Chuy’s Holdings Inc., parent to the Chuy’s casual-dining Mexican chain, saw net income slip 5.9 percent in the fourth quarter ended Dec. 28, while full-year profit rose 3.8 percent, the company reported Monday.
The Austin, Texas-based operator said same-store sales increased 3.8 percent in the quarter compared to the same period last year.
“We continue to focus on initiatives to drive sales and improve margins in our non-comparable restaurants, and we are pleased with the early results,” Steve Hislop, Chuy’s president and CEO, said in a statement.
Hislop said the company expects to open 10 to 11 new restaurants this year, with two already opened in the fiscal year.
“We believe the evolution of our real estate strategy to increase focus on new-unit growth in larger densely populated markets will allow us to more productively grow our geographical footprint and take advantage of the development opportunity that lies ahead,” Hislop said.
Chuy's owns and operates 61 full-service restaurants in 14 states
4Q NET INCOME
Result: $2.3 million, or 14 cents per share% Decrease: 5.9% (from $2.5 million, or 15 cents per share)
4Q REVENUE
Result: $61.8 million% Increase: 21.7% (from $50.8 million)
4Q SAME-STORE SALES
% Increase: 3.8%Source: Company report
FULL YEAR NET INCOME
Result: $11.5 million, or 69 cents per share% Increase: 3.8% (from $11.1 million, or 66 cents per share)
FULL YEAR REVENUE
Result: $245.1 million% Increase: 19.9% (from $204.4 million)
FULL YEAR SAME-STORE SALES
% Increase: 3.3%Source: Company report
RELATED:
• Chuy's revs up expansion after IPO
• Chuy's 1Q same-store sales rise 4.2%
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless
