Rewards Network 3Q Revenue Dips 7%
Rewards Network Inc., a provider of loyalty and rewards programs, has reported a 7.2% drop in third quarter revenue to $23.1 million from $24.9 million.
The company cited a 4.2% decline in dining’s average transaction amounts despite a 1.2% increase in dining transactions. The restaurant merchant base declined 2.2% from one year ago, but showed a 1.1% gain in the second quarter.
The Chicago-based company closed the quarter ended Sept. 30 with 3.7 million active members, up 12.7% from one year ago. About 22,000 merchants participated in the company’s program as of the quarter’s end up significantly due to the addition of more than 10,600 hotels to the program.
For the nine-month period revenue was $75.4 million, an increase of 4.8% over $71.9 million in the same period last year.
Rewards Network provides loyalty and rewards programs for restaurants and hotels via its registered credit card platform. Incentives are offered through the Rewards Network branded program, airline frequent flyer dining programs, club memberships and other affinity organizations.
