Famous Dave's of America Inc. posted a solid third quarter Wednesday, with sales up 16 percent from a year earlier and profits up 31 percent.
The Minnetonka-based barbecue chain recorded quarterly revenue of $38.7 million and earnings of $1.5 million, or 17 cents a share.
Mark Smith, a stock analyst at Feltl & Co., said Famous Dave's earnings were a penny below his estimate, but its revenue was 3.8 percent higher than he expected.
Smith said he was particularly encouraged by Famous Dave's sales at company-owned restaurants open for at least 24 months. That key same-store sales gauge was up 2.4 percent from a year earlier, the second consecutive quarter it's increased after several quarters of often steep decline.
"Overall, (the quarter) looks pretty good," Smith said.
Famous Dave's earnings came out after the stock market closed. Shares had closed at $10.09, up 6 cents.
MIKE HUGHLETT
