Famous Dave's Beats EPS Estimates, Comps Sales Contract Less Than Expected

Shares of Famous Dave's of America, Inc. DAVE are being clobbered after a Q2 earnings miss. The restaurant operator reported Q2 adjusted EPS $0.17 versus estimates for $0.12. Sales were $28.04 million versus estimates for $28.72 million.

Same-store sales declined 6.4 percent compared against a prior decline of 9.2 percent. Franchise royalty revenues were $4.7 million compared to the prior year level of $4.6 million.

CEO Adam Wright said " The effects of strategic actions implemented in the past year which have improved Guest satisfaction and improved value on the menu, lends confidence to our plan and the path ahead, especially as we continue to add additional affordability to the menu and start to reinvest in marketing."

Shares of Famous Dave's closed the regular session up $0.73 or 12.54 percent to $6.55. The stock was down more than 6 percent after hours.