Del Frisco's (DFRG) Reports In-Line Q1 EPS
Del Frisco's (NASDAQ: DFRG) reported Q1 EPS of $0.21, in-line with the analyst estimate of $0.21. Revenue for the quarter came in at $59.8 million versus the consensus estimate of $58.52 million.
Total comparable restaurant sales decreased 0.5%, including an increase of 1.9% at Del Frisco's and a decrease of 4.0% at Sullivan's, following a total comparable restaurant sales increase of 6.7% in the first quarter of the previous year.
Outlook
Total comparable restaurant sales increase of 1.5% to 2.5% (on a comparable 52-week basis)
Five Del Frisco's Grille restaurant openings (one opened in the fiscal first quarter, one is expected to open in the fiscal third quarter and three during the fiscal fourth quarter)
Cost of sales of 30.8% to 31.2% of consolidated revenues
Restaurant-level EBITDA** of 22.8% to 23.3% of consolidated revenues
General and Administrative expenses of $17.0 million to $18.0 million
Effective tax rate of approximately 30% to 32%
Adjusted earnings per diluted share of $0.92 to $0.96 based on an annual weighted average diluted common shares outstanding of approximately 23.9 million (versus 20.4 million shares during 2012)
Gross capital expenditures (before tenant allowances) of $27 million to $29 million
For earnings history and earnings-related data on Del Frisco's (DFRG) click here.
Total comparable restaurant sales decreased 0.5%, including an increase of 1.9% at Del Frisco's and a decrease of 4.0% at Sullivan's, following a total comparable restaurant sales increase of 6.7% in the first quarter of the previous year.
Outlook
Based on current information, we are reiterating the following guidance for the 53-week fiscal year 2013, which ends on December 31, 2013.
Five Del Frisco's Grille restaurant openings (one opened in the fiscal first quarter, one is expected to open in the fiscal third quarter and three during the fiscal fourth quarter)
For earnings history and earnings-related data on Del Frisco's (DFRG) click here.