- Revenue for fast-food chain Raising Cane's rose 33% in the first half of this year, sources told Bloomberg.
- The privately held company released financials as part of a $500 million debt-financing deal.
Chicken-finger chain Raising Cane's has enjoyed surging popularity in recent years. But because the company is privately held, it's difficult to know exactly how quickly it's growing.
That changed this week as the company disclosed to investors that revenue increased a sizable 33% year-over-year increase through the first six months of 2024, according to a Bloomberg report. Sales came in at $2.3 billion for the period, up from $1.7 billion in the first half of 2023.
Further, adjusted earnings were $464 million in the first half of the year, up 26% from the previous period.
The financials were shared as part of a $500 million debt-financing deal. Raising Cane's is planning to use the proceeds to pay down existing debt obligations and invest in general corporate purposes.
The chicken chain's immense success has turned founder Todd Graves — who owns 90% of the company — into a billionaire, and the richest person in the state of Louisiana. Accounting for the new financials, Graves now has a net worth of $10.2 billion, a $3.3 billion increase from the last time it was calculated, Bloomberg said.
Raising Cane's is a unique success story in the fast-food world given the limited nature of its menu. The restaurant only offers chicken fingers, fries, coleslaw, Texas toast, and, of course, its renowned Cane's sauce. The menu's simplicity allows the company to churn through customers more quickly than competitors.
The chain's website says it now has more than 800 locations globally, mostly in the US, and the company has pledged to continue growing.