Famous Dave's of America Inc. on Wednesday posted first-quarter profits in line with analysts' expectations and saw its sales rise 14 percent over the same time last year.
Famous Dave's revenue rises 14%, meets estimates
April 28, 2011 at 2:41AM
The Minnetonka barbecue restaurant chain reported net income of $1.2 million, or 14 cents a share, down from $2.7 million or 30 cents per share a year ago. However, last year's results included a 15 cents per share one-time gain from the acquisition of seven franchised restaurants in New York and New Jersey. This year's first quarter results include a 1 cent per share one-time charge.
Famous Dave's quarterly revenues were $37.1 million, compared with $32.6 million a year ago. And same-store sales for company-owned restaurants open for at least 24 months increased 3 percent during the quarter, largely driven by price increases.
That same-store sales performance is emblematic of a turnaround in the restaurant industry in general, which suffered a long drought on the heels of the Great Recession. In 2010's first quarter, Famous Dave's same-store sales decreased by 3.5 percent over a year earlier.
Famous Dave's results came out after the market closed. Its shares closed Wednesday at $9.88, up 22 cents, or 2.3 percent.
MIKE HUGHLETT
Health care spending rose by 15%, driven by higher prices. Officials say solutions are needed to prevent Minnesotans from being priced out or delaying care they need.
