Founded in Austin, Texas in 1982, Chuy's owns and operates full-service restaurants across 16 states serving a distinct menu of authentic, made from scratch Tex-Mex inspired dishes. Chuy's highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, "unchained" look and feel, as expressed by the concept's motto "If you've seen one Chuy's, you've seen one Chuy's!" For further information about Chuy's, including the nearest location, v ...

AUSTIN, Texas, May 23, 2024 (GLOBE NEWSWIRE) -- Chuy's Holdings, Inc. (NASDAQ: CHUY) today announced that the record date for determining stockholders entitled to vote at the 2024 Annual Meeting of Stockholders (the "Annual Meeting") will be June 4, 2024. The Annual Meeting will be held at 9:00 a.m. Central Time on Thursday, August 1, 2024 at the Chuy's headquarters located at 1623 Toomey Rd. Austin, TX 78704. Attendance at the meeting will be limited to stockholders of record and beneficial owners who prov ...

Financial Data and Key Metrics - Q1 2024 revenue was $110.5 million, down from $112.5 million in Q1 2023, primarily due to a 1-week calendar shift, which negatively impacted sales by $1.8 million, EBITDA by $900,000, and EPS by $0.04 to $0.05 [33][34] - Comparable restaurant sales decreased 4.3% year-over-year, driven by a 6.9% decrease in average weekly customers, partially offset by a 2.6% increase in average check [34] - Cost of sales as a percentage of revenue decreased 30 basis points to 25.2%, driven by commodity deflation of 1.3% [35] - Labor costs as a percentage of revenue increased 110 basis points to 31.4%, primarily due to hourly labor inflation of 3.6% and improved staffing levels [3][35] - Net income for Q1 2024 was $6.9 million, or $0.40 per diluted share, compared to $8.2 million, or $0.45 per diluted share, in Q1 2023 [48] Business Line Data and Key Metrics - Off-premise sales accounted for 29% of total revenue, up from 27% in the prior year, with delivery improving by 130 basis points year-over-year [1][34] - Catering sales mixed at 3.5% in Q1, with long-term expectations for catering to contribute 4% to 6% of total sales [28] - The company successfully opened 1 restaurant in New Bronzeville, Texas, and another in Austin, Texas, with plans to open 6 to 8 new restaurants in core markets in 2024 [30][31] Market Data and Key Metrics - The company expects mid-single-digit labor inflation for 2024, with commodity inflation projected in the low single digits [35][48] - Beef costs are locked in through Q2, with potential inflation in Q3 and Q4 due to higher slaughter rates [13] - The company is rolling out the ezCater platform to all restaurants, which is expected to improve catering performance [11] Company Strategy and Industry Competition - The company is focusing on digital media platforms like Meta, Google, TikTok, and YouTube to communicate its brand value and unique offerings [29] - Menu innovation remains a key growth driver, with new CKO (Culinary Knockout) items being introduced and some guest favorites being added to the regular menu [60][62] - The company is committed to maintaining a streamlined menu while using CKOs as a testing ground for new items [62] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about long-term growth opportunities, emphasizing operational excellence and a strong balance sheet [48][63] - The company expects comp sales to improve throughout the year, with a 2-year stack showing a 3.7% increase in Q1 [67][92] - Marketing efforts are being adjusted to focus more on value messaging, with 80% of the message centered on value and 20% on competitive advantages [121] Other Important Information - The company repurchased 214,659 shares for $7.3 million in Q1, with $13.8 million remaining under its $50 million repurchase program [48] - G&A expenses decreased to $7.1 million in Q1 from $7.8 million in the prior year, driven by lower performance-based bonuses [48] Q&A Session Summary Question: Christopher O'Cull (Stifel) - Comps improvement and quarter-to-date trends - Comps improved during the quarter, with quarter-to-date comps down 2.2% [49] - The company expects comps to be flat to slightly positive for the year, with a 2-year stack showing a 3.7% increase in Q1 [50][92] Question: Jim Salera (Stephens) - Digital strategy and value messaging - The company is focusing on value messaging in digital channels, while still emphasizing its unique product offerings like hand-squeezed margaritas and made-from-scratch food [9][25] Question: David Tarantino (Baird) - Catering and delivery performance - The company is rolling out the ezCater platform to all restaurants, which is expected to improve catering performance [11] - Uber Eats comps are expected to improve as the company rolls over last year's comps in Q2 and Q3 [11] Question: Andy Barish (Jefferies) - Labor and commodity inflation outlook - Labor inflation is expected to be in the mid-single digits, with commodity inflation projected to increase in Q2, Q3, and Q4 [13][94] Question: Nerses Setyan (Wedbush) - Geographic comp trends and cannibalization - The company has seen consistent performance across its stores, with no significant cannibalization from new restaurant openings [20][77] Question: Todd Brooks (Benchmark) - Marketing and value offerings - The company is adjusting its marketing message to focus more on value, with 80% of the message centered on value and 20% on competitive advantages [121] Question: Andrew Wolf (CL King) - Weather impact and comp sales improvement - Weather and the Easter calendar shift negatively impacted comp sales by 1.2% in Q1 [89] - The company expects comp sales to improve throughout the year, driven by marketing efforts and improved delivery performance [120]

