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Bob Evans Reports Fiscal 2017 First-Quarter Results and Raises Fiscal 2017 EPS Guidance

  • Q1 2017 net sales total $306.3 million; GAAP net income of $0.46 per diluted share,  non-GAAP net income(1) of $0.48 per diluted share
     
  • BEF Foods reports Q1 side-dish and sausage volume growth of 12.5 percent and 4.9 percent, respectively.  Side-dish manufacturing facility expansion complete and ready to support continued volume gains, particularly in West Coast growth markets
     
  • Bob Evans Restaurants’ Q1 same-store sales decline 4.3 percent, Q2-to-date same-store sales declines through August 29, moderate to -2.0 percent, following hospitality and food quality improvements.  Comprehensive menu redesign launches system-wide September 1
     
  • Company raises fiscal year 2017 diluted EPS guidance range to $2.00 to $2.17 on a GAAP basis, and $2.05 to $2.20 on a non-GAAP basis
     
  • Quarterly dividend of $0.34 per share payable on September 19, 2016, to stockholders of record at the close of business on September 5, 2016

/EIN News/ -- NEW ALBANY, Ohio, Aug. 31, 2016 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its financial results for the fiscal 2017 first quarter ended Friday, July 29, 2016.  On a GAAP basis, the Company reported net income of $9.2 million, or $0.46 per diluted share, compared with net income of $4.3 million, or $0.19 per diluted share, in the corresponding period last year.  On a non-GAAP basis, net income was $9.6 million, or $0.48 per diluted share, compared with net income of $11.7 million, or $0.51 per diluted share, in the corresponding period last year.  

First-quarter fiscal 2017 commentary
President and Chief Executive Officer Saed Mohseni said, “BEF Foods began fiscal 2017 with continued strong volume growth during the first quarter.  Additionally, BEF Foods achieved market share gains in both its key side-dish and sausage product categories. We have completed the expansion of our Lima, Ohio, refrigerated side-dish plant and are now gearing up to meet peak holiday production which begins during the back half of the second quarter.  The Lima plant expansion provides the added production capacity that is critical to our ongoing efforts to gain additional points of distribution, particularly in West Coast growth markets.

“While Bob Evans Restaurant sales remained challenged during the first quarter, we are encouraged by the moderating sales trend that began in July and continued into the second quarter, with quarter-to-date same-store sales of -2.0 percent through August 29. We believe our efforts to enhance the guest experience through improved hospitality and food quality are gaining the attention of guests and improving our sales trend. Positive guest comments increased 24 percent during the first quarter, while negative comments declined substantially; a trend we believe will contribute to future sales improvements.  Our focus during the second quarter will be the system-wide launch of our exciting new value-oriented, guest-friendly menu along with relentless attention to improving the guest experience.”

First-quarter fiscal 2017 Bob Evans Restaurants segment summary
Bob Evans Restaurants’ net sales were $220.4 million, a decline of $18.3 million, or 7.7 percent, compared to net sales of $238.7 million in the corresponding period last year. Same-store sales declined 4.3 percent with the balance of the net sales decline due to net restaurant closures during the past year.  Five restaurants were closed and no new restaurants opened during the quarter.  At the end of the quarter, the Company operated 522 restaurants.     

Same-Store Sales
(SSS) Restaurants
May June July 1Q  FY ’17
521   -2.8 %   -6.1 %   -4.1 %   -4.3 %

Bob Evans Restaurants’ GAAP operating income was $11.6 million, compared to GAAP operating income of $9.8 million in the corresponding period last year.  Bob Evans Restaurants’ non-GAAP operating income was $12.1 million, compared to $20.3 million in the corresponding period last year, a decline of $8.2 million.  The decline in non-GAAP operating income was due primarily to lower sales and incremental investment in labor hours to support efforts to improve guest hospitality along with increased hourly wage rates as a result of minimum wage increases, partially offset by lower commodity costs, reduced discounting, and lower healthcare costs.  Additionally, the April 2016 sale-leaseback transaction of 143 restaurant properties reduced operating income by approximately $0.4 million due to a $2.7 million increase in rent, partially offset by a $2.3 decline in depreciation compared to the prior year period.

