By Steve Alexander alex@startribune.com
Famous Dave's of America Inc. said Wednesday its third-quarter profit fell 13 percent, though adjusted earnings beat investor expectations.
The barbecue restaurant chain reported adjusted earnings of 21 cents a share, more than five times the year-ago amount of 4 cents a share and above the 19 cents a share consensus forecast of Wall Street analysts for this period.
The adjusted figures leveled out the effects of one-time charges and gains. Not counting the adjustments, net profit was $737,000, down 13 percent from $845,000 a year ago.
Revenue was $39.2 million, down 2 percent, and below the analyst consensus forecast of $40.7 million.
Although the company reported the results after the market closed, its shares were up all day Wednesday and closed up 4.9 percent at $18.65.
"I am pleased with our overall performance despite a particularly challenging operating environment for restaurants in general," CEO John Gilbert said in a statement.
He cited optimized sales for dining, take out and catering; better store operating margins, and cost-cutting.
