Zoe’s Kitchen Inc (NYSE:ZOES) reported its latest quarterly results late Thursday, sending shares tumbling.
The casual restaurant chain unveiled a net loss of $2.9 million during its fourth quarter, or 15 cents per basic and diluted share, which was wider than the year-ago loss of $500,000, or 3 cents per basic and diluted share. The figure included a $1.1 million benefit for income taxes.
Zoe’s Kitchen’s adjusted net loss was $2.4 million, or 12 cents per diluted share, wider than the year-ago adjusted net loss of $1.4 million, or 7 cents per share. Adjusted EBITDA fell 3.8% to $2.9 million.
Revenue for the quarter grew 15.2% to $71.4 million, while the company’s comparable restaurant sales surged 0.3% year-over-year. Zoe’s Kitchen opened five new company-owned restaurants during the period.
The chain’s loss from operations were 123.6% higher compared to the year-ago quarter, reaching $2.8 million. Restaurant contribution was 10.5% higher year-over-year to $11.4 million.
For the full year, Zoe’s Kitchen posted a net loss of $2 million, or 10 cents per basic diluted share, below the year-ago net income of $1.8 million, or 9 cents per basic and diluted share. The company’s adjusted net loss was $1.9 million, or 10 cents per diluted share, below the year-ago net income of $1.7 million, or 8 cents per diluted share.
Adjusted EBITDA fell 0.4% to $25 million for the year, while total revenue gained 13.8% to $314.1 million compared to the year-ago quarter. Comparable restaurant sales fell 2% and 39 new company-owned restaurants opened.
Income from operations declined 80.9% to $1.2 million, while restaurant contribution surged 5.3% to $58.1 million.
ZOES shares fell about 9.3% after the bell Thursday.