Revenue came out up 18% at $252M vs $250.6M consensus estimate. The first qtr in a long time they didn't miss in some way. SSS were down about 1%, but at stores opened in 2004 or 2005 (I can't remember which) SSS were down 11%. Ouch.
I think that the newer stores generally experience sales declines after the initial excitement surrounding the opening dies down. I'd be more concerned about the fact that same store sales keep falling in spite of the price increases. This leaves cost cutting as the one avenue to profit growth. (Ever more difficult in the face of widespread minimum wage increases) The trend, therefore, is fewer customers paying more for a lower quality product. Not exactly the stuff which supports an above-category PE. I think there is the strong possibility that the entire restaurant category is overbuilt.