Company Snapshot: Zoe’s Kitchen Inc.
5700 Granite Pkwy, Suite 455
Plano, TX 75024
Total Current Locations:
AL, AZ, FL, GA, KY, LA, MD, NJ, NC, OK, PA, SC, TN, TX, VA
CEO, President: Kevin Miles
COO: Jeremy Hartley
CFO: Jason Morgan
Fresh off its initial public offering earlier this month, Zoë’s Kitchen is legally defined as an “emerging growth company” and is showing no signs of slowing down. The fast-casual restaurant operator has nearly doubled in unit count since the end of fiscal year 2011, going from 57 locations to more than 110 locations currently. Its fiscal 2013 average unit volume of $1.47M is more than 13% higher compared to fiscal 2011. The company projects 28-30 new restaurants will open in 2014 and has a long-term objective of more than 1,600 domestic locations. Management expects to double the restaurant base in approximately four years. Most of the growth to date has been organic, with franchised locations representing just 5% of the total restaurants.
The company reports a 60/40 mix for lunch and dinner, and catering accounts for approximately 17% of total revenue. The menu is a mix of hot and cold food and blends both Mediterranean and Southern food. Egg salad and pimento cheese sandwiches are listed side-by-side with Greek chicken pitas and tabouli salads.
The majority of the Zoë’s locations are concentrated in Texas and the Southeast region. However, the company is constantly evaluating new markets for growth opportunities in addition to further developing in existing markets. Site criteria for Zoë’s include 2,500-2,800 square feet (the average is 2,750, and 2,800 is preferred) in a location with 20,000-35,000 minimum traffic count depending on the siting of the space. Patios are considered a core feature of the concept, representing both Mediterranean and Southern hospitality, so end-caps with a patio are sought. The company uses local broker networks to identify potential new sites.