Fogo de Chao (FOGO) Misses Q1 EPS by 2c; Cuts FY16 Revenue Outlook

Fogo de Chao (NASDAQ: FOGO) reported Q1 EPS of $0.21, $0.02 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $68.9 million versus the consensus estimate of $71.86 million. Company-owned comparable restaurant sales increased 1.1%, in line with guidance.

“We are pleased to report consolidated comparable sales of 1.1%, in line with our expectations,” said Larry Johnson, Chief Executive Officer of Fogo de Chão, Inc. “U.S. company-owned comparable restaurant sales were up 0.9% driven primarily by increased guest traffic of 3.0%. Our traffic increase was 250 basis points above the average of our peers as reported by Knapp Track and Black Box’s Upscale/Fine Dining Index. These results indicate our guests’ appreciation for our incredible food, as well as the interactive and approachable fine dining experience that we provide. We believe that our results this quarter demonstrate our ability to navigate this softening sales environment across our industry as we delivered EPS in line with our internal expectations.”

“During the quarter we opened one location, in Naperville, Illinois and continue to expect, in total, as many as five to six restaurants in 2016, including at least one international joint venture restaurant,” concluded Johnson.

GUIDANCE:

Fogo de Chao sees FY2016 EPS of $0.93-$0.96, versus the consensus of $0.96. Fogo de Chao sees FY2016 revenue of $290-294 million, versus prior guidance of $293-297 million and the consensus of $296.97 million.

For earnings history and earnings-related data on Fogo de Chao (FOGO) click here.

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