COLUMBUS, Ohio, April 1, 2008 (PRIME NEWSWIRE) -- Bob Evans Farms, Inc. (Nasdaq:BOBE) today announced same-store sales results for the fiscal 2008 month of March (period 11), which consists of the four weeks ended Friday, March 21, 2008.
March same-store sales at Bob Evans Restaurants increased 0.1 percent from the same period a year ago. Average menu prices for the fiscal month were up approximately 2.4 percent. Same-store sales have increased 1.6 percent for the fiscal quarter to date with average menu prices up 2.4 percent, while same-store sales have increased 1.8 percent for the fiscal year to date with average menu prices up 2.5 percent (see table below).
March same-store sales at Mimi's Cafe decreased 4.3 percent from the same period a year ago. Average menu prices for the fiscal month were up approximately 2.6 percent. Same-store sales have decreased 4.8 percent for the fiscal quarter to date with average menu prices up 2.3 percent, while same-store sales have decreased 2.0 percent for the fiscal year to date with average menu prices up 3.3 percent (see table below).
The company calculated its March same-store sales results based on the 528 Bob Evans Restaurants and 92 Mimi's Cafes that were open at the end of the month and for the full 12 months in both fiscal 2006 and 2007.
Chairman and Chief Executive Officer Steve Davis said, "As previously announced, our March same-store sales results at Bob Evans Restaurants reflect the impact of adverse weather, including snow storms in the East and Midwest on two separate weekends. However, we managed to generate positive same-store sales during the month despite record snow fall in parts of Ohio, which is home to about one-third of our restaurants." Bob Evans is currently featuring its Big Farm Salads and fresh strawberry breakfast toppings and desserts.
"Same-store sales at Mimi's Cafe continue to be below our expectations, but our new management team has assessed the state of the business and is developing a plan to launch new value offerings at lunch and dinner, grow the breakfast day part and maximize all beverage sales." Mimi's Cafe continues to feature its popular seasonal menu, including a variety of fresh fish entrees such as Atlantic cod, jumbo scallops and Mahi Mahi. The current seasonal menu will be available in all Mimi's restaurants through May 21.
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SSS
SAME-STORE SALES Restaurants March 2008 4Q YTD FY 2008 YTD
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Bob Evans Restaurants 528 0.1% 1.6% 1.8%
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Mimi's Cafe 92 -4.3% -4.8% -2.0%
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COMBINED 620 -1.0% 0.0% 0.8%
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About Bob Evans Farms, Inc.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans and Mimi's Cafe brand names. At the end of the third fiscal quarter (Jan. 25, 2008), Bob Evans owned and operated 580 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States, while Mimi's Cafe owned and operated 126 casual restaurants located in 22 states, primarily in California and other western states. Bob Evans Farms, Inc. is also a leading producer and distributor of pork sausage and a variety of complementary homestyle convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit the company's Web site at www.bobevans.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements involve various important assumptions, risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including, without limitation:
* Negative publicity or litigation regarding allegations of food-related illness, * Failure to achieve and maintain positive same-store sales, * Changing business conditions, including energy costs, * Overall macroeconomic conditions that may affect consumer spending, either nationwide or in one or more of the Company's major markets * Competition in the restaurant and food products industries, * Ability to control restaurant operating costs, which are impacted by market changes in the cost or availability of labor and food, minimum wage and other employment laws, fuel and utility costs, * Changes in the cost or availability of acceptable new restaurant sites, * Accurately assessing the value, future growth potential, strengths, weaknesses, contingent and other liabilities and potential profitability of Mimi's, * Adverse weather conditions in locations where we operate our restaurants, * Consumer acceptance of changes in menu offerings, price, atmosphere and/or service procedures, * Consumer acceptance of our restaurant concepts in new geographic areas, and * Changes in hog and other commodity costs.
We also bear the risk of incorrectly analyzing these risks or developing strategies to address them that prove to be unsuccessful.
Certain risks, uncertainties and assumptions are discussed under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 27, 2007. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. It is impossible to predict or identify all such risk factors. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the statement is made to reflect unanticipated events. Any further disclosures in our filings with the Securities and Exchange Commission should also be consulted. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the company are qualified by the cautionary statements in this section.