Dive Brief:

• Pie Five is rolling out new individual pizzas and eliminating large pizzas from its menu, the company said on Friday.
• The chain says this is the most significant menu transformation in its history. 
• This menu change follows six months of testing and occurs alongside operational and hospitality improvements to boost the dine-in experience and reduce third-party friction, Rave Restaurant Group CEO Brandon Solano said. 

Dive Insight:

Pie Five’s refresh is part of larger companywide investments by Rave Restaurant Group to improve both of its brands. At Pizza Inn, the company is investing in rebranding and a new buffet experience. All of these improvements are expected to provide a long-term return on investment, Solano said. 

"After nine consecutive quarters of profitability, we are transitioning from a turnaround to a stable company primed for growth," Solano said. "Our fourth quarter and fiscal year show significant same store sales growth at both Pizza Inn and Pie Five, net income growth, EBITDA growth, and strong operating cash performance."

Pie Five’s comparable sales improved 17.1% for the year ending June 26, 2022, while Pizza Inn’s comp sales were up 24.7% for the year. This is a stark contrast to the company’s fiscal 2022, when both brands reported declines in comparable sales due to the pandemic. 

Pie Five joins several other brands that have been undergoing menu revisions, including Subway, Applebee’s, Del Taco and Brinker.