Press release

Meritage Announces Fourth Quarter Dividend: Margin Improvements Forecasted In 2024

GRAND RAPIDS, Mich., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), the nation's premier franchise operator, announced today the Company's Board of Directors approved a quarterly special dividend of $0.06 per share. The dividend is payable on January 1, 2024, to shareholders of record as of December 15, 2023.

"The Company recently reported third quarter sales of $170.3 million as well as results from operations that included margin improvements related to food and labor, as a percentage of sales. Our key ongoing metric, Earnings from Operations, increased +6.4% over last year, and we believe that improvements in food and labor will continue throughout 2024 as the rate of inflation subsides and restaurant margins normalize. Consumer demand in our Wendy's restaurants continues to demonstrate resiliency and new store opening sales remain robust," stated Meritage CEO, Robert E. Schermer, Jr.

The ...

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