COLUMBUS, Ohio, March 4, 2008 (PRIME NEWSWIRE) -- Bob Evans Farms, Inc. (Nasdaq:BOBE) today announced same-store sales results for the fiscal 2008 month of February (period 10), which consists of the four weeks ended Friday, Feb. 22, 2008.
February same-store sales at Bob Evans Restaurants increased 3.3 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 1.9 percent for the fiscal year to date (see table below).
February same-store sales at Mimi's Cafe decreased 5.2 percent from the same period a year ago. Average menu prices for the fiscal month were up approximately 2.1 percent. Same-store sales have decreased 1.8 percent for the fiscal year to date (see table below).
The company calculated its February same-store sales results based on the 530 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, "Consumers continue to respond favorably to the newest menu additions at Bob Evans Restaurants, including our Blueberry Cream Stacked and Stuffed Hotcakes, as well as our Deep Dish Dinners, which start at a price point of $5.99. We are very pleased that February same-store sales at Bob Evans Restaurants exceeded our expectations. However, we anticipate a more challenging March comparison due to several days of adverse weather conditions early in the period this year.
"February same-store sales at Mimi's Cafe were significantly below our expectations in a very challenging casual dining environment, but our new management team is evaluating the current menu in an effort to increase sales and profitability. Mimi's is currently featuring its popular seafood-focused seasonal menu, featuring fresh fish entrees such as Atlantic cod, jumbo scallops and Mahi Mahi." The seasonal menu is in all Mimi's restaurants through May 21.
--------------------------------------------------------------------- SAME-STORE SALES SSS Restaurants February 2008 FY 2008 YTD --------------------------------------------------------------------- Bob Evans Restaurants 530 3.3% 1.9% --------------------------------------------------------------------- Mimi's Cafe 92 -5.2% -1.8% --------------------------------------------------------------------- COMBINED 622 1.0% 1.0% ---------------------------------------------------------------------
Company to present at upcoming Bear Stearns and Citi Conferences
The Company will present at the Bear Stearns 14th Annual Retail, Restaurant and Consumer Conference at 10:30 a.m. Eastern time on Thursday, March 6, 2008, in New York City. The Company will also present at the Citi Investment Research Small and Mid-Cap Conference in Las Vegas at 3:45 p.m. Pacific time on Tuesday, March 18. To access the simultaneous webcast for these events, go to the Investors section of the Bob Evans Web site at www.bobevans.com.
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.