Del Frisco's (DFRG) Tops Q1 EPS by 2c, Reaffirms Guidance

Del Frisco's (NASDAQ: DFRG) reported Q1 EPS of $0.23, $0.02 better than the analyst estimate of $0.21. Revenue for the quarter came in at $75.1 million versus the consensus estimate of $75.26 million. Blended comparable restaurant sales increased 2.2% across all three concepts.

Based upon current information, we are reiterating the following guidance for the 52-week fiscal year 2015, which ends on December 29, 2015.

• Total comparable restaurant sales increase of 2% to 3%
• One Del Frisco's Double Eagle Steak House opening and six Del Frisco's Grille openings
• One Sullivan's Steakhouse closing
• Cost of sales of 29.8% to 30.3% of consolidated revenues
• Restaurant-level EBITDA** of 22.0% to 22.4% of consolidated revenues
• General and Administrative expenses of approximately $24.0 million to $24.5 million
• Pre-opening expenses of approximately $5.0 million to $5.5 million
• Effective tax rate of approximately 30% to 32%
• Gross capital expenditures (before tenant allowances) of $40 million to $45 million
• Annual earnings per diluted share growth between 15% and 18%.

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

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