FAT Brands' (FAT) Johnny Rockets Opens First Restaurant in Iraq
FAT Brands Inc. FAT, the parent company of Johnny Rockets and various other restaurant concepts, recently unveiled nine new Johnny Rockets openings in a strategic move to broaden its global presence. The latest addition, unveiled in Baghdad, signifies the inaugural Johnny Rockets establishment in Iraq, managed by Alanwar Alarabiya.
Since February, Johnny Rockets has notched up new addresses in diverse cities, including Fortaleza and Sao Paulo in Brazil, Santiago and Talca in Chile, Lima in Peru and key locations in the United Arab Emirates.
The Baghdad venue, open seven days a week, adds a halal-friendly touch to Johnny Rockets' classic menu, featuring made-to-order burgers, hand-spun shakes, crispy fries and a variety of chicken options. The brand, rooted in its Los Angeles debut in 1986, has consistently delivered a quintessentially American experience to customers worldwide.
As Johnny Rockets sizzles in new territories, FAT Brands investors have reason to anticipate robust growth and increased market penetration, underscoring the company's commitment to delivering Fresh, Authentic and Tasty experiences globally.
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Focus on Expansion
Shares of FAT have increased 37.3% this year against the industry’s 3.9% decline. The leading global franchising company strategically acquires, markets and develops fast casual, quick-service, casual dining and polished casual dining concepts worldwide. The company owns 17 restaurant brands and franchises more than 2,300 units globally.
In the year so far, it has signed franchise development deals for more than 150 new locations, bringing its pipeline to over 1,100 signed agreements for new units over the next few years. This anticipated organic growth is estimated to contribute approximately $60 million in incremental adjusted EBITDA. This projection will bring total adjusted EBITDA to around $150 million and naturally improve the company's balance sheet.
FAT currently carries a Zacks Rank #2 (Buy).
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