Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial
results for the 14 week fourth quarter and the 53 week fiscal year
ended December 31, 2023.
Highlights for the 14 week fourth
quarter ended December 31,
2023, as compared to the 13 week fourth quarter
ended December 25, 2022, were as follows:
- Revenue
increased 11.8% to $116.3 million compared to $104.1 million in the
fourth quarter of 2022. The extra operating week in fiscal 2023
contributed approximately $8.7 million in revenue.
- Comparable
restaurant sales increased 0.3% as compared to the fourth quarter
of 2022 (13 weeks vs. 13 weeks).
- Net income
increased $3.0 million, or 121.2%, to $5.5 million, or $0.31 per
diluted share, as compared to $2.5 million, or $0.14 per diluted
share, in the fourth quarter of 2022.
- Adjusted net
income(1) increased $2.9 million, or 58.3%, to $7.9 million, or
$0.45 per diluted share, as compared to $5.0 million, or $0.27 per
diluted share, in the fourth quarter of 2022.
- Restaurant-level
operating margin(1) increased $5.6 million, or 31.6%, to $23.3
million as compared to $17.7 million in the fourth quarter of 2022.
Restaurant-level operating margin(1) as a percentage of revenue
increased 300 basis points to 20.0%, compared to 17.0% in the
fourth quarter of 2022.
- Cash and cash
equivalents were $67.8 million and the Company had no debt
outstanding with $25.0 million available under its revolving credit
facility.
Highlights for the 53 week fiscal year
ended December 31, 2023, as
compared to the 52 week fiscal year ended December 25, 2022, were
as follows:
- Revenue
increased 9.3% to $461.3 million compared to $422.2 million in
fiscal 2022. The extra operating week in fiscal 2023 contributed
approximately $8.7 million in revenue.
- Comparable
restaurant sales increased 3.3% as compared to fiscal 2022 (52
weeks vs. 52 weeks).
- Net income
increased $10.6 million, or 51.1%, to $31.5 million, or $1.76 per
diluted share, as compared to $20.9 million, or $1.11 per diluted
share, in fiscal 2022.
- Adjusted net
income(1) increased $9.5 million, or 36.9%, to $35.3 million, or
$1.97 per diluted share, as compared to $25.8 million, or $1.37 per
diluted share, in fiscal 2022.
- Restaurant-level
operating margin(1) increased $16.4 million, or 21.5%, to $93.1
million as compared to $76.7 million in fiscal 2022.
Restaurant-level operating margin(1) as a percentage of revenue
increased 200 basis points to 20.2%, compared to 18.2% in fiscal
2022.
(1) Adjusted net income and
restaurant-level operating margin are non-GAAP measures. For
reconciliations of adjusted net income and restaurant-level
operating margin to the most directly comparable GAAP measure, see
the accompanying financial tables. For a discussion of why we
consider them useful, see “Non-GAAP Measures” below.
Steve Hislop, President and Chief Executive
Officer of Chuy’s Holdings, Inc. stated, “I am proud of what our
team accomplished in 2023 with continued revenue growth of 9.3% and
comparable restaurant sales of approximately 3.3%. Our effective
four-wall execution resulted in a 200 basis-point expansion of
restaurant-level margins to over 20% representing our best result
in over a decade, excluding the covid-impacted 2021, and among the
best in the industry. As we look ahead, we will continue to do what
we do best – provide our customers with fresh, made-from-scratch
food and drinks at an incredible value. Finally, we were thrilled
to return approximately $28.9 million to shareholders during the
year through share repurchases enabled by the ongoing strength of
our operating model.”
Hislop added, “We successfully opened one new
restaurant during the fourth quarter and are pleased with the
performance of our recent openings. As we look into 2024, we are
encouraged by our robust pipeline of 6 to 8 new restaurants,
focusing primarily on core markets where our concept is already
proven with high AUVs and brand awareness. We have a long runway
ahead of us and are excited by the opportunity to grow the Chuy’s
brand and maximizing shareholder value in 2024 and beyond.”
Fourth Quarter
2023 Financial Results
Revenue was $116.3 million in the fourth quarter
of 2023 compared to $104.1 million in the fourth quarter of 2022.
