Chuy’s(US:CHUY)2024-02-21 16:00Revenue 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]