First-quarter fiscal 2017 BEF Foods segment summary
BEF Foods’ net sales were $85.9 million, an increase of $2.9 million, or 3.5 percent, compared to $83.0 million in the corresponding period last year.  Pounds sold increased 6.4 percent while average net selling price per pound declined 2.7 percent compared to the corresponding period last year.  The decline in average net selling price reflects an increased sales mix of lower-priced, although higher-margin, side-dish products relative to sausage, as well as reduced net sausage pricing through increased trade spending.  From a net sales perspective, a 12.5 percent increase in side-dish pounds sold and a 4.9 percent increase in sausage pounds sold were partially offset by a $2.2 million increase in trade spending (reduces net sales), a 9.9 percent decline in food service pounds sold, and a 7.6 decline in frozen product pounds sold compared to the corresponding period last year.

BEF Foods’ GAAP and non-GAAP operating income was $15.4 million, compared to $15.9 million in the corresponding period last year, a decline of $0.5 million.  The decline was due primarily to $2.1 million of increased sow cost, $2.2 million of increased trade spending, and a planned $1.2 million increase in advertising; largely offset by increased volume, favorable sales mix, and lower SG&A costs.  Additionally, the October 2015 sale-leaseback transaction of two industrial properties reduced operating income by approximately $0.4 million due to a $1.0 million increase in rent, partially offset by a $0.6 decline in depreciation compared to the prior year period.

First-quarter fiscal 2017 Corporate and Other summary  
Corporate and Other GAAP and non-GAAP operating costs were $13.3 million, compared to $17.4 million in the corresponding period last year, a decline of $4.1 million.  The decline was due primarily to lower legal and professional fees and lower compensation costs; partially offset by increased depreciation and amortization resulting from technology-related capital expenditures. 

First-quarter fiscal 2017 taxes –  The Company’s provision for income taxes is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The Company recognized GAAP tax expense of 22.4 percent for the quarter, compared to 24.3 percent in the corresponding period last year. The decrease in the tax rate was driven primarily by the impact of yearly variances in the forecasted annual rate related to wage credits, the domestic productions activities deduction, and officers’ life insurance.  For non-GAAP items, the tax rate was 22.6 percent, reflecting the Company’s annual non-GAAP estimated tax rate adjusted for the impact of first quarter discrete items.

First-quarter fiscal 2017 balance sheet highlights – The Company’s cash balance and outstanding debt at the end of the quarter were $4.4 million and $364.6 million, respectively, compared to $6.1 million and $491.1 million at the end of the corresponding period last year.  The Company was in compliance with its debt covenants at the end of the quarter.  The decrease in borrowings was primarily the result of the use of proceeds from recent real estate monetization transactions and operating cash flow to reduce debt, partially offset by share repurchases, capital expenditures, and dividend payments.  On a pro-forma basis, assuming the 2016 sale-leaseback transactions occurred at the beginning of fiscal 2016, the Company’s quarter-end leverage ratio was 3.24.   

Fiscal year 2017 outlook
Chief Administrative and Chief Financial Officer Mark Hood said, "We have adjusted our fiscal 2017 outlook to reflect underlying changes in certain of our assumptions and are increasing our GAAP diluted EPS guidance range to $2.00 to $2.17, from $1.95 to $2.12.  Likewise, our non-GAAP diluted EPS guidance range has been raised to $2.05 to $2.20, from $2.00 to $2.15 previously. 

“At Bob Evans Restaurants, we continue to expect full-year negative low-single digit to flat same-store sales and a neutral to slightly positive commodity cost environment.  Additionally, we will continue to invest in improving the guest experience to drive sales.  As for BEF Foods, we have lowered our sow cost forecast to reflect current expectations for the remainder of the fiscal year.  At the corporate level, we have lowered our interest expense guidance to reflect a lower than anticipated interest rate environment this year and we will maintain our focus on lowering corporate and other costs required to support our businesses.”

Guidance Metric
FY ‘17
Consolidated net sales $1.28 to $1.33 billion
Bob Evans Restaurants same-store sales negative low-single digit to flat
Bob Evans Restaurants commodity pricing approximately flat
BEF Foods net sales $400 to $420 million
BEF Foods sow cost (per hundredweight) $50-$53
Capital expenditures $75 to $80 million
Depreciation and amortization $71 to $75 million
Net interest expense $10 to $12 million
Tax rate 23.5% to 24.5%
Diluted weighted-average share count approximately 20 million shares
Remaining share repurchase authorization $78.5 million
GAAP diluted earnings per share $2.00 to $2.17
Non-GAAP diluted earnings per share $2.05 to $2.20

This outlook is subject to a number of factors beyond the Company’s control, including the risk factors discussed in the Company’s fiscal 2016 Annual Report on Form 10‑K and its other subsequent filings with the Securities and Exchange Commission. 

