Golden Corral Celebrates 30th Anniversary As 2002 Systemwide Sales Gain 12.3%, Set 11th Consecutive Record

(Wednesday, January 01, 2003) - Golden Corral systemwide sales in fiscal 2002 increased 12.3 percent, rising to $1,156,540,000, the eleventh consecutive record year. The fiscal year ended January 1, 2003; sales in the prior fiscal year were $1,029,838,000.

Ted M. Fowler, Jr., President and CEO of Golden Corral Corporation, said the gain reflected a same-store sales increase of 5.4 percent, plus 30 new restaurant openings.

"We're celebrating our thirtieth anniversary in 2003 and it's wonderful to have good sales momentum," he said. "Golden Corral is in the sweet spot of the restaurant industry as the public increasingly seeks out real honest value and tasty comfort food."

"Display cooking has been a major focus for us with the national rollout in 2002 of flame-broiled sirloin steaks on the Golden Choice Buffet? seven days a week, which has taken us to a new level of guest appeal. We're serving three times as much steak now than when it was exclusively an entree item."

Golden Corral is forecasting continued sales gains in 2003.

"In 2002 there were 31 restaurants with sales over $4 million and four of those went over $5 million," Mr. Fowler said. "With the momentum we've established, I expect more units will join that group in 2003. In addition, about 36 new Golden Corrals will open this year."

There are 470 restaurants in the Golden Corral system, 352 franchised and 118 company-operated.

Nation's Restaurant News has ranked Golden Corral #1 in the grill-buffet segment for seven consecutive years and Entrepreneur has named Golden Corral the #1 franchisor in the family steakhouse category for eight straight years. Success magazine gave Golden Corral a perfect 5-Star rating for franchisee satisfaction, based on an independent survey.

View all Golden Corral Press Releases

This article has been read 152 times.

Printer Friendly