Famous Dave's 3Q net income, sales up
October 28, 2010
by Bryan Salvage
MINNEAPOLIS – Famous Dave's of America Inc. announced net income of $1.5 million, or $0.17 per diluted share, and revenue of $38.7 million for the third quarter ending Oct. 3. This compares to net income of $1.2 million, or $0.13 per diluted share, and revenue of $33.3 million for the comparable period in 2009.
For the nine months ending Oct. 3, the company had net income of $6.7 million, or $0.76 per diluted share, and revenue of $112.1 million. For the 2009 comparable period, the company had net income of $4.9 million, or $0.54 per diluted share, and revenue of $103.4 million.
"During the third quarter, a number of strong promotions, combined with continued discipline on cost control, produced improved same store sales and financial results," said Christopher O'Donnell, president and CEO of Famous Dave's. "We experienced year-over-year improvement in all sales levers of our business, including dine-in, catering and to-go."
During the third quarter, development and marketing highlights included a successful "limited time offer" of "Wing Wars" – an offering of both bone-in and boneless wings featuring two new hot sauces – Pineapple Rage and Wilbur's Revenge. The current limited time offering, "Ribzilla," consists of a beef short rib prepared as an entrée or sandwich.
"In early August, we resumed our company-owned growth with the Bel Air restaurant opening," O'Donnell said. "This was a very successful opening where we achieved the highest opening week of sales in our history and further expanded our footprint on the East Coast."
During the third quarter, Famous Dave's also opened one new franchise-operated restaurant in San Jose, Calif.
Famous Dave's of America Inc. develops, owns, operates and franchises barbeque restaurants. It owns 53 locations and franchises 127 additional units in 36 states.