Del Frisco’s Restaurant Group Inc. reported Tuesday a 7.6-percent increase in net income for the June 17-ended second quarter.
Mark Mednansky, chief executive of the Southlake, Texas-based company, said Del Frisco’s Restaurant Group was taking a more cautious view on revenue guidance.
“Specifically, we now expect fewer restaurant operating weeks in 2014 relative to our initial plans, as several openings have been delayed,” Mednansky said. “The Del Frisco's Double Eagle, opening in Washington, D.C., is now slated for the fourth quarter, and two of the three Grille openings in the fourth quarter will take place later than we had originally anticipated.”
The company is also still seeking city clearance for a patio at its Palm Beach, Fla., location, Mednansky said in a statement.
Del Frisco’s Restaurant Group is parent to the Del Frisco’s Double Eagle Steak House, Del Frisco’s Grille and Sullivan’s Steakhouse brands. The company has 41 restaurants in 20 states and the District of Columbia.
2Q NET INCOME
Result: $4.8 million, or 20 cents per share% Increase: 7.6% (from $4.4 million, or 19 cents per share)
2Q REVENUE
Result: $67.4 million% Increase: 11.6% (from $60.4 million)
2Q SAME-STORE SALES
% Increase systemwide: 2.2%
% Increase at Del Frisco's Double Eagle Steak House: 5.2%
% Increase at Sullivan’s Steakhouse: 0.9%
Source: Company report
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