Del Frisco's (DFRG) Misses Q2 EPS by 2c, Comps Fall 2.2%

Del Frisco's (NASDAQ: DFRG) reported Q2 EPS of $0.15, $0.02 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $82.3 million versus the consensus estimate of $82.49 million.

• Consolidated revenues increased 3.0% to $82.3 million from $79.9 million.
• Total comparable restaurant sales decreased 2.2% comprised of a 0.1% decrease in average check and 2.1% decrease in customer counts. Total comparable restaurant sales were negatively impacted by 50 basis points due to the elimination of lunch operating hours at selected Sullivan’s Steakhouse locations.— Comparable restaurant sales decreased 0.5% at Del Frisco’s Double Eagle Steak House comprised of a 1.8% increase in average check and 2.3% decrease in customer counts.— Comparable restaurant sales decreased 5.2% at Sullivan’s Steakhouse comprised of a 3.4% increase in average check and 8.6% decrease in customer counts. Excluding the aforementioned elimination of lunch operating hours, comparable restaurant sales decreased 2.5% comprised of a 1.5% decrease in average check and 1.0% decrease in customer counts.— Comparable restaurant sales decreased 3.2% at Del Frisco’s Grille comprised of a 4.4% decrease in average check and 1.2% increase in customer counts.
• Cost of sales, as a percentage of consolidated revenues, increased to 28.5% from 28.3%.
• GAAP Net Income of $2.1 million, or $0.09 per diluted share, compared to GAAP Net Income of $4.4 million, or $0.19 per diluted share.
• Adjusted Net Income* of $3.3 million, or $0.15 per diluted share, compared to Adjusted Net Income* of $4.5 million, or $0.19 per diluted share.
• Restaurant-level EBITDA* decreased 1.6% to $16.9 million from $17.1 million.

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

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