The team put up a nice same store sales gain of 2.5%, albeit some of the jump was attributed to the timing of Thanksgiving. The company also reiterated its sales guidance, and confirmed it would open ten new locations this year as opposed to eight. The stock seems to be waiting for some leadership this am, as it is staying in a rather tight trading range. I guess the results were pretty much expected.
The stock is/has been penalized for the Margaritaville transaction. Without it, they would be doing pretty well. With it, they wasted what amounts to a year. The stock price reflects this. Management is changing tack and took "credit" for it on the call when Sidoti asked if this was the plan (to convert to Fuddruckers). It wasn't the plan but it was the fallback plan-just wished they would have owned up to that a little more clearly.
CC was fairly positive. The new double store concepts sound like they are tracking better than expectations.Wish there were more analysts that chimed in with questions though ( the only one was the analyst for from Sidoti). The stock has been beat to a pulp recently, making it a decent entry point.