In this FDD Talk post, you’ll learn the following:

• Section I – Background information on the Marco’s Pizza franchise opportunity, including relevant news updates

• Section II – Estimated initial investment for a Marco’s Pizza franchise, based on Item 7 of the company’s 2021 FDD

• Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for a Marco’s Pizza franchise, based on Items 5 and 6 of the company’s 2021 FDD

• Section IV – Number of franchised and company-owned Marco’s Pizza outlets at the start of the year and the end of the year for 2018, 2019, and 2020, based on Item 20 of the company’s 2021 FDD

• Section V – Presentation and analysis of Marco’s Pizza’s financial performance representations, based on Item 19 of the company’s 2021 FDD, including information on the:

• 2020 average, median, lowest, and highest Net Royalty Sales on a category and cumulative basis, for the top 25%, 50%, 75%, and 100% and the bottom 25%, 50%, and 75% of the 738 Franchised Stores that were open for business for 52 weeks in Marco’s Pizza’s 2020 fiscal year

• 2019 average, median, lowest, and highest Net Royalty Sales on a category and cumulative basis, for the top 25%, 50%, 75%, and 100% and the bottom 25%, 50%, and 75% of the 676 Franchised Stores that were open for business for 52 weeks in Marco’s Pizza’s 2019 fiscal year

• average, median, lowest, and highest Net Royalty Sales for each fiscal quarter of 2020 and the first fiscal quarter of 2021, for the 738 Franchised Stores that were open for business for 52 weeks in Marco’s Pizza’s 2020 fiscal year

• number of Franchised Stores with Net Royalty Sales over $1,000,000, by year for the 2019 and 2020 fiscal years

• 2020 average and median food/paper and labor costs, as a percentage of Net Royalty Sales, of the 42 Company-Owned Stores that were open for business for 52 weeks in Marco’s Pizza’s fiscal year ended December 27, 2020

• 2020 average, median, lowest, and highest EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) on a category and cumulative basis, for the top 25%, 50%, 75%, and 100% as well as the bottom 25%, 50%, and 75% of the 42 Company-Owned Stores that were open for business for 52 weeks in Marco’s Pizza’s fiscal year ended December 27, 2020

Section I – Background Information

26 Things You Need to Know About the Marco’s Pizza Franchise

Opens Milestone 1,000th Store

1.  In late October 2020, Marco’s Pizza announced the official opening of its milestone 1,000th store in Kissimmee, Florida. The brand’s path to 1,000 stores charts an incredible journey – starting with an Italian founder, Pasquale Giammarco, and a dream of creating a pizza brand, to CEO Jack Butorac who discovered a wonderful growth opportunity, to the immigrant entrepreneurs – Kattya Barbaran and Rafi Vargas – behind this 1,000th store.

2.  From its founding to this historic moment, Marco’s Pizza celebrates the opportunity franchising offers. Franchisees can pursue business ownership while joining to build a national brand alongside like-minded, passionate entrepreneurs.

3.  Butorac said, “Watching this company grow from our roots in Ohio to a beloved pizza brand across the country has been nothing short of remarkable. We have the best quality product in the industry, a tremendous leadership team, a group of exceptionally dedicated franchise partners and hard-working team members. As all these factors come together, we become an unstoppable force.”

4.  Fast-forward to 2020, and Marco’s opens its 1,000th store with a pair of immigrant entrepreneurs who, too, saw potential in this primo pizza concept. Barbaran and Vargas both immigrated to the United States with the dream of owning their own business and giving back to their families. Their industry experience and unmatched work ethic made them the ideal candidates to open this milestone location and serve as the platform that paves the way for the next 1,000.

5.  Vargas said, “Growing up as a young child in the Dominican Republic, never did I think I’d some day have the opportunity to own my own business. This was made possible by finding an exceptional partner in Kattya – someone so dedicated and passionate, who shared an entrepreneurial mindset, that would propel us to open this milestone store.”

6.  Barbaran added, “While life throws you numerous challenges, your success lies in your ability to rise above the circumstances, remain determined and put your people first. Despite our hardships and in the face of a global pandemic, this is exactly what we did – and it allowed us the opportunity to achieve this dream we’ve both had since childhood.”

7.  Despite the pandemic, Marco’s remained committed to growth in 2020 – opening 51 stores as of October with upwards of 80 locations expected to open total in 2020. Plus, it has 89 new store commitments in the pipeline, and recorded historic sales milestones, all while supporting communities nationwide via its “You Can Count on Marco’s Pizza” commitment.

