Einstein Noah Restaurant Group Inc. recorded an increase in net income for the fourth quarter ended Dec. 31, despite bad weather and the shortened holiday season. The bagel chain operator said it had its best traffic performance since the fourth quarter of 2010, though transactions for the quarter declined by 1 percent, offsetting a 1.1-percent increase in average check for a systemwide same-store sales increase of 0.1 percent.
Michael Arthur, who was appointed interim president and chief executive for Einstein Noah this week, said, “We are further encouraged that through mid-February, company-owned comparable-store sales have trended positive, despite unseasonably cold weather and weak consumer confidence.”
Einstein Noah expects to open 75 to 85 units in 2014. The Lakewood, Colo.-based chain ended fiscal 2013 with 852 restaurants under the Einstein Bros.; Noah’s New York Bagels and Manhattan Bagel brands, including 458 that were company owned.
4Q NET INCOME
Result: $4.9 million, or 27 cents per share% Increase: 53% (from $3.2 million, or 18 cents per share)
4Q REVENUE
Result: $114.2 million% Increase: 3% (from $110.6 million)
4Q SAME-STORE SALES
% Increase systemwide: 0.1%Source: Company report
FULL YEAR NET INCOME
Result: $14.6 million, or 82 cents per share% Increase: 15% (from $12.7 million, or 74 cents per share)
FULL YEAR REVENUE
Result: $434.5 million% Increase: 1.8% (from $427 million)
FULL YEAR SAME-STORE SALES
% Decrease systemwide: 0.3%Source: Company report
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