Del Frisco's Restaurant (DFRG) Reports Q2 'Steak and Potates'; Cowen & Deutsche Bank Start Coverage
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This morning, Cowen and Deutsche Bank started coverage on Del Frisco's Restaurant (Nasdaq: DFRG) and Outperform/Buy.
Simultaneously, Del Frisco's reported second quarter earnings report, in which the company reported earnings of $0.20 vs. $0.06 for the same period last year. Revenues were also up, almost 20% year-over-year to $51.3 million. Same-store sales increased 4%.
Updating it's outlook, DFRG sees FY12 total comparable restaurant sales increase of 3% to 4%; One Del Frisco's and three Del Frisco's Grille openings and one Sullivan's closing; and Cost of sales of 30.6% to 31.0% of consolidated revenues
Deutsche Bank and Cowen are the first two firms to cover the stock, so there was no consensus estimates for the second quarter. (Note - the stock just went public on July 27, 2012)
Based in Southlake, TX, Del Frisco's Restaurant Group owns and operates three contemporary, high-end, complementary restaurant concepts: Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille. The Company currently operates 32 restaurants across 18 states.
Simultaneously, Del Frisco's reported second quarter earnings report, in which the company reported earnings of $0.20 vs. $0.06 for the same period last year. Revenues were also up, almost 20% year-over-year to $51.3 million. Same-store sales increased 4%.
Updating it's outlook, DFRG sees FY12 total comparable restaurant sales increase of 3% to 4%; One Del Frisco's and three Del Frisco's Grille openings and one Sullivan's closing; and Cost of sales of 30.6% to 31.0% of consolidated revenues
Deutsche Bank and Cowen are the first two firms to cover the stock, so there was no consensus estimates for the second quarter. (Note - the stock just went public on July 27, 2012)
Based in Southlake, TX, Del Frisco's Restaurant Group owns and operates three contemporary, high-end, complementary restaurant concepts: Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille. The Company currently operates 32 restaurants across 18 states.
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