Full-year revenue and same-store sales for fiscal 2013 were not much higher than flat for Minneapolis-based Famous Dave’s of America Inc. However, the casual-dining brand said it made “great strides” on several initiatives during the year, such as large reductions in overhead and a 2.5-percent improvement in restaurant-level profit margins. Net income more than doubled to $1.9 million for the Dec. 29-ended fourth quarter and increased 9.1 percent for the year. Famous Dave’s owns 54 barbecue specialty restaurants and franchises another 142 units in 34 states, Puerto Rico and Canada.
4Q NET INCOME
Result: $1.9 million, or 25 cents per share% Increase: 153.3% (from $750,000, or 7 cents per share)
4Q REVENUE
Result: $35.7 million% Decrease: 1.7% (from $36.3 million)
4Q SAME-STORE SALES
% Decrease at company-owned units: 2.6%
% Decrease at franchised units: 1.1%
Source: Company report
FULL YEAR NET INCOME
Result: $4.8 million, or 74 cents per share% Increase: 9.1% (from $4.4 million, or 54 cents per share)
FULL YEAR REVENUE
Result: $155.4 million% Increase: 0.2% (from $155 million)
FULL YEAR SAME-STORE SALES
% Increase at company-owned units: 0.2%
% Decrease at franchised units: 2.9%
Source: Company report
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Contact Mark Brandau at [email protected].
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