Investor Conference Call
The Company will host a conference call to discuss its first-quarter fiscal 2017 results at 8:30 a.m. (ET) on Wednesday, August 31, 2016.  The dial-in number for the conference call is (855) 468-0551, access code 60710233.  A replay will be available at (800) 585-8367, access code 60710233.

A simultaneous webcast will be available at http://investors.bobevans.com/events.cfm. The archived webcast will also be available on the Web site.

(1)Non-GAAP Financial Measures
The Company uses non-GAAP financial measures to monitor and evaluate the ongoing performance of the Company.  The Company believes the additional measures are useful to investors for financial analysis.  Excluding these items reflects operating results that are more indicative of the Company’s ongoing operating performance and improve comparability to prior periods.  However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures.  Reconciliations to the applicable GAAP financial measures are included in the attached schedules. 

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. We discuss these factors and events, along with certain other risks, uncertainties and assumptions, under the heading “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 29, 2016, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties.  Any strategic transaction with respect to our restaurant real estate remains subject to closing conditions and there can be no assurance of such a closing.  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 of the statement to reflect unanticipated events. 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.

About Bob Evans Farms, Inc.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name.  At the end of the first fiscal quarter (July 29, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names.  For more information about Bob Evans Farms, Inc., visit www.bobevans.com

BOBE–E

 
Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
First quarter Fiscal 2017, Three months ended July 29, 2016 compared to the corresponding period a year ago:
 
(in thousands, except per share amounts)         Basic EPS   Diluted EPS
  Three Months Ended   Three Months Ended   Three Months Ended
  July 29,
2016
  July 24,
2015
  July 29,
2016
  July 24,
2015
  July 29,
2016
  July 24,
2015
Operating Income (Loss) as Reported                      
Bob Evans Restaurants $ 11,602     $ 9,796                  
BEF Foods 15,387     15,851                  
Corporate and Other (13,291 )   (17,385 )                
Operating Income 13,698     8,262                  
Net interest expense 1,893     2,606                  
Income Before Income Taxes 11,805     5,656                  
Provision (benefit) for income taxes 2,643     1,376                  
Net Income as reported 9,162     4,280     $ 0.46     $ 0.19     $ 0.46     $ 0.19  
                       
Adjustments                      
Bob Evans Restaurants                      
Store closure costs 807                      
Litigation Reserves (278 )   10,500                  
  529     10,500                  
Total adjustments                      
Store closure costs 807                      
Litigation Reserves (278 )   10,500                  
  529     10,500                  
Non-GAAP operating income  (loss)                      
Bob Evans Restaurants 12,131     20,296                  
BEF Foods 15,387     15,851                  
Corporate and Other (13,291 )   (17,385 )                
Total non-GAAP operating income 14,227     18,762                  
Adjustments to net interest expense                      
Non-GAAP net interest expense 1,893     2,606                  
Non-GAAP  Income Before Taxes 12,334     16,156                  
Adjustments to income tax provision (benefit) 141     3,076                  
Non-GAAP Provision for Income Taxes 2,784     4,452                  
Non-GAAP Net Income $ 9,550     $ 11,704     $ 0.48     $ 0.51     $ 0.48     $ 0.51  
                       
Weighted Average Shares Outstanding         19,792     22,733     19,964     22,881  
                               


First quarter Fiscal 2017, Three months ended July 29, 2016 compared to the corresponding period a year ago:
 
(in thousands)   Three Months Ended
    Consolidated Results   Bob Evans Restaurants
    July 29,
2016
  % of
Sales
  July 24,
2015
  % of
Sales
  July 29,
2016
  % of
Sales
  July 24,
2015
  % of
Sales
Operating income as reported                                
                                 
Net Sales   $ 306,317         $ 321,713         $ 220,376         $ 238,669      
Cost of sales   93,250     30.4 %   96,322     29.9 %   55,236     25.1 %   61,469     25.8 %
Operating wage and fringe benefit expenses   100,698     32.9 %   104,959     32.6 %   91,515     41.5 %   95,465     40.0 %
Other operating expenses   55,642     18.2 %   51,589     16.0 %   42,544     19.3 %   39,935     16.7 %
Selling, general and administrative expenses   25,455     8.3 %   40,428     12.6 %   8,404     3.8 %   18,524     7.8 %
Depreciation and amortization expense   17,574     5.7 %   20,153     6.3 %   11,075     5.0 %   13,480     5.6 %
Total as reported   13,698     4.5 %   8,262     2.6 %   11,602     5.3 %   9,796     4.1 %
                                 
