Noble Roman's, Inc. announced its financial data for the third quarter of 2024, reporting a net income of $193,000 and operating income of $417,000. Franchising revenue increased to $1.4 million, up from $1.3 million in the same period of 2023, reflecting continued expansion in this key segment.
The company's-owned Craft Pizza & Pub restaurants experienced an increase in same-store sales of almost 1% for the quarter. Additionally, average store sales for these locations rose approximately 5.2% over the last six operational weeks compared to the same period in 2023, indicating improving performance.
Cost of sales in the Craft Pizza & Pub segment increased from 19.8% to 21.4%, primarily due to elevated cheese prices and promotional activities for the company's value-oriented XL Pizza. Labor costs in this segment decreased from 29.6% to 28.8%, despite market pressures on management salaries, while franchising labor increased from 14.8% to 15.5%.
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