Same Store Sales Increase 2.7% On Higher Customer Traffic

NASHVILLE, Tenn.–(BUSINESS WIRE)–O’Charley’s Inc. (Nasdaq/NM:CHUX – news) today announced that it expects to exceed its previously-issued earnings estimate for the fourth quarter of fiscal 2001 on revenues of approximately $105.7 million and a 2.7% increase in same store sales. The Company continued its record of same store sales increases in its O’Charley’s restaurants by posting an increase in 42 of the last 43 consecutive quarters.

On November 30, 2001, O’Charley’s affirmed its guidance of net earnings of $0.23 to $0.25 per diluted share on estimated revenues of $102 to $105 million for the fourth quarter ended December 30, 2001. These projected results for the fourth quarter were based upon an anticipated same store sales increase of approximately 1% to 2%. Based upon the better than expected results, the Company now expects to exceed its previously-issued guidance.

The Company will report its fourth quarter earnings on February 8, 2002, with a conference call scheduled the same day. At that time, O’Charley’s will also update its guidance for 2002 and issue new guidance for the first quarter ending April 21, 2002.

O’Charley’s Inc. operates 160 casual-dining, full-service O’Charley’s restaurants in 14 states in the Southeast and Midwest. The menu, with an emphasis on fresh preparation, features several specialty items such as hand-cut and aged steaks, fresh seafood, chicken that is always fresh and never frozen, popular homemade yeast rolls, a variety of fresh-cut salads with special-recipe salad dressings and their signature caramel pie. In addition, the Company currently operates three Stoney River Legendary Steaks restaurants with two locations in Atlanta, Georgia, and one location in Chicago, Illinois.

SOURCE: O’Charley’s Inc.