The Company's fourth quarter of 2023 included 14 weeks as compared
to 13 weeks in fiscal year 2022. Revenue attributed to the extra
operating week was $8.7 million. In addition to the extra operating
week, the increase was primarily related to an increase in our
comparable restaurant sales as well as incremental revenue from an
additional 62 operating weeks provided by new restaurants opened
during and subsequent to the fourth quarter of 2022. For the fourth
quarter of 2023, off-premise sales were approximately 31% of total
revenue compared to approximately 29% during the same period in
fiscal 2022.
Comparable restaurant sales increased 0.3% for
the 13 week comparable period ended December 24, 2023 as compared
to the same period last year primarily driven by a 3.4% increase in
average check, partially offset by a 3.1% decrease in average
weekly customers.
Total restaurant operating costs as a percentage
of revenue decreased by approximately 300 basis points to 80.0% in
the fourth quarter of 2023 from 83.0% in fiscal 2022 primarily
driven by the following:
- Cost of sales
decreased 240 basis points driven by overall commodity deflation of
approximately 8% during the quarter as compared to the same period
a year ago as well as leverage on a menu price increase taken
subsequent to the fourth quarter of 2022.
- Labor costs
increased 30 basis points largely as a result of hourly labor rate
inflation of approximately 4% at comparable restaurants as well as
an incremental improvement in our hourly labor staffing levels as
compared to last year. This increase was partially offset by menu
price increases taken subsequent to the fourth quarter of
2022.
- Operating costs
increased 10 basis points primarily driven by higher delivery
service charges as a result of increased delivery sales, an
increase in restaurant repair and maintenance costs, and higher
insurance premiums, partially offset by lower utility costs as
compared to the fourth quarter of 2022.
- Occupancy costs
decreased 100 basis points primarily as a result of sales leverage
on fixed occupancy expenses.
General and administrative expenses increased to
$8.1 million for the fourth quarter of 2023 compared to $6.5
million for the same period in fiscal 2022. The increase was
primarily driven by higher performance-based bonuses and management
salaries and an increase in computer services and fees. As a
percentage of revenue, general and administrative expenses
increased to 6.9% in the fourth quarter of 2023 from 6.2% in the
fourth quarter of 2022.
Impairment, closed restaurant and other costs
were $3.1 million ($2.4 million, net of tax or $0.14 per diluted
share) during the fourth quarter of 2023 and $3.2 million ($2.5
million, net of tax or $0.14 per diluted share) during the same
period last year. The decrease was primarily related to a decrease
in non-cash loss on long-lived assets of an underperforming
restaurant, partially offset by an increase in closed restaurant
costs. Closed restaurant costs include rent expense, utilities,
insurance and other costs required to maintain the remaining closed
locations.
The effective income tax rate was 21.0% compared
to 9.3% in the same period last year. The increase in the effective
tax rate was mainly attributed to a decrease in the proportion of
employee tax credits to annual pre-tax income and the settlement of
the fiscal year 2016 IRS tax audit.
As a result of the foregoing, net income was
$5.5 million, or $0.31 per diluted share in the fourth quarter of
2023 compared to $2.5 million, or $0.14 per diluted share, in the
fourth quarter of 2022.
Adjusted net income was $7.9 million, or $0.45
per diluted share, in the fourth quarter of 2023 compared to $5.0
million, or $0.27 per diluted share, in the fourth quarter of 2022.
Please see the reconciliation of net income to adjusted net income
in the accompanying financial tables.
Development Update
During the fourth quarter of 2023, one
restaurant was opened in Terrell, TX, which brings our total number
of restaurants to 101 as of December 31, 2023.
Share Repurchase Program
During the fourth quarter of 2023, the Company
repurchased 167,535 shares of its common stock for a total of
approximately $5.9 million. During the fiscal year ended
December 31, 2023, the Company repurchased 789,963 shares of
its common stock for a total of approximately $28.9 million. As of
December 31, 2023, the Company had $21.1 million
remaining under its share repurchase program. Repurchases of the
Company’s outstanding common stock will be made in accordance with
applicable securities laws and may be made at management’s
discretion from time to time in the open market, through privately
negotiated transactions or otherwise, including pursuant to Rule
10b5-1 trading plans.
