Cara Operations Reports Positive First Quarter Results

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VAUGHAN, Ont. — Cara Operations’ management is satisfied with the results from the company’s first quarter, including system-sales increases and cost reductions; however, it’s cautious about the upcoming year due to challenges in commodity prices and the weak Canadian dollar.

“[This] is an exciting year for Cara as we became a public company on April 10th and are now pleased to announce our first-quarter results,” said Bill Gregson, CEO of Cara Operations Ltd., based in Vaughan, Ont. Total same restaurant sales grew 3.3 per cent in the first quarter, while total system sales grew $20.4 million or five per cent to $430.1 million from the first quarter of 2014. “While we are cautious on the Canadian economy, we are encouraged by our progress through the quarter across each of Cara’s three segments: corporate restaurants, franchise operations and central operations.”

Net restaurants decreased during the quarter but Cara will add 14 net new units this year, ramping up during the third and fourth quarters. New marketing initiatives include becoming Cineplex Scene’s exclusive restaurant partner, meaning Scene members will be able to earn and redeem points at Cara restaurants. The chain has also entered into discussions with the Canadian Automobile Association for cross-promotional products.

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