8.  According to Tony Libardi, president and then-COO of Marco’s Pizza, “Marco’s is a People-First organization – meaning that we’re only as strong as our franchisees, dedicated team members, and loyal customers. We have built an incredible culture that continues to strengthen as we expand our nationwide footprint, and this is just the start of the tremendous growth opportunities that lie ahead.”

9.  Marco’s is the only national pizza franchise founded by a native Italian. It has carved out a niche in the industry for authentic Italian quality pizza, known for its fresh dough made in-store daily, three fresh signature cheeses, and an original pizza sauce recipe.

10.  “Marco’s has come a long way from its humble beginnings – a story of hard work, grit and resilience,” said Butorac. “I remember in my early conversations with Founder Pat [Giammarco] saying ‘you have a 1,000-store concept here,’ and to see this historic moment come to life, is truly an honor.”

Promotes Tony Libardi to Co-CEO

11.  In mid-January 2021, in a move to bolster its growth strategy and strengthen the brand following a record-breaking year, Marco’s Pizza announced the promotion of Tony Libardi from president and chief operating officer to co-CEO and president effective December 28, 2020.

12.  In preparation for a long-term transition of leadership, Libardi joins forces with Jack Butorac who has been chief executive officer since 2004. Together, their deeply rooted passion and understanding of leadership and innovation allows Marco’s to seamlessly deliver results, profitability, and growth for its franchisees and other stakeholders.

13.  Libardi provides a strong resume of accomplishments since joining the brand from Burger King in 2014, boosting same-store sales growth, doubling store count, and driving profitability for franchisees. With 30 years’ experience in restaurant operations, Libardi put Marco’s in a position to accelerate growth by moving to a single point-of-sale system, instituting operational standards, launching Marco’s first national advertising program, and strengthening its digital sales by introducing enhanced online ordering, a mobile app, and embracing third-party delivery services.

14.  This solid foundation matched with his focus on performance and enhanced communications with his leadership team and the field, enabled him to lead the Marco’s Pizza team to achieve a record-setting year in 2020, despite the challenges brought on by the pandemic.

15.  Libardi led the Marco’s team to achieve historic record-breaking sales, pilot new innovations, sign 114 new store commitments, and open more than 70 new locations, including the brand’s milestone 1,000th store – all while supporting communities nationwide via its “You Can Count on Marco’s Pizza” commitment.

16.  Butorac, now chairman and co-CEO at Marco’s, said, “To say Tony is deserving of this promotion would be an understatement. Under Tony’s leadership, Marco’s evolved into a performance-driven culture that revolves around putting ‘People First.’ Marco’s has doubled in size with a tremendous group of franchise partners. We are very proud of the dedication, commitment and the overall impact he’s had on this brand. I’m confident Tony will be a driving force behind the continued success of Marco’s as we head into a new era as a 1,000-plus unit national brand.”

17.  Libardi said, “It has been an honor to be part of the tremendous growth of this brand. The success we’ve seen is a collective effort of our incredible executive leadership team, our committed Support Center, and all our franchisees and team members at the store level who deliver on our brand promise each and every day. I am humbled to step into this new role and drive our brand’s stellar reputation forward as we catapult Marco’s into the national spotlight.”

18.  Libardi’s hard work, dedication, and commitment to Marco’s has not gone unnoticed. His efforts have been instrumental in setting the business foundation for the Marco’s of the future, as he sets his eyes on the next 1,000 stores. By focusing on People, Business, and Community Health, Marco’s has been able to pivot and quickly change its policies, operations, and marketing to align with its future path.

19.  The pandemic accelerated several innovations and pilot programs including piloting ghost kitchens in several strategic markets, rapid expansion of third-party delivery, new contact-free delivery and curbside pickup options, and testing of robotic kitchen innovations that improve efficiencies without compromising pizza quality or craftsmanship. Marco’s is committed to the future as the company continues to push forward with new openings and signed agreements during the COVID era.

Continues to Expand National Footprint

20.  In early May 2021, Marco’s Pizza said that it was on pace for a remarkable 2021 following a strong year in 2020. In addition to signing 88 new franchise agreements since the start of the year, the brand has also signed multiple area development deals to bring a total of 20 units to Colorado, which is all part of a larger strategy to grow its 1,000-plus unit footprint by more than 10% in 2021.

