MINNEAPOLIS — Same-store sales at Famous Dave's of America Inc. company-owned locations increased 3.5 percent for the second quarter of 2007 ended July 1. Comps took a 3.3-percent dip for franchise-owned locations during the quarter compared to a 5.1-percent decrease for the same period last year.
Total revenue increased 9.1 percent of the quarter, up to $33.5 million for the quarter compared to $30.7 million for the same period last year.
Net income for the second quarter was approximately $2.1 million, up from $1.5 million reported for 2Q '06.
Total revenue for the half of fiscal 2007 increased 8.1 percent over the 2006 comparable period, again, reflecting new restaurant growth, a 1.5-percent favorable comparable sales increase and a 16.0-percent increase in franchise royalty revenue.
For the six months ended July 1, 2007, same-store sales at company-owned locations increased 1.5 percent, compared to a comps increase of 3.2 percent for the same period last year. Comps at franchise-owned locations decreased 4.3 percent for the six-week period compared to a 3.2-decrease for the same period last year.
Total revenue increased to $62.5 million for the six-week period compared to $57.8 million reported in 2006. Net income was of approximately $3.4 million for the period, compared with a net income of approximately $2.3 million for the first six months of fiscal 2006.
During the second quarter of FY '07, the company repurchased 86,292 shares of common stock at an average price of $20.74 per share; during the six-month period, the company repurchased 151,692 shares of common stock at an average price of $19.59 per share, excluding commissions.
The company opened seven franchise-operated restaurants and sold one company-owned restaurant to a franchise partner during the second quarter. The company also signed an area-development agreement for four new Famous Dave's restaurants in Arkansas and Texarkana, Texas, in addition to a franchise agreement for a location in El Paso, Texas.