Revenue Performance - Revenue for the thirteen weeks ended March 31, 2024, was $110,464,000, a decrease of 1.8% compared to $112,498,000 for the same period in 2023[45] - Revenue for the thirteen weeks ended March 31, 2024, decreased by $2.0 million, or 1.8%, to $110.5 million from $112.5 million in the comparable period in 2023[74] - Comparable restaurant sales decreased by 5.2% in the first fiscal quarter of 2024 compared to the first fiscal quarter of 2023[68] - Off-premise sales accounted for approximately 29% of total revenue in the first quarter of 2024, up from 27% in the same period of fiscal 2023[74] Net Income and Earnings Per Share - Net income for the thirteen weeks ended March 31, 2024, was $6,916,000, down 15.9% from $8,222,000 in the prior year[45] - Basic net income per share decreased to $0.40 for the thirteen weeks ended March 31, 2024, compared to $0.46 for the same period in 2023[45] Costs and Expenses - Total costs and expenses for the thirteen weeks ended March 31, 2024, were $103,340,000, a slight decrease from $104,128,000 in the prior year[45] - Cost of sales as a percentage of revenue decreased to 25.2% in the first quarter of 2024 from 25.5% in the comparable period in 2023, driven by overall commodity deflation of 1.3%[74] - Labor costs as a percentage of revenue increased to 31.4% in the first quarter of 2024 from 30.3% in the comparable period, due to hourly labor rate inflation of 3.6%[74] - General and administrative expenses decreased to $7.1 million in the first quarter of 2024 from $7.8 million in the same period of 2023, representing 6.5% of revenues[74] Cash Flow and Financing Activities - Net cash provided by operating activities was $8.1 million for the thirteen weeks ended March 31, 2024, down from $12.1 million in the comparable period[76] - Net cash used in investing activities increased to $10.8 million in the first quarter of 2024 from $6.3 million in the same period of 2023[76] - Net cash used in financing activities increased to $8.7 million in the first quarter of 2024 from $1.2 million in the comparable period, primarily due to a $7.3 million increase in share repurchases[77] - Cash and cash equivalents at the end of the period were $56.4 million, down from $82.6 million at the end of the comparable period[76] Share Repurchase and Stock Compensation - The company repurchased 214,659 shares for approximately $7.3 million during the first quarter of 2024, with $13.8 million remaining under its $50.0 million share repurchase program[58] - Stock-based compensation expense for the thirteen weeks ended March 31, 2024, was approximately $1,072,000, compared to $975,000 for the same period in 2023[54] Operational Metrics - The average unit volume for comparable restaurants was calculated to measure changes in customer traffic and pricing[67] - The company had 95 comparable restaurants as of March 31, 2024, reflecting its operational scale[67] - The company’s average check reflects menu price increases and changes in menu mix, impacting overall revenue performance[67]

For the quarter ended March 2024, Chuy's Holdings (CHUY) reported revenue of $110.46 million, down 1.8% over the same period last year. EPS came in at $0.42, compared to $0.47 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $111.59 million, representing a surprise of -1.01%. The company delivered an EPS surprise of +16.67%, with the consensus EPS estimate being $0.36.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

• Adjusted net income decreased $1.3 million, to $7.3 million, or $0.42 per diluted share, as compared to $8.5 million, or $0.47 per diluted share, in the first quarter of 2023. (1) During the first quarter of 2024, one new restaurant was opened in New Braunfels, TX, which brings our total number of restaurants to 102 as of March 31, 2024. Subsequent to the first quarter of 2024, the Company opened one new restaurant in Austin, TX, and closed one restaurant in Lakewood, CO. • Annual weighted diluted shares ...

