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Bojangles’ 1Q same-store sales rise 7.9%

Net income falls due to IPO expenses

Bojangles’ Inc. reported a same-store sales increase of 7.9 percent during the first quarter ended March 29, its 20th consecutive quarter of positive sales.

Net income at the Charlotte, N.C.-based quick-service chicken operator fell $3.4 million during the quarter, from $5 million the previous year. Profit narrowed largely due to Bojangles’ initial public offering in May, which cost the company $2.7 million in general and administrative expenses.

The sales result “continues to demonstrate the broad appeal of our iconic brand,” Bojangles’ president and CEO Clifton Rutledge said in a statement. “As always, Bojangles’ success was driven by the collective hard work of the teams in our company-operated and franchised restaurants, the true heroes of our brand.”

Total revenue increased 19.2 percent in the quarter, to $114.6 million, from $96.2 million the previous year. The company opened four new restaurants during the quarter. Franchisees opened another 12 units. Three locations closed to relocate. The system has 635 locations, 258 units of which are company operated.

Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 16 percent, to $16.9 million, from $14.6 million.

Bojangles’ made its public debut last month at $19 per share. Its stock price increased 29 percent on its first day of trading. The company’s stock has hovered between $24 and $26 per share ever since.

“Though we are new to the public markets, Bojangles’ has a proud history spanning nearly four decades, with significant scale, strong and consistent financial performance and attractive growth potential,” Rutledge said. “We are very excited about our future, the significant whitespace for growth within and outside our core markets, and our opportunity to create value for shareholders.”

Contact Jonathan Maze at [email protected].
Follow him on Twitter: @jonathanmaze

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