2024 Outlook
The Company currently expects 2024 adjusted net
income(1) per diluted share of $1.82 to $1.87. This compares to
adjusted net income(1) per diluted share of $1.97 or $1.87 per
diluted share, after excluding approximately $0.10 per diluted
share from the extra week in 2023. The adjusted net income guidance
for fiscal 2024 is based, in part, on the following annual
assumptions:
- General and
administrative expense of $30.0 to $31.0 million (on a 52-week
comparable basis);
- Six to eight new
restaurants;
- Net capital
expenditures (net of tenant improvement allowances) of
approximately $41 to $46 million;
- Restaurant
pre-opening expenses of approximately $2.7 to $3.2 million;
- An effective
annual tax rate (excluding unusual items) of approximately of 13%
to 14%;
- Annual weighted
diluted shares outstanding of approximately 17.4 million.
The Company does not provide a reconciliation of
2024 adjusted net income per diluted share or the most directly
comparable forward-looking GAAP measure of net income per diluted
share because the timing and nature of excluded items are
unreasonably difficult to fully and accurately estimate. As a
result, we are unable to assess the probable significance of the
unavailable information.
(1) Adjusted net income is a non-GAAP
measure. For a reconciliation of adjusted net income for fiscal
2023 to the most directly comparable GAAP measure, see the
accompanying financial tables. For a discussion of why we consider
adjusted net income useful, see “Non-GAAP Measures” below.
We report our financial statements on a fiscal
calendar basis. Due to the 53rd week in fiscal year 2023, our
financial statement comparison will be one week different year over
year. However, we believe that reporting our comparable restaurant
sales on a comparable calendar basis will help facilitate
period-over-period comparisons.
The table below sets forth our fiscal and
comparable calendar dates.
|
|
Fiscal Calendar Basis |
|
Comparable Calendar Basis |
|
|
|
|
|
First
Quarter |
|
January 1, 2024 - March 31, 2024 |
|
January 1, 2024 - March 31, 2024 |
|
|
vs. |
|
vs. |
|
|
December 26, 2022 - March 26, 2023 |
|
January 2, 2023 - April 2, 2023 |
|
|
|
|
|
Second
Quarter |
|
April 1, 2024 - June 30, 2024 |
|
April 1, 2024 - June 30, 2024 |
|
|
vs. |
|
vs. |
|
|
March 27, 2023 - June 25, 2023 |
|
April 3, 2023 - July 2, 2023 |
|
|
|
|
|
Third
Quarter |
|
July 1, 2024 - September 29, 2024 |
|
July 1, 2024 - September 29, 2024 |
|
|
vs. |
|
vs. |
|
|
June 26, 2023 - September 24, 2023 |
|
July 3, 2023 - October 1, 2023 |
|
|
|
|
|
Fourth
Quarter |
|
September 30, 2024 - December 29, 2024 |
|
September 30, 2024 - December 29, 2024 |
|
|
vs. |
|
vs. |
|
|
September 25, 2023 - December 31, 2023 |
|
October 2, 2023 - December 31, 2023 |
|
|
|
|
|
Year |
|
January 1, 2024 - December 29, 2024 |
|
January 1, 2024 - December 29, 2024 |
|
|
vs. |
|
vs. |
|
|
December 26, 2022 - December 31, 2023 |
|
January 2, 2023 - December 31, 2023 |
The following definitions apply to these
terms as used in this release:
Comparable restaurant sales
reflect changes in sales for the comparable group of restaurants
over a specified period of time as compared to that time in the
prior year. We consider a restaurant to be comparable in the first
full quarter following the 18th month of operations. Changes in
comparable restaurant sales reflect changes in customer count
trends as well as changes in average check. Our comparable
restaurant base consisted of 94 restaurants at December 31,
2023.
Restaurant-level operating
margin represents income from operations plus the sum of
general and administrative expenses, restaurant pre-opening costs,
impairment, closed restaurants and other costs, and
depreciation.
Average check is calculated by
dividing revenue by total entrées sold for a given time period.
Average check reflects menu price increases as well as changes in
menu mix.
Average weekly customers is
measured by the number of entrées sold per week. Our management
team uses this metric to measure changes in customer traffic.
Operating margin represents
income from operations as a percentage of our revenue. By
monitoring and controlling our operating margins, we can gauge the
overall profitability of our Company.
Total restaurant operating
costs includes cost of sales, labor, operating,
occupancy and marketing costs.
Conference Call
The Company will host a conference call to
discuss financial results for the fourth quarter and fiscal year
2023 today at 5:00 p.m. Eastern Time. Steve Hislop, President and
Chief Executive Officer, and Jon Howie, Vice President and Chief
Financial Officer, will host the call.
