Chuy's Holdings (NASDAQ: CHUY) reported Q3 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $85.6 million versus the consensus estimate of $86.52 million. Comparable restaurant sales increased 0.3% as compared to the same period in 2015.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “Despite a challenging external environment, our third quarter results included double-digit increases in revenue and diluted net income per share. We were also pleased to continue our consecutive streak of comparable sales growth to 25 quarters despite lapping a strong increase of 4.2% in the prior year. We opened three new Chuy’s restaurants during the third quarter and opened one additional restaurant early in the fourth quarter. With 10 restaurants open year-to-date, we are on pace to reach our goal of opening 12 new restaurants for 2016.”

2016 Outlook

The Company has reiterated its fiscal year 2016 guidance and expects its adjusted diluted net income per share to range from $1.05 to $1.08. The adjusted diluted net income per share guidance for fiscal year 2016 is based, in part, on the following annual assumptions:

• Comparable restaurant sales growth of approximately 1.0% to 1.4% which implies growth of approximately flat to 1.0% for the fourth quarter;
• Restaurant pre-opening expenses of approximately $5.0 million to $5.9 million;
• General and administrative expenses of approximately $17.6 million to $18.1 million versus a previous range of $17.8 million to $18.4 million;
• An effective tax rate of approximately 29% to 31%;
• The opening of 12 new restaurants;
• Net capital expenditures (net of tenant improvement allowances) of approximately $33.0 million to $35.0 million versus a previous range of $33.0 million to $38.0 million; and
• Annual weighted average diluted shares outstanding of approximately 16.9 million shares

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