MINNEAPOLIS Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
The company's net income for the April 4-ended quarter totaled $2.7 million, or 30 cents per share, compared with year-ago earnings of $1.3 million, or 15 cents a share. Results for the quarter include a one-time, noncash benefit of $2.1 million, or 15 cents per share, related to the purchase of seven formerly franchised locations and the termination of one lease.Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s had revenue of $32.6 million for the first quarter, down 3.5 percent from $33.8 million in the first quarter of 2009. Same-store sales fell 3.5 percent and 3.4 percent at company-owned and franchised locations, respectively, compared with a year ago, when same-store sales declined 5.5 percent at company stores and 6.2 percent at franchised branches. Famous Dave's also noted that sales in the latest quarter were hurt by severe weather on the East Coast and the shift of the Easter holiday. Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
“I was pleased with our execution during the first quarter of 2010,” said president and chief executive Christopher O’Donnell. “We turned in a solid quarter of profitable financial performance in a business environment that remains challenging, and during a time when we were also acquiring, and integrating, seven new company-owned restaurants.”Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Those seven locations, in New York and New Jersey, were gained in early March via a stalking-horse bid of $6.8 million for the assets of North Country BBQ, a former franchisee of Famous Dave’s that had filed for Chapter 11 bankruptcy protection.Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave's also incurred charges of $84,000 for the termination of its last remaining lease in the Atlanta market and $355,000 in compensation expense related to its stock-based incentive programs.Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
The company credited a limited-time offer of Cajun-style seafood for driving results in the first quarter and expressed optimism that the current “80 Proof BBQ” line, featuring Jack Daniel’s Tennessee Whiskey and items like Whisky Wings and an 80 Proof BBQ Burger, would continue strong sales trends.Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
“We continue to be excited about the innovation taking place in our test kitchen,” O’Donnell said. “We have launched a broad array of no fewer than 18 new menu items that are currently being tested in several of our restaurants, including low-calorie options as well as a variety of exciting new smoked and grilled offerings.”Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s operates in 36 states.Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Contact Mark Brandau at [email protected].Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
Famous Dave’s of America Inc., the operator or franchisor of 175 barbecue restaurants, said it more than doubled its first quarter profit on improved sales and the acquisition of seven restaurants.
