COLUMBUS, OH - Restaurant operator Bob Evans Farms Inc. said it was “comfortable” with Wall Street's expectations for its fiscal second quarter, citing same-stores sales increases in its restaurant division and strong volume growth in its sausage business.
The company, an operator of family restaurants and a leading maker of pork sausage, said it expected to earn about $0.34 or $0.35 for the three months ending Oct. 23, compared with $0.28 a year ago. Analysts on average had estimated its second-quarter profit at about $0.34 per share, according to First Call.
The company also said it planned to increase its share repurchase program to 2 million from 1 million shares. The company, with 41 million shares outstanding, said it had already bought back 839,000 shares.
The company said for the first two months of the quarter, same-store sales increases -- in restaurants open at least one year -- averaged about 5 percent. The company said the momentum continued in early October.
The company said its sausage business, which it markets the Bob Evans and Owens brands, was benefiting from strong volume growth and favorable raw material costs.
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