Piper Jaffray Reports Lower-Than-Expected 1Q11 Results On Country Style Cooking

According to Piper Jaffray, Country Style Cooking

delivered operating EPS of $0.07 in 1Q11, below expectations of $0.11, and driven by lower P&L pressures (unfavorable foreign exchange and tax rates). Piper Jaffray said that same-store sales of +4.4% were below the +5.0% estimate and restaurant-level margins of 18.1% were better-than-expected. “We believe second-quarter same-store sales are trending in the +MSD range, supported by pricing, but remain cautious given the potential for ongoing pressures from lower P&L items. We maintain our Neutral rating and are lowering our price target to $17 PT on CCSC shares.” Country Style Cooking closed yesterday at $16.74.