21.  Tony Libardi, co-CEO and president of Marco’s Pizza, said, “Our teams have been busy working to lower unit buildout costs while simultaneously driving higher sales. This, paired with ease of funding, has created an opportune time for both existing and prospective franchisees to grow with Marco’s. We remained incredibly adaptive during the pandemic – rapid expansion of third-party delivery, new contact-free delivery and curbside pickup options – and that innovation will continue to serve our network well for years to come.”

Company History

22.  Marco’s Pizza was founded in 1978 by Pasquale “Pat” Giammarco, an Italian immigrant, in Oregon, Ohio. After moving to the United States when he was nine, Giammarco’s family opened a pizzeria and he grew up working in the restaurant. As an adult, Giammarco wanted to start his own restaurant to serve authentic Italian pizza. He used his father’s sauce recipe, which Marco’s still uses today.

23.  The first Marco’s location was a success and over the next few decades, Giammarco grew the brand slowly. By 1987, there were 32 locations around Ohio; half were company-owned and the rest were franchises. By the early 2000s, there were more than 112 Marco’s locations, mostly around Ohio and nearby states.

24.  In 2002, Giammarco met Jack Butorac, a restaurant industry expert who was asked to analyze three restaurant concepts as potential growth opportunities, including Marco’s Pizza. Butorac was interested in Marco’s product, but saw that there was not a consistent brand identity. However, the pizza was the same at every location he visited. Sensing the brand’s potential, Butorac began working as a consultant with Giammarco and soon began negotiations to purchase the franchising rights to Marco’s Pizza.

25.  In 2004, Butorac assumed control of Marco’s Pizza, stepping in as CEO. Under Butorac’s leadership, Marco’s Pizza pushed national and international franchising. By 2021, there were more than 1,000 Marco’s Pizza restaurants in operation. Today, there are Marco’s Pizza locations across the United States, Puerto Rico, the Bahamas, and India.

Entrepreneur’s Franchise 500

26.  Marco’s Pizza ranked No. 92 on Entrepreneur’s 2021 Franchise 500 list.

Section II – Estimated Costs

• Detailed estimates of Marco’s Pizza franchise costs, based on Item 7 of the company’s 2021 FDD.

Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees

• Detailed information on Marco’s Pizza’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2021 FDD.

Section IV – Number of Franchised and Company-Owned Outlets

Franchised

2018

• Outlets at the Start of the Year:  825
• Outlets at the End of the Year:  844
• Net Change:  +19

2019

• Outlets at the Start of the Year:  844
• Outlets at the End of the Year:  875
• Net Change:  +31

2020

• Outlets at the Start of the Year:  875
• Outlets at the End of the Year:  912
• Net Change:  +37

Company-Owned

2018

• Outlets at the Start of the Year:  42
• Outlets at the End of the Year:  39
• Net Change:  -3

2019

• Outlets at the Start of the Year:  39
• Outlets at the End of the Year:  40
• Net Change:  +1

2020

• Outlets at the Start of the Year:  40
• Outlets at the End of the Year:  42
• Net Change:  +2

Section V – Financial Performance Representations (Item 19, 2021 FDD) and Analysis

• As of December 27, 2020, there were 909 Marco’s Pizza Franchised Stores and 45 Company-Owned Stores (as defined below). Of those, 738 Franchised Stores and 42 Company-Owned Stores operated for the full 52-week period ending December 27, 2020.

• Marco’s Pizza has prepared this financial performance representation to reflect the historical data of the Net Royalty Sales of 738 Marco’s Pizza Franchised Stores and 42 Company-Owned Stores (as defined below) that were open during 52 weeks of the fiscal year ending December 27, 2020.

• This information does not include the performance of (i) 65 new Stores that were not open for the entire 52-week period in 2020, (ii) special venue locations, and (iii) locations developed and operated by Hoogland Foods, LLC, dba Family Video.

• Information concerning the 42 Company-Owned Stores was sourced from internally-prepared accounting statements.

• “Company-Owned Stores” include all Stores owned by Cleveland Marco’s, LLC and all other Stores that Cleveland Marco’s, LLC manages for a fee that are owned by Marco’s Pizza’s affiliated entities including Yellow Jacket, LLC, Airport Pizza, LLC, Authentic Pizza, LLC, Orlando Marco’s, LLC, and 45 Pizza, LLC.

• Cleveland Marco’s, LLC has an equity ownership interest in Authentic Pizza, LLC, and both Cleveland Marco’s, LLC and Marco’s Pizza’s CEO have an equity interest in 45 Pizza, LLC.

