Fiesta Restauran (FRGI) Misses Q3 EPS by 1c
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Fiesta Restauran (NASDAQ: FRGI) reported Q3 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $182.3 million versus the consensus estimate of $183.92 million.
- Comparable restaurant sales at Pollo Tropical decreased 1.0% and comparable guest traffic decreased 2.5%, including the impact of sales cannibalization that negatively impacted comparable guest traffic by approximately 1%;
- Comparable restaurant sales at Taco Cabana decreased 4.1% and comparable guest traffic decreased 3.5%
Based on current information, the Company is updating the following estimated operating targets for 2016:
- Comparable restaurant sales at Pollo Tropical are now expected to be between -2% to flat (from -1% to +1%) including the negative impact of weather and temporary store closures related to Hurricane Matthew during the first fiscal week of October;
- Capital expenditures are now expected to be $82 to $85 million (from $90 to $100 million); and
- Ten Company-owned Pollo Tropical restaurant closures.
The Company is reiterating the following estimated operating targets for 2016:
- Comparable restaurant sales decreases of -3% to -1% at Taco Cabana;
- Cost of sales improvement of approximately 180 basis points at Pollo Tropical and 100 basis points at Taco Cabana approximately, both as a percent of brand restaurant sales;
- General and administrative expenses of $54 to $57 million;
- Depreciation and amortization of $36 to $38 million;
- An effective tax rate of 36% to 37%; and
- Company-owned restaurant openings of 31 Pollo Tropical and four Taco Cabana restaurants of which 26 Pollo Tropical and two Taco Cabana restaurants have been opened through October 2, 2016.
For earnings history and earnings-related data on Fiesta Restauran (FRGI) click here.
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