Chuy's Holdings (CHUY) Tops Q2 EPS by 55c, Revenues Beat

Chuy's Holdings (NASDAQ: CHUY) reported Q2 EPS of $0.23, $0.55 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $65.71 million versus the consensus estimate of $62.93 million.

Highlights for the second quarter ended June 28, 2020 were as follows:

• Revenue was $65.7 million compared to $113.1 million in the second quarter of 2019.
• Comparable restaurant sales decreased 39.0%.
• Net income was $4.5 million, or $0.26 per diluted share, compared to net income of $6.2 million, or $0.37 per diluted share, in the second quarter of 2019, a decrease of $1.7 million or 27.4%.
• Adjusted net income(1) was $4.0 million or $0.23 per diluted share compared to $7.0 million and $0.42 per diluted share in the second quarter of 2019.
• Restaurant-level operating profit(1) was $14.8 million compared to $19.5 million in the second quarter of 2019. Restaurant-level operating margin(1) increased by 530 basis points to 22.5% compared to 17.2% in the second quarter of 2019.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “Our entire team has done an exceptional job during the second quarter as they successfully transformed our business, and subsequently reopened our dining rooms, to allow our loyal guests to continue enjoying our made from scratch offerings, all while prioritizing the safety and well-being of everyone involved. Comparable restaurant sales improved sequentially through the second quarter, and through enhanced operational efficiency, we were able to generate over 500 basis points improvement in restaurant-level operating margin and higher free-cash-flow on lower year over year revenue. While there continues to be some level of uncertainty surrounding COVID-19 in the near future, we have a strong balance sheet with $67.2 million in cash and cash equivalents as well as $25.0 million of availability under our revolving credit facility and a very resilient team who will remain nimble to adapt to any future changes in market conditions.”

2020 Outlook

Due to the ongoing uncertainty around the magnitude and duration of the COVID-19 pandemic, the Company is not in a position to provide fiscal 2020 financial guidance at this time.

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

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