Einstein Noah Restaurant Group Inc. reported a 24-percent decline in second-quarter net income, citing expenses related to its management transition and reorganization.
The Lakewood, Colo.-based bagel chain operator said brand revitalization efforts were sparking momentum, including product quality enhancements, new lunch offerings, optimized marketing and unit remodels.
During the quarter, Einstein Noah reduced its support staff by about 10 percent and amended its loan facility to cut costs.
As of the July 1-ended quarter, Einstein Noah operated, franchised and licensed 857 bagel shops under the Einstein Bros. Bagels, Noah’s New York Bagels and Manhattan Bagel brands.
2Q NET INCOME
Result: $2.5 million, or 14 cents per share% Decrease: 24.0% (from $3.3 million, or 19 cents per share a year ago)
2Q REVENUE
Result: $112.4 million% Increase: 4.0% (from $108.0 million a year ago)
2Q SAME-STORE SALES
% Increase systemwide: 1.6%
% Increase at company units: 0.9%
Source: Company report
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