Rib Crib Announces Impressive Sales Growth.

The Tulsa-based Rib Crib Corp. grew by 29.2% in 2001 and Same-Store Sales were up by 5.3% over the prior year.

The 20-unit operator and franchisor of the casual barbecue concept named Rib Crib posted system-wide sales of $20.6 million for the year ending Dec. 31, 2001, a 29.2% or $4.65 million increase over the prior year.

Same-store sales grew by an impressive 5.3% for the full year. Even more noteworthy was the chain's second half same-store sales growth of 6.6% over the prior year. Same-unit sales growth contributed $765,665 or 16.5% of the chain's total growth in 2001. Rib Crib’s marketing and advertising expense for the year was 1.5% of net sales.

The balance of the 2001 revenue growth of $4.0 million came from new unit expansion including $1.0 million from the chains’ first two franchised units. Both the franchise units were opened in the fourth quarter. The company launched its franchise opportunity in the first quarter of 2001 and has two franchise units open with commitments for 10 more units. The company has units in Oklahoma, Missouri and Florida, with new development scheduled in Kansas, Oklahoma and Florida.

The company develops 4,500-square-foot freestanding prototypes and also operates freestanding conversion units that average 3,000 square feet. Marc Chastain, Chief Financial Officer, said “the average unit volumes were $1.74 million in the prototype and $1.46 million in the conversion units. The median unit volumes were $1.81 million and $1.44 million, respectively." The company offers both prototype and conversion franchising.

The privately held company does not publish profit figures but estimated that it would post unit-level EBITDA of 21.6%.

SNAPSHOT

CONCEPT
Rib Crib

HEADQUARTERS
Tulsa, Okla.

2001 SYSTE-WIDE SALES
$21 million
(29.2% increase over 2000)

UNITS
20

AREA
3,000 to
4,800 square feet
(Conversion or
Rib Crib Freestanding
Prototype)

AVERAGE UNIT VOLUME
$1.45 million to
$1.75 million

CHECK AVERAGE
$9.00 to $10.00

2001 SAME-STORE SALES
5.3% increase over 2000

2002 EXPANSION PLANS
20% to 30%

 

Rib Crib. Where Bold Began.

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