J. Alexander's (JAX) Reports Q1 Earnings

April 28, 2008 8:46 AM EDT

J. Alexander's Corporation (AMEX: JAX) reports Q1 EPS of $0.23 compared to $0.29 for the same period last year. Revenuues were $37.49 million compared to $36.53 million for the same period last year.

Commenting on the Company's results, Lonnie J. Stout II, Chairman, President and Chief Executive Officer, said, "The decline in same store sales, which we experienced beginning in mid-September of last year, continued through the first quarter of 2008. This decline, which we believe is due to economic issues affecting our guests, was the primary reason for our weaker performance in the quarter." Stout said the J. Alexander's restaurants most impacted by prevailing economic conditions were primarily in the Company's Ohio and Chicago markets.

During the first quarter of 2008, J. Alexander's Corporation said average guest counts decreased 4.2% on a same store basis. The Company reported a 1.9% increase in its average guest check, including alcoholic beverage sales, over the first quarter of 2007. This increase was generally in line with menu price increases.

J. Alexander’s Corporation (J. Alexander’s) is a traditional restaurant with an American menu featuring prime rib of beef; hardwood-grilled steaks, seafood and chicken; pasta; salads and soups; assorted sandwiches, appetizers and desserts; and a full-service bar.[SM]

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