RAVE Restaurant Group, Inc. Q2 FY2020 earnings call

• Developing a comprehensive turnaround strategy focusing on optimizing core business and building on key strengths.
• Pizza Inn has strong same-store sales over the last 12 quarters, made strategic investments in consumer research and data-driven marketing, created the Pizza Inn Franchise Leadership Council to work with franchisees.
• Pie Five is undergoing brand rebuild with engagement of agency and research partners, aims to differentiate as a fast casual brand, and has expansion opportunities once transformed.
• Both brands have development opportunities domestically and internationally.

Pizza Inn: Domestic comparable store retail sales increased by 2.4% in the second quarter of fiscal 2020 compared to the same period prior year, with year-to-date up 2.7%. Opened 3 new locations in the second quarter. Pie Five: Domestic comp store sales decreased by 11% in the second quarter of fiscal 2020 compared to the same period prior year, with year-to-date down 10.8%.

• Optimistic about transformation being viable and building on core strengths.
• Pizza Inn continues to have development opportunities domestically and internationally.
• Pie Five expects development to increase once brand is transformed and positive momentum is restored.

Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from expectations; refer to recent SEC filings for detailed discussion of risks impacting future operating results and financial conditions.

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