Quick-service Mexican chain Rubio’s Restaurants has posted sales of US$30.7m for its Q2 ended 30 June, up 6.2% from US$28.9m for the same period last year.
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Year-to-date revenue of US$60.6m increased 9.2% over US$55.5m for the H1 2001. Comparable store sales for the Q2 2002 increased 0.9% over the Q2 2001 for company-owned locations and 0.8% system-wide. H1 comparable store sales increased 1.4% compared to last year for company-owned locations and 1.3% system-wide.
Rubio’s also announced net income of US$1.13m (US$0.12/share) for the Q2 compared to US$798,000 (US$0.09/share) for the same period a year ago. The earnings per share (EPS) of US$0.12 exceeded the company’s previously announced guidance of US$0.08 – uS$0.1. H1 net income increased to US$1.6m (US$0.17/share) compared to US$644,000 (US$0.07/share) last year.
The company had no new restaurant openings in the Q2, and on 15 April, the company sold its four locations in the Las Vegas market to a franchisee. In addition, the first franchise location in the Portland, Ore., market was opened on 25 April. Rubio’s currently has no plans for new restaurant openings in the Q3, but plans to open three to four company-owned locations in the Q4 of this year.
Ralph Rubio, chairman and CEO, stated: “I am very pleased with our financial performance for the quarter. Our improved profitability is a direct result of focusing resources in our core markets. Even more importantly, I am very excited with the direction we are headed. We have made significant progress on our concept repositioning initiatives and feel the time is right to begin rolling these initiatives out to our system. We will begin implementing our menu upgrade in San Diego at the end of the Q3 and our first restaurant opening with the new prototype design is scheduled to open in October of this year.”
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By GlobalDataFY 2002 outlook
Looking forward, Rubio’s expects Q3 EPS in the US$0.09 – US$0.1 range, including the negative effect of one-time expenses related to the menu upgrade, with comparable stores sales increasing up to 1%. The company expects FY 2002 EPS in the US$0.24 – US$0.27 range, an increase over previously announced guidance of US$0.22 – US$0.25 per share.
