Chicago, IL – Pinstripes Holdings Inc. reported promising growth in its fourth-quarter earnings call on June 27, 2024. The company’s Founder, President, and CEO, Dale Schwartz, highlighted the success of opening two new venues in New Jersey and Florida, along with a significant improvement in mature store contribution margins. Despite a challenging consumer environment, Pinstripes achieved positive comp growth and positive traffic growth in the fiscal fourth quarter, thanks to the hard work of its dedicated team of over 1,800 members.
Pinstripes stands out in the market due to its focus on made-from-scratch dining, with food and beverage accounting for about 75% of total revenue. The company also places a strong emphasis on private event spaces, hosting approximately 1,000 private events per location per year, contributing significantly to revenue and brand awareness. Looking ahead, Pinstripes is optimistic about the growth potential of its events business and aims to further enhance sales and brand recognition through new initiatives and digital marketing strategies.
With a total of 17 venues generating nearly $9 million in sales annually on average, Pinstripes is leveraging its increased scale to drive cost efficiencies. The company’s mature stores showed impressive improvements in restaurant contribution margins, indicating the potential for further growth in fiscal 2025. Pinstripes has identified various cost-saving opportunities that are expected to result in approximately $10 million in annual savings, leading to a substantial improvement in mature store contribution margins.
In terms of unit development, Pinstripes has strategically opened new locations in key markets like Los Angeles, Miami, and Orlando. The company plans to continue its growth momentum by opening venues in Walnut Creek, California, and Coral Gables, Florida, in the second quarter of fiscal 2025. Pinstripes’ partnership with Newmark is expected to accelerate its development efforts, providing access to prime real estate for future growth opportunities both domestically and internationally.
As Pinstripes looks towards the future, the company remains confident in its brand positioning and the dedication of its team members. The fiscal year 2025 guidance includes projections for same-store sales growth, new venue openings, venue-level EBITDA margins, general and administrative expenses, and adjusted EBITDA. Pinstripes’ leadership is optimistic about the company’s trajectory and looks forward to capitalizing on the opportunities ahead.
