Jerry’s Deli Reports 54% Drop in Net Income
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Jerry’s Famous Deli Inc. suffered a 54% drop in net income in its second quarter, despite a 17% rise in revenues.
The Studio City-based operator of eight restaurants in Southern California posted a $90,800 profit in the quarter that ended June 30, compared to a $243,000 profit a year earlier. Revenues in the latest quarter rose to $8 million, up from $6.8 million in the same period a year ago.
The company attributed much of its second-quarter profit slide to higher general and administrative costs, primarily due to becoming a public company last fall.
For the six months, the company’s net income rose 30% to $411,000, up from $316,000 last year, while its revenues climbed 12% to $15.7 million, versus $14 million a year ago.
The deli chain said that it also hopes to open new restaurants in Miami and Las Vegas.
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