Company more than doubled its store count for the second consecutive year, grew system-wide sales to over $150M, reported 5.3% same store sales growth and created over 2,000 new jobs
SEATTLE, March 02, 2017 (GLOBE NEWSWIRE) -- MOD Super Fast Pizza Holdings, LLC (“MOD Pizza”, “MOD” or the “Company”) today announced 2016 year-end results that reflect continued new store growth and strong performance from existing stores. During the 2016 fiscal year, MOD added 100 locations system-wide, and achieved same-store sales growth of 5.3% bringing its combined two-year same-store sales growth to over 18%. System-wide sales reached $152 million reflecting a year-over-year increase of 134% while company net revenue hit $131 million, up 116% over 2015.
To support its rapid growth, MOD raised $74 million of private equity capital during 2016 from Fidelity Management & Research Company, PWP Growth Equity, and other existing investors. To date, MOD has raised over $150 million in total capital.
“2016 was another exceptional year for MOD with growth across our business. It is tremendously rewarding to see how our unique purpose-driven culture continues to generate industry-leading results as we bring MOD to new communities across the country and the United Kingdom,” said Scott Svenson, co-founder and CEO of MOD Pizza. “Our commitment to making a positive impact on our people and the communities we serve will continue to motivate our team as we focus on growing and improving the business in 2017.”
In addition to increasing its presence in existing markets, MOD expanded into six new states in 2016 – Kansas, Kentucky, Missouri, Ohio, South Carolina and Wisconsin. The year also marked MOD’s first international expansion, with the opening of five locations in the United Kingdom with sites in Leeds, Brighton, Nottingham, Newcastle and a flagship location in London’s Leicester Square.
New store growth created over 2,000 jobs company-wide, bringing total jobs created system-wide under the MOD brand to more than 4,000. MOD significantly strengthened its executive team in 2016, adding four key individuals: Bob Barton, chief financial officer; Carole McCluskey, chief technology officer; Lisa Luebeck, vice president of legal and general counsel; and Megan Hansen, vice president of people.
Two new multi-unit franchisees joined the MOD family in 2016 – Food for Thought Restaurant Group which is expected to develop MOD in Florida and Southern Pie, LLC, which is expected to develop the brand in most of Georgia and all of Alabama. MOD now has nine franchisees with commitments to open 247 stores, and 32 were open at year end.
MOD received several notable accolades in 2016. In April, the Company was named the fastest growing chain restaurant in America in 2015 by Technomic, in its annual Top 500 Chain Restaurant Report. MOD also earned a spot on the Inc. 500 list of fastest-growing companies in America, was named “Business of the Year” by the Bellevue Chamber of Commerce and was ranked the second fastest-growing private company in Washington by the Puget Sound Business Journal. MOD co-founders Scott and Ally Svenson were also named EY Entrepreneurs of the Year for the Pacific Northwest.
MOD’s growth supported its ongoing commitment to Spread MODness by using the business as a platform for creating positive social change. To this end, MOD donated over $650,000 during the year to over 185 non-profits across the US, including, amongst many others, Generosity Feeds (Reston, Va.), The Monarch Institute (Houston), Friends of Youth (Seattle) and Second Harvest Food Bank (San Jose). In 2016, Spreading MODness - the Company’s annual campaign designed to spotlight the power of community giving and the importance of gratitude - supported over 185 community-based charities across the US. To date, MOD has now donated over $1 million to organizations supporting youth and families at risk in communities across the US.
The following definitions apply to these terms as used throughout this release:
- System-wide: includes all company-operated and licensed store locations
- MOD operates its business with 13 four week periods and a 52/53-week fiscal year ending on the last Sunday of December.
- MOD’s fiscal year 2016 ended on December 25, 2016.
ABOUT MOD PIZZA:
Seattle-based MOD Pizza is the pioneer of the fast casual made-to-order pizza segment, founded in 2008 by entrepreneurs Scott and Ally Svenson. MOD’s individual artisan-style pizzas are made on demand, allowing customers to create their own pizzas and salads, using fresh-pressed dough and signature sauces, for one price. Pizzas are hand-cooked in an 800 degree oven in less than three minutes, and salads are individually hand-tossed for each customer. The menu is rounded out with handspun milkshakes, house-made lemonades and iced teas, and local craft beers and wine. MOD has over 200 locations in 20 states, and is committed to creating not just a cool place to eat, but an inspired place to work. To learn more, visit www.modpizza.com and watch The MOD Difference Video.