All day breakfast restaurateurs Bob Evans Farm, Inc. reported its fiscal 2016 fourth-quarter and full-year results, not impressing stockholders. Bob Evans reported earnings of $0.48 – EPS figure excludes $0.45 for non-recurring items – outperforming our consensus estimate of $0.42. With that being said, the reported figure was a 14.3% year-over-year decline.
The company did manage to narrowly surpass the Zacks Consensus Estimate for revenue of $345 million by reporting $345.6 million in quarterly revenue.
President and Chief Executive Officer Saed Mohseni commented on the company’s report, stating, “At Bob Evans Restaurants, fourth-quarter same-store sales were in-line with our expectations. During the quarter, we made progress redesigning our restaurant menu, improved core menu items, and focused on guest hospitality to ensure a better guest experience.”
Mr. Mohseni also made sure to note that Bob Evans will introducing a new menu in August, while also promoting its current specials: “[W]e introduced our summer bacon promotion late May with special bacon-themed items at every daypart including a Bacon Lover's Omelet, Bacon Cheeseburger, Strawberry Bacon Salad, and a three-course Bacon-Topped Chicken Dinner.”
Despite the promising sentiments and the tantalizing Bacon Lover's Omelet and three-course Bacon-Topped Chicken Dinner, certain aspects of Bob Evans’ earnings report were not as promising. The Bob Evans Restaurants segment’s net sales, excluding the 53rd week of fiscal 2016, were $226.5 million, a decline of $11.7 million, or 4.9%, compared to net sales of $238.2 million last year.
Same-store sales declined 3.0% with the balance of the net sales decline due to net restaurant closures earlier in the year. 21 restaurants were closed during the 53rd week of fiscal 2016 and no new restaurants opened during the fourth quarter. At the end of fiscal 2016, Bob Evans operated 527 restaurants and furthermore, the company expects to close six additional leased restaurants during fiscal 2017.
As of 3:36 PM ET, Bob Evans stock was down 8.76%, hitting lows of over 9% during earlier afternoon trading hours. Bob Evans has a Zacks Rank #2 (Buy).
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Bob Evans Stock (BOBE) Falling Due To Q4 Fiscal 2016 Results
All day breakfast restaurateurs Bob Evans Farm, Inc. reported its fiscal 2016 fourth-quarter and full-year results, not impressing stockholders. Bob Evans reported earnings of $0.48 – EPS figure excludes $0.45 for non-recurring items – outperforming our consensus estimate of $0.42. With that being said, the reported figure was a 14.3% year-over-year decline.
The company did manage to narrowly surpass the Zacks Consensus Estimate for revenue of $345 million by reporting $345.6 million in quarterly revenue.
President and Chief Executive Officer Saed Mohseni commented on the company’s report, stating, “At Bob Evans Restaurants, fourth-quarter same-store sales were in-line with our expectations. During the quarter, we made progress redesigning our restaurant menu, improved core menu items, and focused on guest hospitality to ensure a better guest experience.”
Mr. Mohseni also made sure to note that Bob Evans will introducing a new menu in August, while also promoting its current specials: “[W]e introduced our summer bacon promotion late May with special bacon-themed items at every daypart including a Bacon Lover's Omelet, Bacon Cheeseburger, Strawberry Bacon Salad, and a three-course Bacon-Topped Chicken Dinner.”
Despite the promising sentiments and the tantalizing Bacon Lover's Omelet and three-course Bacon-Topped Chicken Dinner, certain aspects of Bob Evans’ earnings report were not as promising. The Bob Evans Restaurants segment’s net sales, excluding the 53rd week of fiscal 2016, were $226.5 million, a decline of $11.7 million, or 4.9%, compared to net sales of $238.2 million last year.
Same-store sales declined 3.0% with the balance of the net sales decline due to net restaurant closures earlier in the year. 21 restaurants were closed during the 53rd week of fiscal 2016 and no new restaurants opened during the fourth quarter. At the end of fiscal 2016, Bob Evans operated 527 restaurants and furthermore, the company expects to close six additional leased restaurants during fiscal 2017.
As of 3:36 PM ET, Bob Evans stock was down 8.76%, hitting lows of over 9% during earlier afternoon trading hours. Bob Evans has a Zacks Rank #2 (Buy).
BOB EVANS FARMS Price and Consensus
BOB EVANS FARMS Price and Consensus | BOB EVANS FARMS Quote
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