Del Frisco's (DFRG) Misses Q3 EPS by 1c

October 9, 2013 7:10 AM EDT
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Del Frisco's (NASDAQ: DFRG) reported Q3 EPS of $0.10, $0.01 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $54.2 million versus the consensus estimate of $54.84 million.

Comparable restaurant sales increased 4.4% at Del Frisco's Double Eagle driven primarily by increased traffic of 3.9%.

Comparable restaurant sales decreased 5.9% at Sullivan's driven primarily by a 5.0% decrease in traffic.

Del Frisco's sees FY2013 EPS of $0.89-$0.93, versus the consensus of $0.94. Total comparable restaurant sales is expected to increase of 1.0% to 1.5%.

Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "Del Frisco's Double Eagle's status as the nation's premier steakhouse concept was further solidified through strong comparable sales and increased guest traffic in the third quarter despite an uncertain environment and formidable year-ago comparisons. As an affordable neighborhood steakhouse, Sullivan's is more susceptible to pervasive softness within casual dining but we are making brand enhancements which over time will allow us to rebuild momentum. Specifically, we recently began promoting our Sullivan's fixed-priced menu through cable TV and radio spots, remodeling several older restaurants, updating our digital presence and creating a new leadership structure. As we look ahead, we are encouraged that the upcoming holiday season will provide benefits to all three concepts, but given our performance to date we have made several adjustments to our full year outlook."

Mednansky concluded, "Inclusive of the recent successful openings in Santa Monica and Palm Beach, we currently operate eight Del Frisco's Grilles with development plans for an additional three locations by year-end 2013 and another four to six Grilles in 2014. Del Frisco's Grille is successfully transitioning from an 'emerging' to a 'proven' growth concept and will be our dominant expansion vehicle as we continue building our presence within next generation upscale dining. Across a variety of markets, including metropolitan areas where we previously had no restaurant presence, the brand is now widely seen as the dining and social destination for upwardly mobile guests, and appeals to them where they live, work, and shop."

For earnings history and earnings-related data on Del Frisco's (DFRG) click here.

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