J. Alexander's Corp. (JAX) Reports Disappointing Q3 Earnings
J. Alexander's Corp. (NASDAQ: JAX) reported disappointing Q3 earnings after market close today. Although no analysts cover the stock the quarter results were below my expectations and I believe below the expectations of most investors.
J. Alexander's total sales were up marginally over last year but average weekly same store sales decreased 5.2%. Loss per share in 2009 was $.22/share vs. $.30/share a year prior. Although when tax benefits are stripped out, the loss this year is slightly larger than 2008.
Very little improvement over a bad Q3 2008 is troubling, and management is not particularly optimistic about the near term future.
Although there could be great value here (especially on the balance sheet side), near term weakness is probable.
The stock was unchanged today at $4.50/share.