Adjustments                                
                                 
Net Sales                                
Cost of sales                                
Operating wage and fringe benefit expenses                                
Other operating expenses   (340 )               (340 )            
Selling, general and administrative expenses   (189 )       (10,500 )       (189 )       (10,500 )    
Depreciation and amortization expense                                
Total Adjustments   529         10,500         529         10,500      
                                 
Non-GAAP operating income                                
                                 
Net Sales   306,317         321,713         220,376         238,669      
Cost of sales   93,250     30.4 %   96,322     29.9 %   55,236     25.1 %   61,469     25.8 %
Operating wage and fringe benefit expenses   100,698     32.9 %   104,959     32.6 %   91,515     41.5 %   95,465     40.0 %
Other operating expenses   55,302     18.1 %   51,589     16.0 %   42,204     19.2 %   39,935     16.7 %
Selling, general and administrative expenses   25,266     8.3 %   29,928     9.4 %   8,215     3.7 %   8,024     3.4 %
Depreciation and amortization expense   17,574     5.7 %   20,153     6.3 %   11,075     5.0 %   13,480     5.6 %
Total non-GAAP operating income   $ 14,227     4.6 %   $ 18,762     5.8 %   $ 12,131     5.5 %   $ 20,296     8.5 %
                                                         


(in thousands)   Three Months Ended
    BEF Foods   Corporate and Other
    July 29,
2016
  % of
Sales
  July 24,
2015
  % of
Sales
  July 29, 2016   July 24, 2015
Operating income (loss) as reported                        
                         
Net Sales   $ 85,941         $ 83,044         $     $  
Cost of sales   38,014     44.2 %   34,853     42.0 %        
Operating wage and fringe benefit expenses   9,184     10.7 %   9,494     11.4 %        
Other operating expenses   13,098     15.2 %   11,654     14.0 %        
Selling, general and administrative expenses   6,464     7.6 %   6,795     8.2 %   10,586     15,109  
Depreciation and amortization expense   3,794     4.4 %   4,397     5.3 %   2,705     2,276  
Total as Reported   15,387     17.9 %   15,851     19.1 %   (13,291 )   (17,385 )
                         
Adjustments                        
                         
Net Sales                        
Cost of sales                        
Operating wage and fringe benefit expenses                        
Other operating expenses                        
Selling, general and administrative expenses                        
Depreciation and amortization expense                        
Total adjustments                        
                         
Non-GAAP operating income (loss)                        
                         
Net Sales   85,941         83,044              
Cost of sales   38,014     44.2 %   34,853     42.0 %        
Operating wage and fringe benefit expenses   9,184     10.7 %   9,494     11.4 %        
Other operating expenses   13,098     15.2 %   11,654     14.0 %        
Selling, general and administrative expenses   6,464     7.6 %   6,795     8.2 %   10,586     15,109  
Depreciation and amortization expense   3,794     4.4 %   4,397     5.3 %   2,705     2,276  
Total non-GAAP operating income (loss)   $ 15,387     17.9 %   $ 15,851     19.1 %   $ (13,291 )   $ (17,385 )
                                             


(in thousands, except per share amounts) Three Months Ended
  July 29,
2016
% of
Sales
July 24,
2015
% of
Sales
Net Sales $ 306,317     $ 321,713    
Cost of sales 93,250   30.4 % 96,322   29.9 %
Operating wage and fringe benefit expenses 100,698   32.9 % 104,959   32.6 %
Other operating expenses 55,642   18.2 % 51,589   16.0 %
Selling, general and administrative expenses 25,455   8.3 % 40,428   12.6 %
Depreciation and amortization expense 17,574   5.7 % 20,153   6.3 %
Operating Income 13,698   4.5 % 8,262   2.6 %
Net interest expense 1,893   0.6 % 2,606   0.8 %
Income Before Income Taxes 11,805   3.9 % 5,656   1.8 %
Provision (Benefit) for income taxes 2,643   0.9 % 1,376   0.4 %
Net Income $ 9,162   3.0 % $ 4,280   1.3 %
Earnings Per Share — Net Income        
Basic $ 0.46     $ 0.19    
Diluted $ 0.46     $ 0.19    
         
