Golden Corral 2003 Sales Increased 7.9% Over 2002...

RALEIGH, N.C.--Golden Corral systemwide sales for the 2003 fiscal year ended December 31 were $1.247 billion, an increase of 7.9 percent over 2002 fiscal year sales ($1.156 billion) and a record for the twelfth consecutive year.

Company and franchised same-store sales for 2003 were up 3.9 percent for the year and in the fourth quarter gained 5.7 percent.  Systemwide sales in the fourth quarter were $372.187 million, 10 percent above the same period of 2002 ($338.205).
   
"The Golden Corral buffet and grill concept made steady gains during the past three years despite uncertain economic conditions," said Ted Fowler, President and CEO.  "The bullish outlook for 2004 represents a further opportunity for us," he added.
   
"In 2003 our franchisees and company operators opened 24 Golden Corrals and we awarded a record 72 franchises for new markets.  When developed, those new markets will add more than $200 million annually to systemwide sales."
   
Another record was set when 54 Golden Corral restaurants achieved sales in 2003 of more than $4 million, including nine above $5 million and one which broke the $6 million mark for the first time in the system's history.  At year-end, there were 467 restaurants in the Golden Corral system, 345 operated by franchisees.
   
 Golden Corrals served 167.5 million guests in 2003 and the average check for all day parts was $7.45.
   
 Nation's Restaurant News has ranked Golden Corral #1 in the grill-buffet segment for eight consecutive years and Entrepreneur has named Golden Corral the #1 franchisor in the family steakhouse category for nine straight years.  Privately-owned Golden Corral Corporation opened its first restaurant in 1973 and today its system operates in 38 states.
Source:goldencorral

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