Dividends and Share Repurchase - The company did not declare or pay any dividends during the fiscal years ended December 31, 2023, and December 25, 2022, and does not anticipate paying cash dividends in the foreseeable future [177]. - The company repurchased a total of 167,535 shares of common stock at an average price of $35.40 per share during the fourteen weeks ended December 31, 2023, with $21.1 million remaining under its $50 million repurchase program [178]. - The company repurchased 789,963 shares for a total cost of $28.9 million in 2023, compared to 1,661,742 shares for $41.7 million in 2022 [207]. Restaurant Operations and Growth - As of December 31, 2023, the company operated 101 restaurants, an increase from 98 restaurants at the end of the previous fiscal year [185]. - The company plans to open six to eight new restaurants in fiscal 2024, following the opening of four restaurants in fiscal 2023 [185]. - The company’s growth strategy includes pursuing new restaurant development in existing major markets and backfilling smaller existing markets to build brand awareness [185]. Sales and Revenue - Comparable restaurant sales increased by 3.3% for the fiscal year ended December 31, 2023, compared to a 4.5% increase in the prior year [189]. - Average check increased to $19.02 for the fiscal year ended December 31, 2023, up from $18.14 in the previous year [189]. - Revenue for the year ended December 31, 2023, was $461.3 million, an increase of 9.3% from $422.2 million in fiscal 2022 [200]. - Comparable restaurant sales increased by 3.3% for the 52-week period ended December 24, 2023, primarily driven by a 4.8% increase in average check [200]. Costs and Expenses - Cost of sales as a percentage of revenue decreased to 25.1% in 2023 from 27.2% in 2022, attributed to approximately 4% commodity deflation [200]. - Labor costs as a percentage of revenue increased to 30.3% in 2023 from 29.9% in 2022, largely due to a 5% inflation in hourly labor rates [200]. - General and administrative expenses rose to $31.4 million in 2023, up from $26.3 million in 2022, driven by a $2.9 million increase in performance-based bonuses [200]. - Restaurant pre-opening costs increased by $0.6 million to $2.0 million in 2023, reflecting the timing of new store openings [200]. - Impairment, closed restaurant, and other costs decreased to $5.0 million in 2023 from $6.5 million in 2022, driven by a reduction in closed restaurant costs [200]. - Depreciation increased to $21.1 million in 2023 from $20.2 million in 2022 [200]. Profitability and Income - Net income for fiscal 2023 was $31.5 million, compared to $20.9 million in fiscal 2022, reflecting a 51.1% increase [200]. - Income tax expense increased to $5.4 million in 2023 from $2.4 million in 2022, with an effective tax rate of 14.7% compared to 10.1% in the prior year [200]. - Net income decreased to $20.9 million in 2022 from $30.2 million in 2021 [204]. Cash Flow and Financial Position - Net cash provided by operating activities increased to $59.1 million in 2023 from $42.8 million in 2022, mainly due to a $10.6 million increase in net income [205]. - As of December 31, 2023, the company had $67.8 million in cash and cash equivalents and no debt [205]. - The company had net working capital of $31.6 million at December 31, 2023, down from $43.5 million at December 25, 2022 [211]. - Total contractual obligations as of December 31, 2023, amount to $346,682,000, with $73,652,000 due within one year [215]. - Operating lease obligations total $300,165,000, including $27,135,000 due within one year and $166,887,000 due after five years [215]. Debt and Interest Rate Risk - The company entered into an Amended and Restated Credit Agreement on September 27, 2023, extending the maturity date to September 27, 2026 [212]. - The company has no borrowings under its Revolving Credit Facility as of December 31, 2023, mitigating interest rate risk [223]. - Each quarter point change in interest rates on the variable portion of indebtedness would result in an annualized change of approximately $2,500 per million dollars borrowed [223]. Market Risks - The company is exposed to fluctuations in food product prices, which can materially impact food and beverage costs [224]. - Long-term agreements have been established for some commodities, but future supply and cost fluctuations remain a risk [224]. - The company does not currently use financial instruments to hedge against market price fluctuations in food product prices [224]. Accounting and Reporting - The company’s financial statements are prepared in accordance with generally accepted accounting principles in the United States [217].