Cash Dividends Paid Per Share $ 0.34     $ 0.31    
         
Weighted Average Shares Outstanding        
Basic 19,792     22,733    
Dilutive shares 172     148    
Diluted 19,964     22,881    
         
Shares outstanding at quarter end 19,764     22,352    


Consolidated Balance Sheets
 
(in thousands, except par values) July 29, 2016   April 29, 2016
Assets      
Current Assets      
Cash and equivalents $ 4,402     $ 12,896  
Accounts receivable, net 30,023     28,893  
Inventories 25,843     24,997  
Federal and state income taxes receivable 4,431      
Prepaid expenses and other current assets 11,391     9,307  
Current assets held for sale 30,539     31,644  
Total Current Assets 106,629     107,737  
Property, plant and equipment 1,276,861     1,263,413  
Less accumulated depreciation 678,912     665,777  
Net Property, Plant and Equipment 597,949     597,636  
Other Assets      
Deposits and other 4,449     4,622  
Notes receivable 21,564     20,886  
Rabbi trust assets 20,943     20,662  
Goodwill and other intangible assets 19,790     19,829  
Non-current deferred tax assets 28,818     29,002  
Total Other Assets 95,564     95,001  
Total Assets $ 800,142     $ 800,374  
Liabilities and Stockholders’ Equity      
Current Liabilities      
Current portion of long-term debt $ 3,421     $ 3,419  
Accounts payable 37,599     37,518  
Accrued property, plant and equipment purchases 6,186     5,308  
Accrued non-income taxes 14,433     15,696  
Accrued wages and related liabilities 16,202     26,358  
Self-insurance reserves 19,639     20,169  
Deferred gift card revenue 12,793     14,147  
Current taxes payable 589     9,473  
Current reserve for uncertain tax provision 1,481     1,481  
Other accrued expenses 26,225     31,988  
Total Current Liabilities 138,568     165,557  
Long-Term Liabilities      
Deferred compensation 18,143     17,761  
Reserve for uncertain tax positions 2,547     2,752  
Deferred rent and other 6,153     5,851  
Long-term deferred gain 55,571     56,371  
Credit facility borrowings and other long-term debt 361,134     335,638  
Total Long-Term Liabilities 443,548     418,373  
Stockholders’ Equity      
Common stock, $.01 par value; authorized 100,000 shares; issued 42,638 shares at July 29, 2016, and April 29, 2016 426     426  
Capital in excess of par value 243,758     244,304  
Retained earnings 834,676     832,323  
Treasury stock, 22,874 shares at July 29, 2016, and 22,881 shares at April 29, 2016, at cost (860,834 )   (860,609 )
Total Stockholders’ Equity 218,026     216,444  
Total Liabilities and Stockholders' Equity $ 800,142     $ 800,374  
               


Consolidated Statements of Cash Flows
 
  Three Months Ended
  July 29, 2016   July 24, 2015
Operating activities:      
Net income $ 9,162     $ 4,280  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,574     20,153  
Loss (Gain) on disposal of fixed assets 276     (701 )
(Gain) Loss on rabbi trust assets (281 )   169  
Loss (Gain) on deferred compensation 279     (138 )
Share-based compensation 1,440     2,048  
Accretion on long-term note receivable (558 )   (499 )
Deferred income taxes 184      
Amortization of deferred financing costs 406     418  
Cash provided by (used for) assets and liabilities:              
Accounts receivable (1,130 )   664  
Inventories (846 )   (2,095 )
Prepaid expenses and other current assets (2,084 )   (1,048 )
Accounts payable 81     7,726  
Federal and state income taxes (13,520 )   8,935  
Accrued wages and related liabilities (10,156 )   (7,160 )
Self-insurance (530 )   2,392  
Accrued non-income taxes (1,263 )   562  
Deferred revenue (1,354 )   (1,185 )
Other assets and liabilities (5,584 )   5,624  
Net cash (used in) provided by operating activities (7,904 )   40,145  
Investing activities:      
Purchase of property, plant and equipment (18,985 )   (12,264 )
Proceeds from sale of property, plant and equipment 2,109     1,597  
Deposits and other (206 )   (98 )
Net cash used in investing activities (17,082 )   (10,765 )
Financing activities:      
Cash dividends paid (6,724 )   (7,028 )
Gross proceeds from credit facility borrowings and other long-term debt 97,272     170,739  
Gross repayments of credit facility borrowings and other long-term debt (71,784 )   (130,768 )
Payments of debt issuance costs     (1,705 )
Purchase of treasury stock     (60,564 )
Proceeds from share-based compensation     165  
Cash paid for taxes on share-based compensation (640 )   (617 )
Excess tax benefits from share-based compensation (1,632 )   104  
Net cash provided by (used in) financing activities 16,492     (29,674 )
Net decrease in cash and equivalents (8,494 )   (294 )
Cash and equivalents at the beginning of the period 12,896     6,358  
Cash and equivalents at the end of the period $ 4,402     $ 6,064  
               


