Famous Dave’s serves up better-than-expected Q2 earnings; shares jump 18%
Shares of Famous Dave's of America Inc. (Nasdaq:DAVE) has gained nearly 18% today after the restaurant chain reported better-than-expected second-quarter earnings. For the quarter ended June 29, net income was $2.3 million, or $0.23 per share, compared to $2.2 million, or $0.21 per share, for the same period a year earlier. Revenue jumped 15.6% from a year ago to $38.8 million. Wall Street was expecting earnings per share of $0.18.
“Our operations team delivered a solid quarter, but the business climate remains challenging and we expect that we’ll face increasing sales and cost pressures through the remainder of the year,” said Wilson L. Craft, president and CEO, in a statement.
In today’s trading, shares are at $7.87 at 10:18 a.m. ET, up $1.18 from Wednesday’s close. The stock has ranged from $5.26 to $20.16 during the past year.
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