RAVE Revenue Rises 3.4% as Comparable-Store Retail Sales Fall

RAVE Restaurant Group reported higher revenue and net income for fiscal first-quarter 2027, even as comparable-store retail sales declined at Pizza Inn and Pie Five. The company also revised its outlook for five planned restaurant openings. The quarter ended Sept. 27, 2026.

Revenue reached $3.322 million, up 3.4% from $3.213 million in the year-earlier quarter. Net income increased 3.1% to $665,000 from $645,000. Diluted earnings per share held at $0.05 in both periods.

Pizza Inn’s domestic comparable-store retail sales fell 4.2% to $25.912 million from $27.036 million. Pie Five’s comparable-store retail sales declined 18.2% to $1.609 million from $1.967 million.

RAVE’s comparable-store measure covers restaurants that have operated for at least 18 months. A location is excluded if it closes for seven consecutive days or longer. The figures therefore describe sales at qualifying stores, rather than total sales across either brand.

CEO Brandon Solano said, “The first quarter did not meet our expectations.” He also pointed to a challenging macroeconomic environment and a year-earlier comparison that included an 8.1% increase in Pizza Inn comparable-store sales, when some locations offered an $8 buffet promotion.

RAVE franchises and licenses Pizza Inn and Pie Five locations in the United States and internationally. At quarter-end, Pizza Inn had 86 domestic locations, including 81 buffet restaurants, and 18 international locations. Pie Five had 13 domestic locations.

RAVE has withdrawn its expectation that five restaurants in its 10-buffet agreement with an unnamed multi-brand operator will open in fiscal 2027. RAVE had expected the first five restaurants under the agreement to open that year. It attributed the change to events involving the operator, which it did not name.

Pizza Inn opened a buffet in Gilbert, South Carolina, during the first quarter, and another opened in Warner Robins, Georgia, early in the second quarter. These openings are separate from the five restaurants covered by the development agreement.

RAVE’s adjusted EBITDA, a company-defined measure that adjusts earnings before interest, taxes, depreciation and amortization, was $834,000, compared with $830,000 a year earlier.