Bar and eatery owner Ark Restaurants posts loss in 1st Quarter as sales fall

Ark Restaurants posts loss for 1Q

NEW YORK — Ark Restaurants Corp., which owns dozens of restaurants, bars and food court eateries across the country, on Friday posted a loss for its first quarter as sales slowed.

Ark CEO Michael Weinstein said the quarter, which ended Jan. 2, was a challenge in part because of a drop in corporate business during the Christmas season in Washington, D.C., and New York.

The company reported a loss of $723,000, 21 cents per share, compared with a profit of $847,000, or 24 cents per share, for the period a year earlier.

Revenue fell nearly 5 percent to $25.6 million for the quarter, from $26.8 million.

Sales at stores open at least a year, considered a key indicator as it strips away the impact of new openings, fell 4.4 percent.

The company owns 20 restaurants and bars as well some fast-food and catering business.

Shares of Ark Restaurants were unchanged, closing at $13.90 Friday.