The conference call can be accessed live over
the phone by dialing 201-689-8560. A replay will be available after
the call and can be accessed by dialing 412-317-6671; the passcode
is 13743232. The replay will be available until Thursday, March 7,
2024.
The conference call will also be webcast live
from the Company’s corporate website at www.chuys.com under the
Investors section. An archive of the webcast will be available on
the Company's corporate website shortly after the call has
concluded.
About Chuy’s
Founded in Austin, Texas in 1982, Chuy's owns
and operates full-service restaurants across 16 states serving a
distinct menu of authentic, made from scratch Tex-Mex inspired
dishes. Chuy's highly flavorful and freshly prepared fare is served
in a fun, eclectic and irreverent atmosphere, while each location
offers a unique, "unchained" look and feel, as expressed by the
concept's motto "If you've seen one Chuy's, you've seen one
Chuy's!" For further information about Chuy's, including the
nearest location, visit the Chuy's website at www.chuys.com.
Forward-Looking Statements
Certain statements in this release that are not
historical facts, including, without limitation, those relating to
the Company’s 2024 outlook, including 2024 adjusted net income per
diluted share, general and administrative expense, new restaurant
openings, net capital expenditures, restaurant pre-opening
expenses, effective annual tax rate and annual weighted diluted
shares outstanding guidance, [organic growth opportunities ahead]
and other statements that can often be identified by words such as
“expect,” “believe,” “intend,” “estimate,” “plans” and similar
expressions, and variations or negatives of these words are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties. Such statements are based upon the current beliefs
and expectations of management of the Company. Actual results may
vary materially from those contained in forward-looking statements
based on a number of factors including, without limitation, the
actual number of restaurant openings, the sales at the Company’s
restaurants, changes in restaurant development or operating costs,
such as food and labor, the Company’s ability to leverage its
existing management and infrastructure, changes in restaurant
pre-opening expense, general and administrative expenses, capital
expenditures, our effective tax rate, impairment, closed restaurant
and other costs, changes in the number of diluted shares
outstanding, strength of consumer spending, conditions beyond the
Company’s control such as timing of holidays, weather, natural
disasters, acts of war or terrorism, the timing and amount of
repurchases of our common stock, if any, changes to the Company’s
expected liquidity position, the possibility that the repurchase
program may be suspended or discontinued and other factors
disclosed from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission. Investors should take such
risks into account when making investment decisions. Stockholders
and other readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
on which they are made. The Company undertakes no obligation to
update any forward-looking statements, except as required by
law.
Non-GAAP Measures
We prepare our financial statements in
accordance with GAAP. Within our press release, we make reference
to non-GAAP restaurant-level operating margin and adjusted net
income. Restaurant-level operating margin represents income from
operations plus the sum of general and administrative expenses,
restaurant pre-opening costs, impairment, closed restaurant and
other costs, and depreciation. Restaurant-level operating margin is
presented because: (i) we believe it is a useful measure for
investors to assess the operating performance of our restaurants
without the effect of non-cash depreciation expense; and (ii) we
use restaurant-level operating margin internally as a benchmark to
evaluate our restaurant operating performance and to compare our
performance to that of our competitors. Additionally, we present
restaurant-level operating margin because it excludes the impact of
general and administrative expenses, which are not incurred at the
restaurant level, restaurant pre-opening costs, and impairment,
closed restaurant and other costs. Although we incur pre-opening
costs on an ongoing basis as we continue to open new restaurants,
the pre-opening costs, and impairment, closed restaurant and other
costs are not components of a restaurant's ongoing operating
expenses. The use of restaurant-level operating margin thereby
enables us and our investors to compare operating performance
between periods and to compare our operating performance to the
performance of our competitors. The measure is also widely used
within the restaurant industry to evaluate restaurant-level
productivity, efficiency and performance. The use of
restaurant-level operating margin as a performance measure permits
a comparative assessment of our operating performance relative to
our performance based on our GAAP results, while isolating the
effects of some items that vary from period to period without any
correlation to core operating performance or that vary widely among
similar companies.
Adjusted net income represents net income before
impairment, closed restaurant and other costs, and the income tax
effect of these adjustments. We believe the use of adjusted net
income provides additional information to enable us and our
investors to facilitate year-over-year performance comparisons and
a comparison to the performance of our peers.
