Chuy's Holdings (CHUY) Q1 Sales Outpace Views; Comps Up 2.3%
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Chuy's Holdings, Inc. (Nasdaq: CHUY) announced preliminary unaudited sales results for its first quarter ended March 31, 2013.
For the first fiscal quarter of 2013, total revenues were approximately $46.7 million, an increase of 24.5% compared to revenues of $37.5 million in the first fiscal quarter of 2012. The Company's comparable restaurant sales increased approximately 2.3% for the 13-week period ended March 31, 2013 compared to the 13-week period ended April 1, 2012. The increase in comparable sales was driven by a 2.2% increase in average check and a 0.1% increase in average weekly customers.
*** The Street was looking for revs of $44.98 million.
Due to the inclusion of a 53rd week in fiscal 2012, there is a one-week calendar shift in the comparison of the first fiscal quarter of 2013 ended March 31, 2013, to the first fiscal quarter of 2012 ended March 25, 2012. As a result, our comparable restaurant sales calculation is based on comparing sales in the first fiscal quarter of 2013 to sales in the corresponding calendar period of 2012. Sales for the same 27 restaurants in the comparable restaurant base in the fiscal first quarter ended March 31, 2013 increased 1.0% compared to the first fiscal quarter of 2012 ended March 25, 2012.
Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release financial and operating results for its first quarter ended March 31, 2013 during the week of May 6th.
For the first fiscal quarter of 2013, total revenues were approximately $46.7 million, an increase of 24.5% compared to revenues of $37.5 million in the first fiscal quarter of 2012. The Company's comparable restaurant sales increased approximately 2.3% for the 13-week period ended March 31, 2013 compared to the 13-week period ended April 1, 2012. The increase in comparable sales was driven by a 2.2% increase in average check and a 0.1% increase in average weekly customers.
*** The Street was looking for revs of $44.98 million.
Due to the inclusion of a 53rd week in fiscal 2012, there is a one-week calendar shift in the comparison of the first fiscal quarter of 2013 ended March 31, 2013, to the first fiscal quarter of 2012 ended March 25, 2012. As a result, our comparable restaurant sales calculation is based on comparing sales in the first fiscal quarter of 2013 to sales in the corresponding calendar period of 2012. Sales for the same 27 restaurants in the comparable restaurant base in the fiscal first quarter ended March 31, 2013 increased 1.0% compared to the first fiscal quarter of 2012 ended March 25, 2012.
Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release financial and operating results for its first quarter ended March 31, 2013 during the week of May 6th.
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