UPDATE 1-Bob Evans Q2 profit tops Street, rev lags estimates

Tue Nov 10, 2009 9:46pm GMT
 
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* Q2 EPS $0.50 vs est $0.48

* Revenue $424.8 mln vs est $428.6 mln

* Shares fall 2 pct after the bell

Nov 10 (Reuters) - Restaurant-chain operator Bob Evans Farms Inc (BOBE.O) posted quarterly profit that beat expectations but revenue missed estimates, hurt by soft sales in its restaurant segment.

"Same-store sales in our restaurant segment were below our expectations," Chief Executive Steve Davis said in a statement.

For the second quarter ended Oct. 23, the company earned $15.5 million, or 50 cents a share, compared with $11.3 million, or 37 cents a share, a year earlier.

Analysts on average expected earnings of 48 cents a share, before items, according to Thomson Reuters I/B/E/S.

Revenue fell 2 percent to $424.8 million, below analysts' expectation of $428.6 million.

Operating income at the restaurant segment fell to $16.3 million, or 4.7 percent of net sales, compared with $19.4 million, or 5.4 percent of net sales, in the year-ago period.

Shares of Columbus, Ohio-based Bob Evans, which owns and operates full-service restaurants under the Bob Evans and Mimi's Cafe brands, were down 2 percent at $27.25 in after-market trade. They closed at $27.81 Tuesday on Nasdaq. (Reporting by Renju Jose; Editing by Unnikrishnan Nair)

 

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