Bob Evans Farms Inc. announced its financial results for the fiscal 2012 fourth quarter and full year ended Friday, April 27, 2012. The company reported consolidated operating income of $107.9 million in fiscal 2012, up from $88.5 million in fiscal 2011. Consolidated non-GAAP net sales were $1.65 billion in fiscal 2012, a 1.8 percent decrease, compared to $1.68 billion in fiscal 2011. This decrease was the result of same-store sales declines at Bob Evans Restaurants and Mimi's Cafe, partially offset by sales generated by new restaurants not currently in the same-store sales base. Net sales in the Foods segment were down due to an increase in promotional discounts from the prior year.
Chairman and CEO Steve Davis said, "We achieved the higher end of our EPS guidance range this year. We are particularly pleased with this performance as it caps three years of repositioning each of our businesses for profitable top-line growth. Importantly, we also continued to reduce debt and return capital to shareholders in the form of dividends and share repurchases, while investing in important growth projects. This disciplined and balanced approach to capital allocation has been critical to our past success, and it will continue to drive our strategy.