Columbus, Ohio-based Bob Evans Farms has posted a 1.4% drop in same-store sales in its “core” full-service restaurants (431 stores open for the full 12 months in both FY 2001 and FY 2002) for the four weeks ended 21 June, year on year. Menu prices for the month were up around 2.7%.
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“We experienced a sharp and somewhat surprising slowdown in our restaurant sales for about two weeks, beginning with the Memorial Day weekend,” admitted Stewart K. Owens, chairman and CEO: “While we do not disclose same-store sales for individual weeks, our trends generally have improved since early June, with an average weekly increase closer to – though still below – our previous levels.” May same-store sales increased 3.2% for core stores compared with the prior year.
Owens continued: “We remain comfortable with our previous earnings per share (diluted) guidance of around US$0.55 for the quarter ending 26 July 2002, compared with US$0.43 per share for the same quarter a year ago. Profit margins in our restaurant segment for the quarter-to-date are still above last year’s levels, despite the softer sales trend, and our food products business continues to benefit from favourable conditions in the hog market.”
