Chuy’s(US:CHUY)2024-05-10 20:02Revenue 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]