Bob Evans Restaurants same-store sales analysis (18-month core; 521 restaurants)
 
  Fiscal 2017   Fiscal 2016
  Total   Pricing / Mix   Transactions   Total   Pricing / Mix   Transactions
May   (2.8 )%     1.2 %     (4.0 )%     (0.3 )%     3.9 %     (4.2 )%
June   (6.1 )%     1.2 %     (7.3 )%     (0.9 )%     4.4 %     (5.3 )%
July   (4.1 )%     1.1 %     (5.2 )%     0.3 %     5.8 %     (5.5 )%
Q1   (4.3 )%     1.2 %     (5.5 )%     (0.3 )%     4.8 %     (5.0 )%
                                   
August               (1.3 )%     3.3 %     (4.6 )%
September               (3.8 )%     2.9 %     (6.6 )%
October               (4.4 )%     1.5 %     (5.8 )%
Q2               (3.2 )%     2.5 %     (5.7 )%
                                   
November               (3.2 )%     2.5 %     (5.6 )%
December               (4.3 )%     3.4 %     (7.7 )%
January               (3.4 )%     3.1 %     (6.5 )%
Q3               (3.6 )%     2.9 %     (6.5 )%
                                   
February               (1.1 )%     0.9 %     (2.0 )%
March               (2.3 )%     2.2 %     (4.5 )%
April               (4.9 )%     1.4 %     (6.3 )%
Q4               (3.0 )%     1.5 %     (4.4 )%
                                   
Fiscal Year   (4.3 )%     1.2 %     (5.5 )%     (2.5 )%     2.9 %     (5.4 )%
                                               
* Prior year data presentation reflects Company's current same-store sales methodology.
 


Bob Evans Restaurants same-store sales day part performance
 
First-quarter Fiscal 2017 SSS% Day Part Performance - Total Chain
Day Part   On-Premises   Off-Premises   Total
Breakfast     (2.0 )%     5.8 %     (1.2 )%
Lunch     (3.6 )%     (3.8 )%     (3.6 )%
Dinner     (8.6 )%     (7.2 )%     (8.4 )%
Total     (4.5 )%     (3.2 )%     (4.3 )%
                         


Bob Evans Restaurants key restaurant sales data
 
  Bob Evans Restaurants
Average annual store sales ($) - FY16 $1.7 million  
   
Q1 FY2017 day part mix (%):  
Breakfast 34 %
Lunch 36 %
Dinner 30 %
   
Q1 FY2017 dine-in check average per guest ($):  
Breakfast $ 9.51  
Lunch $ 9.93  
Dinner $ 10.09  
   
Q1 FY2017 dine-in check average per guest ($): $ 9.82  
Q1 FY2017 dine-in check average per ticket ($): $ 19.23  
Q1 FY2017 carry-out check average per ticket ($): $ 16.59  


BEF Foods total pounds sold, by category
Fiscal 2017                    
Category   Q1   Q2   Q3   Q4   YTD
Sides     51.4 %                 51.4 %
Sausage     21.2 %                 21.2 %
Food Service - External     11.6 %                 11.6 %
Food Service - Intersegment     8.3 %                 8.3 %
Frozen     3.9 %                 3.9 %
Other     3.6 %                 3.6 %
                     
Fiscal 2016                    
Category   Q1   Q2   Q3   Q4   FY 2016
Sides     49.6 %     50.7 %     50.9 %     51.4 %     50.7 %
Sausage     22.0 %     22.3 %     26.6 %     21.7 %     23.3 %
Food Service - External     14.1 %     12.5 %     10.4 %     11.4 %     11.9 %
Food Service - Intersegment     6.2 %     6.6 %     6.0 %     8.1 %     6.7 %
Frozen     4.6 %     4.5 %     3.1 %     3.9 %     4.0 %
Other     3.5 %     3.4 %     3.0 %     3.5 %     3.4 %

 

Contact:         
Scott C. Taggart
Vice President, Investor Relations
(614) 492-4954