000, a 92 percent drop compared with $817,000 a year ago, Twin Cities Business reports.

Revenue at the Minnetonka-based barbecue restaurant chain fell to $36.6 million from $37.5 million during the same three month period in 2012.

Administrative costs totaled $5 million, up about 12 percent, which stemmed mostly from a $325,000 jump in compensation-related to the reorganized CEO and chief operating officer positions, the Star Tribune reports.

“Our first-quarter sales, royalties, and franchise fee results were disappointing, which led to poor [earnings] results,” CEO John Gilbert III said in a news release. "Over the past six months, we've developed a strategic framework for performance improvement, tested a number of smart, innovative tactics that have proven successful, and launched the best of these tactics in our company restaurants."

Gilbert, a board member, was named Famous Dave's new chief executive officer last October. He replaced Christopher O’Donnell who stayed with the company as president and chief operating officer.

Click here, to follow Famous Dave's stock performance.

Next Up

Target store

Target's gift card discount is back, but for this weekend only

The fine print: for Target Circle members only (but membership is free).

Screen Shot 2020-06-15 at 7.11.05 AM

Minneapolis teen arrested in St. Cloud after fleeing police in stolen vehicle

The vehicle was stolen in a car-jacking in Minneapolis Thursday.

snow, blowing snow

Winter storm warnings issued with heavy snow set to slam MN

Parts of northern Minnesota could see more than a foot of snow, but there won't be much in the Twin Cities.

D'Angelo Russell

With KAT out, Timberwolves can't upset Nets

D'Angelo Russell stepped up but couldn't overcome Brooklyn's firepower.

Everson Griffen Vikings dot com

Everson Griffen confirms he has bipolar disorder

"I’ve been running from it a long time. I’m not ashamed of it anymore.”

Angela Renee Jones, St. Cloud murder suspect

St. Cloud suspect now charged in two local murder cases

Both murders happened within a day of each other in June.

st anthony 3 crop

Twin Cities police ask for help finding missing 16-year-old

Police say all her family and friends have been contacted, and none of them know where she is.

mpd suspect 12.3.21 - 1 - CROP

MPD releases photos of shooting suspect, asks for public's help

The man is wanted in connection with a fatal shooting that happened Wednesday evening.

redmons popcorn colbert 2

Support grows for Redmon's Popcorn after shop's sudden closure

The county also commented on the situation, saying it hopes to help owner Zack Redmon.

prior lake high school

Prior Lake HS investigating another 'racist' video involving student

The principal said the social media video was reported to them this week.

Related