Einstein Noah net surges on same-store sales
May 07, 2008
by Eric Schroeder
LAKEWOOD, COLO. — Einstein Noah Restaurant Group posted net income of $3,842,000 in the first quarter ended April 1, equal to 24c per share on the common stock, up sharply from $1,132,000, or 11c per share, in the same period a year ago. Net sales totaled $103,264,000, up 7% from $96,255,000 in the first quarter of fiscal 2007.
"Thanks in large part to our increased same-store sales and our efforts in 2007 and early 2008 to lock in the cost of wheat, implement a well-timed price increase and introduce a revamped menu, our results for the first quarter of 2008 reflect impressive financial performance," said Paul Murphy, president and chief executive officer. "We are in a growth mode during a time when most companies are pulling back."
During the first quarter, Einstein Noah opened three company-owned restaurants, four license locations and the first Einstein Bros. franchise restaurant in Jacksonville, Fla.