Chuy\'s Holdings (CHUY) Prelim. Q4 Revs Lighter than Expected

Chuy\'s Holdings (NASDAQ: CHUY) announced preliminary unaudited sales results for its fourth quarter and fiscal year ended December 28, 2014.

• For the fourth quarter of 2014, total revenues were $61.8 million, an increase of 21.6% compared to total revenues of $50.8 million in the fourth quarter of 2013. Total revenues for fiscal year 2014 were $245.1 million, an increase of 19.9% compared to total revenues of $204.4 million for fiscal year 2013. (The Street was looking for Q4 revs of $61.2 million.)
• The Company’s comparable restaurant sales increased 3.8% during the fourth quarter of 2014 and increased 3.3% for fiscal year 2014.

Based upon these preliminary sales results, the Company is reaffirming its 2014 diluted net income per share guidance range of $0.67 to $0.69 for fiscal year 2014, which implies diluted net income per share of $0.12 to $0.14 for the fourth quarter of 2014.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc., stated, “Our preliminary results reflect strong performance from our core business, including our 18th straight quarter of comparable restaurant sales growth and strong average unit volume and restaurant level profit margins from stores in our comparable restaurant base. We continue to focus on our non-comparable restaurants, and have put initiatives into place that we believe will positively impact their long-term performance. We’ve also reevaluated our real estate strategy, which we believe will allow us to more productively grow our geographical footprint and take advantage of the development opportunity that lies ahead.“

Preliminary results remain subject to the completion of normal quarter-end and year-end accounting procedures and adjustments and are subject to change. The Company currently expects to release financial and operating results for its fourth quarter and fiscal year ended December 28, 2014 in early March.

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