Chuy's Holdings (CHUY) Misses Q3 EPS by 1c; Guides Lower

Chuy's Holdings (NASDAQ: CHUY) reported Q3 EPS of $0.19, $0.01 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $64.1 million versus the consensus estimate of $64.6 million.

Chuy's Holdings sees FY2014 EPS of $0.67-$0.69, versus prior guidance of $0.76-$0.78 and the consensus of $0.76.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “We are pleased with the continued strength of our top line growth. Our revenue increase of 19.9% was led by a comparable restaurant sales increase of 3.0%, which is our 17th straight quarter of comparable restaurant sales growth. Our made-from-scratch, Tex Mex-inspired menu, commitment to value and upbeat, irreverent atmosphere continue to clearly resonate with our guests. Our results continue to reflect near-term cost challenges related to commodities and the ongoing inefficiencies at our non-comparable restaurants which comprise 33% of our open restaurants. Based upon these challenges, and the performance year-to-date, we have revised our key assumptions for the full year guidance and have adjusted our projections accordingly.”

Added Hislop, “With eleven new restaurants opened this year, as of today, our 2014 development plan is complete. Our development strategy will continue to include opening a majority of our new units through 2015 in developing markets where new restaurants exist. While building the awareness in these new markets will take time, we believe this strategy will continue to drive awareness for the Chuy’s brand, provide a solid geographic footprint for continued growth and improve efficiencies in operations.”

For earnings history and earnings-related data on Chuy's Holdings (CHUY) click here.

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