BurgerFi International, Inc. 4Q23: Revenue -8.3% Y/Y, BurgerFi Comps -10%, Anthony’s Comps -3%

Apr 10, 2024 | Insights, Restaurant Research

Management expects both BurgerFi & Anthony’s will return to positive same-store sales and positive EBITDA growth by 2H24 driven by menu upgrades, an aggressive focus on food cost, and the benefits from an updated POS platform. That would be a welcome relief given the company’s -$14MM 2023 operating income loss and BFI’s -54% 1-year total return through 4/8/24 (leaving the company with a $14MM market cap).  


  • BurgerFi International’s 4Q23 revenue declined -8.3% y/y, reflecting: a -10% comp decline at its namesake BurgerFi chain; and a -3% comp decline at its Anthony’s brand which represented a sequential improvement over 3Q23, driven by elevated traffic & a strong holiday performance.
  • Corporate expects menu modification initiatives to drive a 2H24 return to positive comps for BurgerFi.

Strong Menu Innovation

  • BurgerFi launched new chicken wings along with 4 different BurgerFi Bowls during the quarter.  A 1Q24 launch of 2 new burger LTOs (Chef Burger & the Prime Rib Burger) has already achieved a 4% sales mix.
  • Test of a new grilled & crispy chicken sandwich is driving a +4% to +5% sales lift at 31 company-owned stores.
  • These menu additions complement the chain’s recent quality upgrades (buns, Angus beef, fries & plant-based Vegefi burger).
  • New classic Italian items launched at Anthony’s include: spinach & artichoke dip; spaghetti & meatballs; fettuccine alfredo; & a great meat stromboli.
  • The chain is testing new shrimp pastas & pizzas in preparation for its first-ever Italian shrimp festival in April.
  • Anthony’s also introduced a new Meatball Martini Night happy hour.


  • BurgerFi recently introduced an operational management platform that helps manage labor (helping reduce turnover) & inventory (helping lower food costs) across all corporate-owned units.
  • Rollout of new “Toast POS” system at Anthony’s (expected completion by 2Q24) will replace the brand’s 20+ year old platform. This initiative also includes new handheld tablets for servers which are increasing order accuracy.
  • Corporate says non-traditional units (including a 500 sq. ft. kiosk) are lowering lower start-up costs.


  • BurgerFi’s restaurant-level operating margin declined -6.6% y/y from 9.4% in 4Q22 to 2.8% in 4Q23, reflecting the impact of its comp declines.
  • Anthony’s restaurant-level operating margin decreased -20 bps y/y to 15% in 4Q23 also due to comp declines.
  • Going forward margins should benefit from improving food & paper costs, which should more than offset beef price pressure.

BurgerFi 4Q23 Financials

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