Robert Spivak, president and CEO of Grill Concepts, said that the results reflected the company's "renewed focus on improving operational efficiencies." Spivak said the chain benefited from reductions in cost of sales, and lower restaurant operating expenses that resulted from the focus on efficiency. Although both the Daily Grill and Grill on the Alley restaurants improved during the quarter, Spivak cited strength at the newer Daily Grill locations as one of the factors in the improved performance. The company's new Daily Grill locations include a restaurant in Santa Monica and another in "one of the busiest and most visible locations in downtown Los Angeles," Spivak said.
Grill Concepts owns and manages 25 of what it calls "upscale casual and fine dining" full service restaurants under two core brand names, The Grill on the Alley and Daily Grill. Its latest financial results include adjustments to conform with a recent Securities and Exchange Commission ruling that regulates how retailers should account for leasing expenses. Many if not most retailers have restated their earnings and other financial data in order to comply with the SEC instructions.
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