Bojangles' (BOJA) Tops Q2 EPS by 1c, Lowers FY 2017 Guidance

Bojangles' (NASDAQ: BOJA) reported Q2 EPS of $0.23, $0.01 better than the analyst estimate of $0.22. Revenue for the quarter came in at $134.4 million versus the consensus estimate of $136.18 million.

GUIDANCE:

Bojangles' sees FY2017 revenue of $549-553 million versus prior of $560-$569 million.

• Total revenues of $549.0 million to $553.0 million (previously $560.0 million to $569.0 million);
• System-wide comparable restaurant sales of negative low-single digits (previously negative low-single digits to flat);
• The opening of 53 to 56 system-wide restaurants (previously 57 to 62);-- 25 to 26 company-operated restaurants (previously 27 to 28);-- 28 to 30 franchised restaurants (previously 30 to 34);
• Net increase of 45 to 48 system-wide restaurants (previously 49 to 54);-- Net increase of 16 to 17 company-operated restaurants (previously 19 to 20), which includes the impact of our refranchising of five company-operated restaurants which took place on April 24, 2017;-- Net increase of 29 to 31 franchised restaurants (previously 30 to 34), which includes the impact of our refranchising of five company-operated restaurants which took place on April 24, 2017;
• Restaurant contribution margin of 16.0% to 16.3% (previously 17.0% to 17.5%);
• General and administrative expenses of $40.0 million to $41.0 million (previously $40.5 million to $41.5 million);
• Adjusted Diluted Net Income per Share of $0.81 to $0.84 (previously $0.87 to $0.93); and
• Adjusted EBITDA of $78.0 million to $80.0 million (previously $84.0 million to $89.0 million).

The company also expects systenm-wide comps to negative low-single digits.

For earnings history and earnings-related data on Bojangles' (BOJA) click here.

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