Bravo Brio Restaurant Group on Wednesday lowered its guidance for earnings and same-store sales after the Italian casual-dining operator reported a 4.6-percent decrease in revenue in the second quarter ended June 26.
Revenues fell to $105.2 million from $110.2 million. Same-store sales, meanwhile, fell 8.4 percent at the company’s Bravo Cucina Italiana brand, and 6.4 percent at its Brio Tuscan Grille concept.
As a result, the Columbus, Ohio-based company lowered its expectations for full year revenues to $408 million to $413 million, from $424 million to $432 million. It also expects same-store sales to decline 5.5 percent to 6.5 percent for its two concepts, much lower than the 2 percent decline to flat it had initially anticipated.
Brian O’Malley, the company’s president and CEO, called 2016 a “transitionl year” and said the company is making investments in food quality, presentation and service.
But, he said, the investments made during the quarter “may not be fully realized in the current year.”
The company reported a net loss of $654,000, or 4 cents per share, down from a profit of $3.8 million or 24 cents a year ago. But net income was $900,000, or 6 cents, down from $3.8 million, or 24 cents, when adjusted to factor out one-time costs.