Barbecue net income has felt
April 26, 2012
A pick-up in catering sales and strength in some franchise markets could not completely offset weakness in traffic for barbecue specialist Famous Dave’s of America Inc. in the first quarter, as net income fell 32 percent compared with a year earlier.
For the April 1-ended first quarter, Famous Dave’s earned $817,000, or 11 cents per share, compared with $1.2 million, or 14 cents per share, in the first quarter of 2011.
Revenue rose 1 percent to $37.5 million, compared with $37.1 million a year earlier, reflecting a same-store sales decrease of 1.6 percent at company-operated restaurants and flat sales at franchised locations.
“While first-quarter sales in general fell short of expectations, we were pleased with the increase in catering sales,” president and chief executive Christopher O’Donnell said in a statement. “We are seeing pockets of economic strength nationwide, as evidenced by continued sales improvement from our franchise-operated restaurants.”