Habit Restaurants misses by $0.02, misses on revs; guides FY17 revs below consensus
- Reports Q3 (Sep) earnings of $0.01 per share, excluding non-recurring items, $0.02 worse thanthe Capital IQ Consensus of $0.03; revenues rose 17.7% year/year to $84.6 mln vs the $85.77 mln Capital IQ Consensus.
- Adjusted EBITDA was $6.9 million compared to $7.4 million for the third quarter of 2016.
- Company-operated comparable restaurant sales decreased 0.2% as compared to the third quarter of 2016
- Co issues downside guidance for FY17, sees FY17 revs of $331-333 mln vs. $335.67 mln Capital IQ Consensus Estimate.
- Co sees company-operated comparable restaurant sales of flat to slightly negative
- "Despite another challenging quarter we are pleased with the consumer responses around our recent limited-time offers as well as effectiveness around our most recent radio campaign in Northern and Southern California."
- "During the quarter, we opened six new company-operated Habit Burger Grills, including one location in Pennsylvania, our 11th state. In addition, we signed a new franchise agreement in the United Kingdom and the Netherlands. With 19 new company-operated restaurants and five new franchised restaurants opened as of the end of the third quarter, we continue to expect to open between 31 and 33 new company-operated restaurants during 2017, and we expect our franchisees to open an aggregate of five to seven locations this year."
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