Company posts $1.4 mil net loss for Q2
NEW YORK — Planet Hollywood Intl. reported a net loss of $1.4 million for the second quarter, compared with net income of $16.3 million in the year-earlier period, as same-store sales slid 17%.
In announcing the themed restaurants’ results Monday, CEO Robert Earl admitted to being “very disappointed with our year-to-date financial performance,” but gave no indication that a turnaround is in sight.
Overall sales, which include additions to the comparable-store base of 29 units in operation for more than 18 months, dropped 14% to $105.1 million.
For the same period, cash flow, or earnings before interest, taxes, depreciation and amortization, fell 61% to $13.3 million. Preceding these results by several months was a “junk” rating that Standard & Poor’s assigned to Planet Hollywood debt.
Planet Hollywood stock fell 8% Monday to close at $5 a share.