Bob Evans Q2 results exceed management expectations
"Our restaurant segment demonstrated good cost management, along with sequential improvement in same-store sales at Bob Evans Restaurants, due partly to off-premise revenue drivers such as carryout and catering," Davis said. "The food products segment benefited from better management of sales promotions and manufacturing productivity initiatives. As a result, our second-quarter performance was much better than expected. This gives us the confidence to increase our operating income guidance for fiscal 2011."
In the quarter that ended Oct. 29, 2010, the company's earnings fell to $7.8 million, or 26 cents per share, from $15.5 million, or 50 cents per share, a year ago. Analysts, on average, were expecting earnings of 40 cents per share, excluding one-time items, according to Thomson Reuters.