Zoe’s Kitchen Inc ( ZOES ) stock was up in Tuesday’s after-hours trading after reporting earnings that doubled year-over-year and beat Wall Street estimates.
For the quarter, ZOES reported adjusted earnings of 6 cents per share, double the year-ago period’s 3 cents per share and 2 cents better than analysts’ expectations. On a GAAP basis, the company earned $1.4 million versus $692,000 in 2015’s first quarter.
Revenues of $80.4 million were up 28% and beat out estimates for $78.9 million. That came on comparable-store sales growth of 8.1%.
Looking ahead, Zoe’s Kitchen upped its full-year forecast to a range of $277 million to $281 million, an improvement over its previous guidance of $275 million to $280 million. It also expects comps to increase by 4.5% to 6% this year – 50 basis points better on both ends of its previous estimate.
Zoe’s Kitchen’s store count increased by 11 company-owned locations during the quarter, and the company expects to open a total of 34 to 36 by the end of the year.
ZOES stock – which had 22% of its float sold short as of the most recent short interest data – was up by about 5% in Tuesday’s after-hours trading.
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