McCormick & Schmick’s 3rd-Q revs rise despite comp drop

SEATTLE McCormick & Schmick’s Seafood Restaurants Inc. reported late Monday that it expects a 13.4-percent increase in third-quarter revenues despite a same-store sales drop of 5.5 percent.

The company, which operates 90 high-end seafood restaurants, said the openings of four locations in the third quarter boosted corporate revenues to $99.9 million. Economic headwinds, however, dampened comparable-store sales at older locations.

“Our third-quarter comparable sales are indicative of the extremely challenging economic environment, and, in particular, the historic financial market volatility in September,” said Douglas Schmick, chairman and chief executive. “The U.S. consumer continues to be impacted by high gas prices and general economic conditions, but we are continuing to reach out to the strongest and most loyal segments of our customer base with targeted messaging to mitigate the macro impact to our business.”

The company opened restaurants in Raleigh, N.C.; Atlantic City, N.J.; Edina, Minn.; and Rosemont, Ill., during the quarter.

Full third-quarter results are scheduled to be released during the first half of November.