Famous Dave’s (NASDAQ:DAVE) reported its latest quarterly earnings results after hours today, bringing in sales that gained more than 10% when compared to the year-ago quarter, yet DAVE stock was down more than 2% late Monday afternoon.
The Minnentonka, Minn.-based barbecue restaurant chain announced that for its first quarter of its fiscal 2019, it posted company-owned comparable sales that gained 1.3% year-over-year, thanks in part to its To-Go brand, which saw its sales gain 10.2%, while its Catering branch sales surged 12.6%.
Famous Dave’s added that total revenue for its first quarter tallied up to $14.2 million, a 10.5% increase when compared to its first quarter of its fiscal 2018. The company did experience a 1.1% decline in its franchise-operated comparable sales for the period, as well as the net closure of 13 restaurants operated by the franchise since April 1, 2018.
The business’ domestic franchise-operated comparable sales were flat when compared to the year-ago quarter, while its franchise-operated system that includes international units were down by 1%. Famous Dave’s also invested $4.2 million, which represented roughly 3.0x pro forma TTM EBITDA to reacquire for of the brand’s restaurants in Colorado.
Other highlights include roughly 63,000 downloads of the brand’s loyalty app since it launched in December 2018.
DAVE stock is down about 2.6% after hours on Monday following the company’s quarterly earnings results. Shares had been declining roughly 1.8% during regular trading hours as Famous Dave’s prepared itself to report for its quarter.