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Chuy's Posts Prelim Sales for 1Q

Zacks Equity Research

Austin, TX-based restaurateur, Chuy's Holdings, Inc. (CHUY) recently declared its preliminary first-quarter 2013 sales results. The company will report detailed first quarter financial results on May 6.

Chuy's Holdings stated that during the first quarter of 2013, net revenues inched up 24.5% year on year to $46.7 million, ahead of the Zacks Consensus Estimate of $45 million. The sales in the first quarter were driven by higher comparable restaurant sales (comps).

In addition, during the first quarter, Chuy's Holdings’ comps spiked 2.3% year over year. The improvement in comps resulted from a 2.2% upside in average check and 0.1% rise in average weekly customers.

Chuy's Holdings had previously stated that comps would grow 1% -1.5% in 2013.

Earlier in the fourth quarter of 2012, Chuy's Holdings reported revenues of $46.7 million, up 40.3% year over year buoyed by new restaurant openings and increased comps. Revenues in the quarter have also gained from an additional operating week in Dec 2012. In the fourth quarter, comps were up 5.2%, buoyed primarily by higher average check.  

Chuy's Holdings currently operates 41 full-service Mexican food restaurants in eight states throughout the U.S. Another restaurateur that follows the same restaurant concept as Chuy's Holdings is Denver, CO based Chipotle Mexican Grill, Inc. (CMG).

Chuy's Holdings currently retains a Zacks Rank #2 (Buy). Some other restaurateurs that are worth a look at this time include Cracker Barrel Old Country Store, Inc. (CBRL) and Red Robin Gourmet Burgers Inc. (RRGB) both carrying a Zacks Rank #1 (Strong Buy).

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