• The pizza industry, in general, was not negatively impacted by the COVID-19 pandemic. Sales generally decreased in downtown areas and generally increased in residential areas due to office closures and more people working from home. No significant changes to the System were made to account for current market conditions resulting from the COVID-19 pandemic, and Marco’s Pizza is not anticipating any future changes to the System to account for future market conditions resulting from the COVID-19 pandemic.

Part 1 – Net Royalty Sales of Franchised Stores by Category

• The following charts provide the average and median Net Royalty Sales on a category and cumulative basis, for the top 25%, 50%, and 75%, and the bottom 25%, 50%, and 75% of the 738 Franchised Stores which were open for business for 52 weeks in Marco’s Pizza’s 2020 fiscal year, and 676 Franchised Stores which were open for business for 52 weeks in Marco’s Pizza’s 2019 fiscal year.

A.  2020

Top 25% of Franchised Stores

• Number of Stores in Category:  185
• Lowest Net Royalty Sales in Category:  $991,512
• Highest Net Royalty Sales in Category:  $2,121,458
• Average Net Royalty Sales in Category:  $1,234,353
• Median Net Royalty Sales in Category:  $1,189,328
• Number of Stores Meeting or Exceeding the Average for Category:  71
• Percentage of Stores Meeting or Exceeding the Average for Category:  38%

Top 50% of Franchised Stores

• Number of Stores in Category:  369
• Lowest Net Royalty Sales in Category:  $789,648
• Highest Net Royalty Sales in Category:  $2,121,458
• Average Net Royalty Sales in Category:  $1,059,571
• Median Net Royalty Sales in Category:  $991,512
• Number of Stores Meeting or Exceeding the Average for Category:  142
• Percentage of Stores Meeting or Exceeding the Average for Category:  38%

Top 75% of Franchised Stores

• Number of Stores in Category:  554
• Lowest Net Royalty Sales in Category:  $629,507
• Highest Net Royalty Sales in Category:  $2,121,458
• Average Net Royalty Sales in Category:  $941,409
• Median Net Royalty Sales in Category:  $885,113
• Number of Stores Meeting or Exceeding the Average for Category:  215
• Percentage of Stores Meeting or Exceeding the Average for Category:  39%

Bottom 25% of Franchised Stores

• Number of Stores in Category:  185
• Lowest Net Royalty Sales in Category:  $283,391
• Highest Net Royalty Sales in Category:  $629,507
• Average Net Royalty Sales in Category:  $527,790
• Median Net Royalty Sales in Category:  $542,248
• Number of Stores Meeting or Exceeding the Average for Category:  77
• Percentage of Stores Meeting or Exceeding the Average for Category:  41.6%

Bottom 50% of Franchised Stores

• Number of Stores in Category:  369
• Lowest Net Royalty Sales in Category:  $283,391
• Highest Net Royalty Sales in Category:  $789,482
• Average Net Royalty Sales in Category:  $616,723
• Median Net Royalty Sales in Category:  $629,507
• Number of Stores Meeting or Exceeding the Average for Category:  173
• Percentage of Stores Meeting or Exceeding the Average for Category:  46.9%

Bottom 75% of Franchised Stores

• Number of Stores in Category:  554
• Lowest Net Royalty Sales in Category:  $283,391
• Highest Net Royalty Sales in Category:  $991,512
• Average Net Royalty Sales in Category:  $706,117
• Median Net Royalty Sales in Category:  $705,824
• Number of Stores Meeting or Exceeding the Average for Category:  277
• Percentage of Stores Meeting or Exceeding the Average for Category:  50%

Total

• Number of Stores in Category:  738
• Lowest Net Royalty Sales in Category:  $283,391
• Highest Net Royalty Sales in Category:  $2,121,458
• Average Net Royalty Sales in Category:  $838,147
• Median Net Royalty Sales in Category:  $789,565

B.  2019

Top 25% of Franchised Stores

• Number of Stores in Category:  169
• Lowest Net Royalty Sales in Category:  $846,963
• Highest Net Royalty Sales in Category:  $1,736,679
• Average Net Royalty Sales in Category:  $1,078,201
• Median Net Royalty Sales in Category:  $1,050,650
• Number of Stores Meeting or Exceeding the Average for Category:  72
• Percentage of Stores Meeting or Exceeding the Average for Category:  43%

