News

Einstein Noah records 15th straight comp increase

August 6, 2008

LAKEWOOD, Colo. — Comparable-store sales at Einstein Noah Restaurant Group increased 1 percent for the company's second quarter ended July 1, 2008. The increase marks the company's 15th consecutive quarter of positive comparable-store sales growth.

Einstein Noah operates the Einstein Bros. Bagels and Noah's New York Bagels brands and franchises locations under the Manhattan Bagel brand.

Revenues for the quarter were $105.4 million, up 4 percent compared with revenues of $101.1 million for the 2007 second quarter. Year-to-date revenues were $208.7 million, up 6 percent compared with revenues of $197.3 in the same period last year.

Net income for the quarter was $6.9 million compared with a net loss of $250,000 for the 2007 quarter. For the year to date, net income was $10.8 million compared with net income of $881,000 for the first six months of 2007.

Second-quarter 2007 results were affected by higher-interest expenses and the company's write-off of debt-issuance costs.

Einstein Noah opened three new company-owned locations and eight new licensed locations during the quarter and signed three new development agreements for a total of nine potential franchise restaurants.