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No. 26— 2005 |
| Observations RIDING THE CYCLE |
| As I reflect upon 2004 and prepare for the year ahead, the continued cyclical aspect of the restaurant business comes to mind. We understand and manage the cycles by looking past the moment. Taking the long view — that our business plan is solid, is being continually reviewed and tweaked, and is producing overall growth for the company — will enable us to negotiate the cycles with optimism and energy. Overall, from an operational standpoint, The Briad Group continues to do a very good job of running its business. In the past two years, we have achieved a dramatic improvement in T.G.I. Friday’s profits. |
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| Wendy’s, after a long run of almost eight years at or near the top of its market, hasbeen facing major challenges. Some of which cannot be controlled, such as the weather. For example,the spate of hurricanes in Florida destroyed tomatoes and other crops, which affected our margins. Our executive team is determined to stay ahead of the curve and continue to operate our business effectively. We expect to open three new Wendy’s, and at least two new T.G.I. Friday’s this year. In addition, we will begin remodeling efforts of our existing T.G.I. Friday’s. To prepare for this growth, we continue to recruit, hire and train managers and employees for both divisions. Another exciting event for Briad was our Corporate Headquarters move to its own building in Livingston, NJ. (See article for details). Our core standards and values define us, and our reputation is formed by what we do every day. The Briad Group is in the business of running restaurants, seeking balance in the combination of profitability as well as customer, owner and employee satisfaction. We have a culture that is based on decency, fairness and service.It takes a special group of people to work in this business. You are outstanding, caring, professionals. The Briad Group is committed to supporting you so that you can continue to provide the best food and service eat the best value to our customers. We always stay the course. We don’t look for quick fixes. We develop plans based on clear, detailed information and experience. If we press on, staying the course and operating our business each day by our standards and values, I believe we will renew and refresh our perspective and continue to be successful. I’m looking forward to working with everyone on the Briad team in 2005. |
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