Top 50% of Franchised Stores

• Number of Stores in Category:  338
• Lowest Net Royalty Sales in Category:  $681,820
• Highest Net Royalty Sales in Category:  $1,736,679
• Average Net Royalty Sales in Category:  $918,047
• Median Net Royalty Sales in Category:  $845,666
• Number of Stores Meeting or Exceeding the Average for Category:  127
• Percentage of Stores Meeting or Exceeding the Average for Category:  38%

Top 75% of Franchised Stores

• Number of Stores in Category:  507
• Lowest Net Royalty Sales in Category:  $543,093
• Highest Net Royalty Sales in Category:  $1,736,679
• Average Net Royalty Sales in Category:  $815,563
• Median Net Royalty Sales in Category:  $760,194
• Number of Stores Meeting or Exceeding the Average for Category:  189
• Percentage of Stores Meeting or Exceeding the Average for Category:  37%

Bottom 25% of Franchised Stores

• Number of Stores in Category:  169
• Lowest Net Royalty Sales in Category:  $251,654
• Highest Net Royalty Sales in Category:  $541,678
• Average Net Royalty Sales in Category:  $457,287
• Median Net Royalty Sales in Category:  $470,926
• Number of Stores Meeting or Exceeding the Average for Category:  74
• Percentage of Stores Meeting or Exceeding the Average for Category:  44%

Bottom 50% of Franchised Stores

• Number of Stores in Category:  338
• Lowest Net Royalty Sales in Category:  $251,654
• Highest Net Royalty Sales in Category:  $680,783
• Average Net Royalty Sales in Category:  $533,941
• Median Net Royalty Sales in Category:  $542,385
• Number of Stores Meeting or Exceeding the Average for Category:  160
• Percentage of Stores Meeting or Exceeding the Average for Category:  47%

Bottom 75% of Franchised Stores

• Number of Stores in Category:  507
• Lowest Net Royalty Sales in Category:  $251,654
• Highest Net Royalty Sales in Category:  $844,370
• Average Net Royalty Sales in Category:  $608,591
• Median Net Royalty Sales in Category:  $607,402
• Number of Stores Meeting or Exceeding the Average for Category:  255
• Percentage of Stores Meeting or Exceeding the Average for Category:  50%

Total

• Number of Stores in Category:  676
• Lowest Net Royalty Sales in Category:  $251,654
• Highest Net Royalty Sales in Category:  $1,736,679
• Average Net Royalty Sales in Category:  $725,994
• Median Net Royalty Sales in Category:  $681,301

Part 2 – Net Royalty Sales of Franchised Stores by Quarter

• The following chart provides the Net Royalty Sales for each fiscal quarter of 2020 and the first fiscal quarter of 2021, for the 738 Franchised Stores which were open for business for 52 weeks in Marco’s Pizza’s 2020 fiscal year.

2020 Q1

• Number of Stores:  738
• Lowest Net Royalty Sales:  $246,783
• Highest Net Royalty Sales:  $1,767,564
• Average Net Royalty Sales:  $721,999
• Median Net Royalty Sales:  $669,286
• Number of Stores Meeting or Exceeding the Average:  313
• Percentage of Stores Meeting or Exceeding the Average:  42%

2020 Q2

• Number of Stores:  738
• Lowest Net Royalty Sales:  $256,231
• Highest Net Royalty Sales:  $2,222,589
• Average Net Royalty Sales:  $858,752
• Median Net Royalty Sales:  $809,233
• Number of Stores Meeting or Exceeding the Average:  317
• Percentage of Stores Meeting or Exceeding the Average:  43%

2020 Q3

• Number of Stores:  738
• Lowest Net Royalty Sales:  $297,975
• Highest Net Royalty Sales:  $2,317,774
• Average Net Royalty Sales:  $893,561
• Median Net Royalty Sales:  $850,333
• Number of Stores Meeting or Exceeding the Average:  329
• Percentage of Stores Meeting or Exceeding the Average:  45%

2020 Q4

• Number of Stores:  738
• Lowest Net Royalty Sales:  $288,574
• Highest Net Royalty Sales:  $2,114,370
• Average Net Royalty Sales:  $859,983
• Median Net Royalty Sales:  $818,550
• Number of Stores Meeting or Exceeding the Average:  321
• Percentage of Stores Meeting or Exceeding the Average:  43%

2021 Q1

• Number of Stores:  738
• Lowest Net Royalty Sales:  $287,288
• Highest Net Royalty Sales:  $2,357,855
• Average Net Royalty Sales:  $917,905
• Median Net Royalty Sales:  $868,681
• Number of Stores Meeting or Exceeding the Average:  319
• Percentage of Stores Meeting or Exceeding the Average:  43%

Part 3 – Number of Stores with Net Royalty Sales Over $1,000,000 by Year

• The following chart provides information regarding the number of Franchised Stores with Net Royalty Sales over $1,000,000, by year for the 2019 and 2020 fiscal years.

