Net income rises slightly in first quarter
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Chuy's Holdings Inc. co-founder and co-chairman Michael Young has retired, the casual-dining operator said this week, before releasing first-quarter earnings.
“It is with great pride that I've been able to watch Chuy's grow from a single unit in Austin, Texas, to the successful multi-unit concept that it is today," Young said in a statement.
With Young’s retirement, Chuy’s other co-founder, John Zapp, will continue as sole chairman, the Austin, Texas-based company said. Chuy’s also reduced the number of its directors from seven to six.
Young and Zapp founded Chuy’s in 1982.
“We have built a unique culture at Chuy's, and I am grateful to have had the opportunity to work with a team as passionate as I am in furthering the vision of Chuy's potential,” Young said.
Zapp said Young had been “instrumental in instilling the fun and irreverent culture that Chuy's is known for today.”
Chuy’s net income for the first quarter ended March 26 rose 0.4 percent, to $4.6 million, or 27 cents per share, compared with $4.5 million, or 27 cents per share, the previous year, the company reported Thursday. Revenue increased 11.3 percent, to $86.9 million, from $78.1 million the previous year.
Same-store sales declined 0.7 percent.
Chuy's owns and operates 83 full-service restaurants across 16 states.
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