Restaurant-level operating margin and adjusted
net income exclude various expenses as discussed above that may
materially impact our consolidated results of operations. As a
result, these measures are not indicative of the Company’s
consolidated results of operations. We present these measures
exclusively as supplements to, and not substitutes for, net income
or income from operations computed in accordance with GAAP. As
supplemental disclosures, restaurant-level operating margin and
adjusted net income should not be considered as alternatives to net
income or income from operations as an indicator of our performance
or as alternatives to any other measure determined in accordance
with GAAP.
|
Chuy’s Holdings, Inc.Condensed
Consolidated Income Statements(Unaudited, in
thousands, except share and per share data) |
|
|
Quarter Ended |
|
Year Ended |
|
December 31, 2023 |
December 25, 2022 |
|
December 31, 2023 |
December 25, 2022 |
Revenue |
$ |
116,347 |
|
100.0 |
% |
|
$ |
104,101 |
|
100.0 |
% |
|
$ |
461,310 |
|
100.0 |
% |
|
$ |
422,215 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
29,203 |
|
25.1 |
|
|
|
28,637 |
|
27.5 |
|
|
|
115,870 |
|
25.1 |
|
|
|
114,903 |
|
27.2 |
|
Labor |
|
35,851 |
|
30.8 |
|
|
|
31,779 |
|
30.5 |
|
|
|
139,660 |
|
30.3 |
|
|
|
126,249 |
|
29.9 |
|
Operating |
|
19,466 |
|
16.7 |
|
|
|
17,272 |
|
16.6 |
|
|
|
75,487 |
|
16.4 |
|
|
|
68,436 |
|
16.2 |
|
Occupancy |
|
6,964 |
|
6.0 |
|
|
|
7,266 |
|
7.0 |
|
|
|
30,734 |
|
6.7 |
|
|
|
29,964 |
|
7.1 |
|
General and administrative |
|
8,057 |
|
6.9 |
|
|
|
6,485 |
|
6.2 |
|
|
|
31,446 |
|
6.8 |
|
|
|
26,333 |
|
6.2 |
|
Marketing |
|
1,559 |
|
1.4 |
|
|
|
1,436 |
|
1.4 |
|
|
|
6,411 |
|
1.3 |
|
|
|
6,004 |
|
1.4 |
|
Restaurant pre-opening |
|
548 |
|
0.5 |
|
|
|
629 |
|
0.6 |
|
|
|
1,985 |
|
0.4 |
|
|
|
1,362 |
|
0.3 |
|
Impairment, closed restaurant and other costs |
|
3,118 |
|
2.7 |
|
|
|
3,249 |
|
3.1 |
|
|
|
4,988 |
|
1.1 |
|
|
|
6,452 |
|
1.5 |
|
Depreciation |
|
5,400 |
|
4.5 |
|
|
|
5,111 |
|
5.0 |
|
|
|
21,140 |
|
4.7 |
|
|
|
20,176 |
|
4.9 |
|
Total costs and expenses |
|
110,166 |
|
94.6 |
|
|
|
101,864 |
|
97.9 |
|
|
|
427,721 |
|
92.8 |
|
|
|
399,879 |
|
94.7 |
|
Income from operations |
|
6,181 |
|
5.4 |
|
|
|
2,237 |
|
2.1 |
|
|
|
33,589 |
|
7.2 |
|
|
|
22,336 |
|
5.3 |
|
Interest income, net |
|
(755 |
) |
(0.6 |
) |
|
|
(494 |
) |
(0.5 |
) |
|
|
(3,331 |
) |
(0.8 |
) |
|
|
(872 |
) |
(0.2 |
) |
Income before income taxes |
|
6,936 |
|
6.0 |
|
|
|
2,731 |
|
2.6 |
|
|
|
36,920 |
|
8.0 |
|
|
|
23,208 |
|
5.5 |
|
Income tax expense |
|
1,456 |
|
1.3 |
|
|
|
254 |
|
0.2 |
|
|
|
5,410 |
|
1.2 |
|
|
|
2,353 |
|
0.6 |
|
Net income |
|
5,480 |
|
4.7 |
% |
|
|
2,477 |
|
2.4 |
% |
|
|
31,510 |
|
6.8 |
% |
|
|
20,855 |
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
Net income per common share: Basic |
$ |
0.32 |
|
|
|
$ |
0.14 |
|
|
|
$ |
1.77 |
|
|
|
$ |
1.12 |
|
|
Net income per common share: Diluted |
$ |
0.31 |
|
|
|
$ |
0.14 |
|
|
|
$ |
1.76 |
|
