Earnings wrap up shows improved industry sales

by Steven Josovitz

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By NRN  Staff

Domino’s Pizza Inc. (DPZ): Domino’s reformulated pizza and the big marketing push behind it drove the nation’s second-largest pizza chain to a 14.3-percent surge in first-quarter same-store sales.

The company’s net income in the quarter rose 3.2 percent to $24.5 million from $23.8 million in the same quarter a year earlier. Earnings per share remained flat at 41 cents. Backing out one-time items in both quarters, including debt retirement, per-share earnings totaled 35 cents in the latest quarter, up from 20 cents in the same year-ago quarter.

First-quarter evenue totaled $381.1 million, an 18.4-percent increase from the first quarter of 2009. Domino’s operates or franchises a total of 9,036 restaurants worldwide.

When asked how much the new pizza — which was reformulated with what Domino’s called a more robust sauce, a new cheese blend and a crust with a stronger garlic accent — accounted for the same-store sales jump, chief executive Patrick Doyle replied, “All of it.”

Einstein Noah Restaurant Group Inc. (BAGL): The parent of three fast-casual bagel chains said systemwide same-stores sales increased 0.1 percent for the first quarter, the first positive result in five quarters.

First-quarter net income totaled $620,000, or 3 cents per share, down from $1.9 million, or 11 cents per share, in the same quarter a year ago. Revenue rose slightly to $100.8 million, from $100.4 million a year earlier. The company operates or franchises 690 restaurants under the Einstein Bros. Bagels, Noah’s New York Bagels and Manhattan Bagel brands.

McCormick & Schmick’s Seafood Restaurants Inc. (MSSR): The company narrowed its net loss to $400,000, or 3 cents per share, from a loss of $1.1 million, or 8 cents a share, in the same quarter a year ago.

Revenue for the quarter fell 7.7 percent to $84.8 million, primarily as a result of a 9.6-percent decrease in same-stores sales. The company said latest sales trends, while still negative, reflected sequential improvements in each of the past two quarters. The company operates 94 upscale restaurants in the United States and Canada.

Morton’s Restaurant Group Inc. (MRT): Morton’s Restaurant Group said it has returned to sales and profit growth as a result of improvement in business travel, entertainment and conventions. Net income for the first quarter totaled $1.2 million, or 7 cents per share, compared with a net loss of $1.5 million, or 10 cents per share, in the year-earlier quarter.

First-quarter revenue rose 4.9 percent to $75.3 million, reflecting a 3.6-percent increase in same-store sales at the company’s namesake steakhouse chain.

“The slow but continuous improvement of business travel, conventions and entertaining is having a positive impact on our business,” said recently appointed president and chief executive, Christopher Artinian.

The company operates 76 Morton’s The Steakhouse restaurants and one Trevi upscale Italian restaurant in Las Vegas.

Papa John’s International Inc. (PZZA): Papa John’s net income for the first quarter totaled $16.9 million, or 62 cents per share, which included a $2.2 million benefit for the consolidation of its cheese purchasing cooperative BIBP Inc., adding 8 cents to the company’s earnings. A year earlier, the company’s net income totaled $17.8 million, or 64 cents per share, including a $5.9 million benefit from the consolidation of BIBP.

First-quarter revenue increased 1.7 percent to $285.8 million, reflecting 22 net openings worldwide in the quarter. Papa John’s domestic same-store sales dipped 0.4 percent in the first quarter.

Texas Roadhouse Inc. (TXRH): Texas Roadhouse Inc. said its first-quarter profit increased 34 percent on improved same-store sales and favorable commodity costs. The operator or franchisor of 325 casual-dining restaurants said net income in the quarter rose to $19.2 million, or 27 cents per share, compared with earnings of $14.3 million, or 20 cents a share, in the same quarter a year ago.

Revenue rose 5.5 percent to $259.6 million. Same-store sales rose 0.4 percent at company-owned restaurants and 0.9 percent at franchised locations.

Mark Brandau, Lisa Jennings, Alan. J. Liddle and Ron Ruggless contributed to this report.

Read more: http://www.nrn.com/breakingNews.aspx?id=382886#ixzz0nZfLBGbp

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