Minneapolis-based barbeque restaurant chain Famous Dave’s of America, has reported revenues of US$24.2m for its Q2 2002, in line with previously issued guidance.
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Comparable sales at company owned restaurants increased 1.9% for the quarter. Average Q2 weekly sales were US$50,314 in company operated restaurants and US$51,734 for franchise operated restaurants. The company re-affirmed its Q2 earnings guidance of US$0.08 to US$0.09 per share.
Six new restaurants opened during the Q2; three company operated and three franchise operated. This brings the Q2-end total to 64 restaurants, 37 company operated and 27 franchise operated. The company also has signed Area Development Agreements (ADA) for an additional 95 franchised restaurants.
The company expects three new company operated restaurants and two new franchise operated restaurants will open during the Q3. It has also completed the sale of its two company operated restaurants in Utah to a new franchise group who simultaneously entered into an Area Development Agreement (ADA) to open three additional restaurants.
For FY 2002, the company expects 8-10 company operated restaurants and 12-15 new franchise restaurants will open. In light of this, it now expects revenues for the year of US$93m to US$96m. Earnings expectation remains at US$0.27 to US$0.30 per share for the year, excluding any one-time gains on the sale of assets.
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By GlobalDataFor FY 2003, the company expects that 10-12 new company operated restaurants and 20-25 new franchise restaurants will open. The company estimates 2003 revenues of US$122m to US$130m and earnings per share of US$0.4 to US$0.45.
“We made significant progress with our restaurant development plans.” Said Martin O’Dowd, president and CEO. “The new restaurant openings have been great successes and we saw a dramatic increase in the number of franchise restaurants under development agreements.”
Famous Dave’s will release its Q2 financial results fully on 23 July.
