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Zoe’s Kitchen Posts Narrower-than-Estimated Q1 Loss

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By on Street Watch

Zoe’s Kitchen (ZOES), an operator of fast casual Mediterranean cuisine restaurants in the United States, reported narrower-than-predicted adjusted loss for its fiscal first quarter as revenue climbed 47%. 

Adjusted Q1 net loss was $0.02 per diluted share in the 16 weeks ended April 21, the Plano, Texas-based company said. 

Overall, net loss expanded to $10.0 million, or $0.76 loss per diluted share, in the first quarter, from a net loss of $1.4 million, or $0.11 loss per diluted share, for the year-earlier period. 

Q1 revenue increased $46.3 million from $31.4 million year-over-year. The average of 5 analysts’ estimates compiled by Capital IQ was $0.03 loss per share and $44.7 million in revenue. Comparable restaurant sales increased 5.7%.

During the period, Zoe’s opened 13 company-owned restaurants and acquired two franchise restaurants. Looking ahead, the company projects restaurant sales in the fiscal year ending in December to be between $166.0 million and $170.0 million, matching Wall Street’s consensus. 

Shares closed up 0.7% at $28.72 on Thursday, stretching this year’s rally to 16%. 

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