ChuyÂ's Holdings, Inc. (NASDAQ:CHUY) Q4 2023 Earnings Conference Call February 22, 2024 5:00 PM ET Jon Howie - Vice President and Chief Financial Officer Steve Hislop - President and Chief Executive Officer David Tarantino - Baird Andy Barish - Jefferies Brian Vaccaro - Raymond James Aisling Grueninger - Piper Sandler Nick Setyan - Wedbush Securities Chris OÂ'Cull - Stifel Todd Brooks - The Benchmark Company Andrew Wolf - CL King & Associates Good day, everyone and welcome to the ChuyÂ's Holdings Fourth Qua ...

For the quarter ended December 2023, Chuy's Holdings (CHUY) reported revenue of $116.35 million, up 11.8% over the same period last year. EPS came in at $0.45, compared to $0.27 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $116.77 million, representing a surprise of -0.36%. The company delivered an EPS surprise of +18.42%, with the consensus EPS estimate being $0.38.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Revenue Growth - Revenue for the fourth quarter of 2023 increased 11.8% to $116.3 million compared to $104.1 million in the fourth quarter of 2022, with an extra operating week contributing approximately $8.7 million[1] - For the fiscal year 2023, revenue increased 9.3% to $461.3 million compared to $422.2 million in fiscal 2022, with comparable restaurant sales up 3.3%[4] - Revenue for the quarter ended December 31, 2023, was $116,347,000, a 11.4% increase from $104,101,000 for the same period in 2022[45] - Total revenue for the quarter was $B million, representing a C% year-over-year growth[51] Net Income and Earnings - Net income for the fourth quarter of 2023 rose 121.2% to $5.5 million, or $0.31 per diluted share, compared to $2.5 million, or $0.14 per diluted share, in the fourth quarter of 2022[2] - Adjusted net income for the fourth quarter of 2023 increased 58.3% to $7.9 million, or $0.45 per diluted share, compared to $5.0 million, or $0.27 per diluted share, in the fourth quarter of 2022[2] - Net income for the quarter was $5,480,000, representing a 121.5% increase compared to $2,477,000 in the prior year[47] - Adjusted net income for the quarter was $7,879,000, up 58.4% from $4,977,000 year-over-year[49] - The adjusted earnings per share (EPS) for the quarter was $F, compared to $G for the same quarter last year, marking a H% increase[51] Operating Performance - Restaurant-level operating margin increased 31.6% to $23.3 million, representing 20.0% of revenue, up from 17.0% in the fourth quarter of 2022[3] - Restaurant-level operating margin for the quarter was 20.0%, compared to 17.0% in the same quarter last year[49] - The company achieved a restaurant-level operating margin of A% for the quarter, indicating strong operational efficiency[53] Expenses and Costs - Total costs and expenses for the quarter were $110,166,000, which is 94.6% of revenue, compared to 97.9% in the prior year[45] - General and administrative expenses for 2024 are projected to be between $30.0 million and $31.0 million[24] - General and administrative expenses for the quarter were $8,057,000, representing 6.9% of revenue, compared to 6.2% in the same quarter last year[49] Future Plans and Investments - The company plans to open 6 to 8 new restaurants in 2024, focusing on core markets with proven concepts[8] - The company plans to continue exploring organic growth opportunities and new restaurant openings in 2024[39] - The company is investing in new technology to enhance customer experience, with an estimated budget of $E million allocated for development[52] - Chuy's Holdings, Inc. is exploring potential acquisition opportunities to accelerate growth in key markets[52] - The company anticipates a revenue growth rate of J% for the upcoming fiscal year, driven by new product offerings and market expansion[52] Shareholder Returns - The company returned approximately $28.9 million to shareholders through share repurchases during fiscal 2023[8] Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $67,774,000, down from $78,028,000 as of December 25, 2022[49] - Total assets increased to $476,634,000 from $474,781,000 year-over-year[49] - Cash and cash equivalents on the balance sheet stood at $K million, providing a solid liquidity position for future investments[54]