Carrols Restaurant Group, Inc. (NASDAQ:TAST) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET

Company Participants

Gretta Miles - Controller & Assistant Treasurer

Deborah Derby - President & Chief Executive Officer

Tony Hull - Treasurer & Chief Financial Officer

Conference Call Participants

Joshua Long - Stephens

Jeremy Hamblin - Craig-Hallum

Jake Bartlett - Truist Securities

Fred Wightman - Wolfe Research

Operator

Welcome to the Carrols Restaurant Group Inc.'s Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions on how to ask a question will be given at that time. I would like to remind everyone that this conference call is being recorded today, Thursday, November 9, 2023 at 8:30 a.m. Eastern Time and will be available for replay.

I will now turn the conference over to Gretta Miles, Carrols' Controller and Assistant Treasurer. Thank you. Please go ahead.

Gretta Miles

Thank you, operator, and good morning everyone. By now you should have access to our earnings announcement released earlier today and our earnings presentation that are both available on our website at www.carrols.com under the Investor Relations section.

Before we begin our remarks, I would like to remind everyone that our discussion including answers to questions posed to management may include forward-looking statements or comments with respect to our strategies, intentions or plans and the future direction of revenues input costs or other aspects pertaining to our business. These statements are not guarantees of future performance and therefore undue reliance should not be placed on them.

We also refer you to our filings with the SEC for more details both with respect to forward-looking statements as well as risks that could impact our business and results. During today's call, we will discuss certain non-GAAP measures that we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with Generally Accepted Accounting Principles and a reconciliation to comparable GAAP measures is available with our earnings release.

With that, I will now turn the call over to our President and CEO, Deborah Derby.

Deborah Derby

Thank you, Gretta, and good morning, everyone. We are thrilled with our results for the third quarter as we not only achieved comparable sales growth of 8.1% at our Burger King restaurants, we also saw positive traffic growth earlier than anticipated this year. In addition, we had great traction with recent product launches such as the BK Royal Crispy Wraps, which significantly outperformed expectations.