Bojangles' (BOJA) Tops Q2 EPS by 7c; Guides Above the Street

Bojangles' (NASDAQ: BOJA) reported Q2 EPS of $0.23, $0.07 better than the analyst estimate of $0.16. Revenue for the quarter came in at $120.5 million versus the consensus estimate of $120.32 million.

System-wide comparable restaurant sales increased 4.4%.

Bojangles' sees FY2015 EPS of $0.75-$0.78, versus the consensus of $0.69. Bojangles' sees FY2015 revenue of $483.5-487.5 million, versus the consensus of $484.5 million.

"We had an outstanding quarter characterized by a double-digit increase in our top-line and even higher growth in our adjusted EBITDA and pro forma net income. System-wide comparable restaurant sales grew a solid 4.4%, enabling us to extend our track record of gains to 21 consecutive quarters. At company-operated restaurants, we leveraged comparable restaurant sales growth and benefited from a more favorable commodity environment than we had expected. Given our success year-to-date and updated outlook for the second half of fiscal 2015, we are pleased to be raising our annual guidance," said Bojangles' President and CEO Clifton Rutledge.

"Bojangles' is an iconic brand with broad appeal that we believe is vastly underpenetrated relative to our current footprint. We are addressing our attractive development opportunity in an aggressive, yet disciplined manner with a focus on building greater scale in adjacent areas within the Southeast and infilling our core North and South Carolina markets. We recently announced development agreements for West Virginia and Kentucky and have a total pipeline of nearly 90 locations for company-operated and franchised restaurants that have been approved for development or are already under construction. We are therefore excited to be raising our development plans to between 59 and 63 system-wide openings this year, which if achieved, at the midpoint would yield over 8% in annualized net unit growth," he concluded.

For earnings history and earnings-related data on Bojangles' (BOJA) click here.

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