Luby’s Posts First Quarter Fiscal 2014 Results
In a release on
Due to a year-over-year calendar shift, the first quarter fiscal 2014 did not include the
"New restaurant development continues to gain traction both through new restaurant openings and development pipeline activity. During the quarter, we opened one new Luby's Cafeteria in
Total company same-store sales decreased 1.3 percent. Adjusting for the calendar shift relating to the timing of
-Restaurant sales rose to
-First quarter fiscal 2014 franchise revenue of
-Revenue from Culinary Contract Services increased to
-Store level profit, defined as restaurant sales less food costs, payroll and related costs, other operating expenses, and occupancy costs, was
-In the first quarter fiscal 2014, we produced a loss from continuing operations of
Fiscal First Quarter Operating Expense Review Food costs as a percentage of restaurant sales increased to 28.7 percent in the first quarter fiscal 2014 from 28.2 percent in the comparable quarter last year, primarily due to higher food and beverage costs at
In the first quarter fiscal 2014, payroll and related costs as a percentage of restaurant sales increased to 35.4 percent from 35.1 percent in last year's first fiscal quarter. Excluding the impact of
Other operating expenses include restaurant-related expenses for utilities, repairs and maintenance, advertising, insurance, supplies, and services. As a percentage of restaurant sales, other operating expenses were 19.1 percent compared to 18.1 percent in the same fiscal quarter last year, due primarily to the addition of
Occupancy costs include property lease expense, property taxes, and common area maintenance charges. Occupancy costs increased
Depreciation and amortization expense increased
General and administrative expenses increased to
Capital Expenditures and Balance Sheet At the end of the first quarter fiscal 2014, we had
During the first quarter, our capital expenditures totaled
2014 Outlook We are reiterating the sales guidance that was provided in our fiscal fourth quarter 2013 earnings press release, including same-store sales growth of up to 1 percent in fiscal 2014 from fiscal 2013 levels. Total restaurant sales, including same- store sales plus the contribution from new store openings, offset by store closings, are expected to be in the range of
During the remaining three quarters of fiscal 2014, we expect to achieve the following restaurant development milestones:
-3 location openings with a side-by-side Luby's Cafeteria and Fuddruckers for a total of 6 new restaurants, an increase from a previously estimated 4 restaurants and 2 locations.
-2 to 3 stand-alone or in-line Fuddruckers locations openings.
-At least two additional restaurant construction starts for fiscal 2015 openings.
-7 - 12 remodels.
We anticipate investing approximately
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