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: Basic |
|
17,351,230 |
|
|
|
|
18,024,393 |
|
|
|
|
17,823,187 |
|
|
|
|
18,682,255 |
|
|
Weighted-average shares outstanding: Diluted |
|
17,462,866 |
|
|
|
|
18,150,724 |
|
|
|
|
17,934,520 |
|
|
|
|
18,793,455 |
|
|
|
|
|
|
|
|
|
|
|
|
Chuy’s Holdings, Inc.Reconciliation of
GAAP Net Income and Net Income Per Share to Adjusted
Results (Unaudited, in thousands, except share and
per share data) |
|
|
Quarter Ended |
|
Year Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
Net income as reported |
$ |
5,480 |
|
|
$ |
2,477 |
|
|
$ |
31,510 |
|
|
$ |
20,855 |
|
Impairment, closed restaurant and other costs |
|
3,118 |
|
|
|
3,249 |
|
|
|
4,988 |
|
|
|
6,452 |
|
Income tax effect on adjustment (1) |
|
(719 |
) |
|
|
(749 |
) |
|
|
(1,150 |
) |
|
|
(1,487 |
) |
Adjusted net income |
$ |
7,879 |
|
|
$ |
4,977 |
|
|
$ |
35,348 |
|
|
$ |
25,820 |
|
|
|
|
|
|
|
|
|
Adjusted net income per common share: basic |
$ |
0.45 |
|
|
$ |
0.28 |
|
|
$ |
1.98 |
|
|
$ |
1.38 |
|
Adjusted net income per common share: diluted |
$ |
0.45 |
|
|
$ |
0.27 |
|
|
$ |
1.97 |
|
|
$ |
1.37 |
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: basic |
|
17,351,230 |
|
|
|
18,024,393 |
|
|
|
17,823,187 |
|
|
|
18,682,255 |
|
Weighted-average shares outstanding: diluted |
|
17,462,866 |
|
|
|
18,150,724 |
|
|
|
17,934,520 |
|
|
|
18,793,455 |
|
(1) Reflects the tax expense
associated with the adjustments for impairment, closed restaurant
and other costs during the quarter ended and fiscal year ended
December 31, 2023 and December 25, 2022. The Company uses
its statutory rate to calculate the tax effect on adjustments.
|
Chuy’s Holdings, Inc.Reconciliation of
GAAP Income from Operations to Restaurant-Level Operating
Margin (Unaudited, in thousands) |
|
|
Quarter Ended |
|
Year Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
Income from operations as reported |
$ |
6,181 |
5.4 |
% |
|
$ |
2,237 |
2.1 |
% |
|
$ |
33,589 |
7.2 |
% |
|
$ |
22,336 |
5.3 |
% |
General and administrative |
|
8,057 |
6.9 |
|
|
$ |
6,485 |
6.2 |
|
|
|
31,446 |
6.8 |
|
|
|
26,333 |
6.2 |
|
Restaurant pre-opening expenses |
|
548 |
0.5 |
|
|
$ |
629 |
0.6 |
|
|
|
1,985 |
0.4 |
|
|
|
1,362 |
0.3 |
|
Impairment, closed restaurant and other costs |
|
3,118 |
2.7 |
|
|
$ |
3,249 |
3.1 |
|
|
|
4,988 |
1.1 |
|
|
|
6,452 |
1.5 |
|
Depreciation |
|
5,400 |
4.5 |
|
|
$ |
5,111 |
5.0 |
|
|
|
21,140 |
4.7 |
|
|
|
20,176 |
4.9 |
|
Restaurant-level operating margin |
$ |
23,304 |
20.0 |
% |
|
$ |
17,711 |
17.0 |
% |
|
$ |
93,148 |
20.2 |
% |
|
$ |
76,659 |
18.2 |
% |
|
Chuy’s Holdings, Inc.Selected Balance
Sheets Data(Unaudited, in thousands) |
|
|
|
December 31, 2023 |
|
December 25, 2022 |
Cash and cash equivalents |
|
$ |
67,774 |
|
$ |
78,028 |
Total assets |
|
|
476,634 |
|
|
474,781 |
Long-term debt |
|
|
— |
|
|
— |
Total stockholders’ equity |
|
|
249,847 |
|
|
244,561 |
|
|
|
|
|
|
|
Investor RelationsJeff
Priester332-242-4370investors@chuys.com
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