2019

• Total Franchised Stores Reported:  676
• Franchised Stores Over $1,000,000:  98
• % of Franchised Stores to Total Reported:  14.5%

2020

• Total Franchised Stores Reported:  738
• Franchised Stores Over $1,000,000:  177
• % of Franchised Stores to Total Reported:  24%

Part 4 – Average Store Food and Labor Percentages (2020)

• The following chart provides the average and median food/paper and labor costs, as a percentage of Net Royalty Sales, of the 42 Company-Owned Stores which were open for business for 52 weeks in Marco’s Pizza’s fiscal year ended December 27, 2020.

Food/Paper Cost %

• Average:  31%
• Median:  31%
• Number of Stores Meeting or Exceeding the Average:  20
• Percentage of Stores Meeting or Exceeding the Average:  47.6%

Labor Cost %

• Average:  23%
• Median:  23.5%
• Number of Stores Meeting or Exceeding the Average:  22
• Percentage of Stores Meeting or Exceeding the Average:  52.4%

Part 5 – EBITDA of Company-Owned Stores by Category

• The following charts provide the average and median EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) on a category and cumulative basis, for the top 25%, 50%, and 75%, as well as the bottom 25%, 50%, and 75%, of the 42 Company-Owned Stores which were open for business for 52 weeks in Marco’s Pizza’s fiscal year ended December 27, 2020.

Top 25% of Company-Owned Stores

• Number of Stores in Category:  11
• Lowest EBITDA in Category:  15.1%
• Highest EBITDA in Category:  23.6%
• Average EBITDA in Category:  20.3%
• Median EBITDA in Category:  19.7%
• Number of Stores Meeting or Exceeding the Average for Category:  5
• Percentage of Stores Meeting or Exceeding the Average for Category:  45%

Top 50% of Company-Owned Stores

• Number of Stores in Category:  21
• Lowest EBITDA in Category:  10.7%
• Highest EBITDA in Category:  23.6%
• Average EBITDA in Category:  17.5%
• Median EBITDA in Category:  15.1%
• Number of Stores Meeting or Exceeding the Average for Category:  9
• Percentage of Stores Meeting or Exceeding the Average for Category:  43%

Top 75% of Company-Owned Stores

• Number of Stores in Category:  32
• Lowest EBITDA in Category:  5.1%
• Highest EBITDA in Category:  23.6%
• Average EBITDA in Category:  14.6%
• Median EBITDA in Category:  13.6%
• Number of Stores Meeting or Exceeding the Average for Category:  12
• Percentage of Stores Meeting or Exceeding the Average for Category:  38%

Bottom 25% of Company-Owned Stores

• Number of Stores in Category:  11
• Lowest EBITDA in Category:  -8%
• Highest EBITDA in Category:  5.1%
• Average EBITDA in Category:  0.2%
• Median EBITDA in Category:  -0.2%
• Number of Stores Meeting or Exceeding the Average for Category:  5
• Percentage of Stores Meeting or Exceeding the Average for Category:  45%

Bottom 50% of Company-Owned Stores

• Number of Stores in Category:  21
• Lowest EBITDA in Category:  -8%
• Highest EBITDA in Category:  10.3%
• Average EBITDA in Category:  4.1%
• Median EBITDA in Category:  5.1%
• Number of Stores Meeting or Exceeding the Average for Category:  12
• Percentage of Stores Meeting or Exceeding the Average for Category:  57%

Bottom 75% of Company-Owned Stores

• Number of Stores in Category:  32
• Lowest EBITDA in Category:  -8%
• Highest EBITDA in Category:  15.1%
• Average EBITDA in Category:  7.9%
• Median EBITDA in Category:  7.1%
• Number of Stores Meeting or Exceeding the Average for Category:  15
• Percentage of Stores Meeting or Exceeding the Average for Category:  47%

Total

• Number of Stores in Category:  42
• Lowest EBITDA in Category:  -8%
• Highest EBITDA in Category:  23.6%
• Average EBITDA in Category:  12%
• Median EBITDA in Category:  10.5%
• Number of Stores Meeting or Exceeding the Average for Category:  19
• Percentage of Stores Meeting or Exceeding the Average for Category:  45%

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