Bob Evans Misses Q2 Revenue Estimates

Bob Evans Farms Inc BOBE announced its financial results Tuesday for the fiscal 2015 second quarter ended Friday, October 24, 2014.

Q2 2015 net sales totaled $333.3 million, below estimates of $343.76 million, an increase of $0.7 million, or 0.2 percent, compared to prior year period results.

On an adjusted basis, net income was $8.6 million, or $0.36 per diluted share, above estimates of $0.33.  This compares to net income of $9.5 million, or $0.35 per diluted share, in the comparable period last year.

On a GAAP basis, the Company reported net income of $6.0 million, or $0.25 per diluted share, compared with net income of $6.1 million, or $0.23 per diluted share, in the comparable period last year.

Q2 Same Store Sales were flat.  Q3 SSS through November 24 were up 2.7 percent.

Chief Executive Officer Steve Davis said, "Performance at Bob Evans Restaurants and BEF Foods continues to improve as we leverage the recent multi-year investment programs in both businesses. At Bob Evans Restaurants, 'Carryout Acceleration' and 'Own Our Nights' are two key programs paving the way for successful introduction of the Broasted Chicken platform as well as for an improved guest experience and sales trends overall.”

"We are narrowing our fiscal 2015 diluted EPS guidance range to $1.90 to $2.10. Bob Evans Restaurants' same-store sales guidance reflects an extended roll-out schedule for the Broasted Chicken platform to ensure continued strong operational execution and prudent management of implementation expenses,” according to Chief Financial Officer Mark Hood.

Bob Evans Farms Inc shares fell in the aftermarket to $52.81, down 5.34 percent.