Bob Evans posts larger profit in 2nd Q; co.'s total sales rise

Nation's Restaurant News,  August 27, 2007  

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COLUMBUS, OHIO -- Bob Evans Farms Inc., which operates 579 namesake family-dining restaurants and 116 Mimi's Cafe casual-dining units, boosted its second-quarter net income to $13.3 million, or 38 cents per share, from year-ago earnings of $13.1 million, or 36 cents per share, on improved restaurant sales at namesake units and strong results from the food products division that sells sausage and refrigerated potatoes.

The company's restaurant segment posted a 10-percent decline in operating income, mostly because of lower same-store sales at Mimi's Cafe, higher food costs and lower gains from a year ago on the sale of restaurant assets, the company said.

Total restaurant sales increased 5 percent to $360.2 million for the second quarter ended July 27.

The company's total corporate revenue increased 5.3 percent to $424.6 million, aided by the food products division posting an 8-percent jump in sales.

Same-store sales at Bob Evans Restaurants rose 3.2 percent for the quarter, with average menu prices up 2.4 percent. At Mimi's Cafe, same-store sales fell 0.7 percent despite average menu prices rising 4 percent.

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