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Rare Hospitality Sees Earnings Rising

Rare Hospitality (RARE) said second-quarter earnings will rise from a year ago but fall below what analysts were expecting.

The shares rose about 6 cents to $28.90 on the outlook.

For the second quarter, the company expects to earn 42 cents to 44 cents a share, compared with 40 cents a share last year. Analysts expected the company to earn 46 cents a share, on average. Rare targeted second-quarter same-store sales growth of 1% to 2% at each of its chains.

The company also said full-year 2003 earnings will come in as expected, however, as sales have increased during the current first-quarter. The company expects to earn $1.74 to $1.77 a share for full-year 2003 and 50 cents to 51 cents a share for the first-quarter of 2003. The company earned 43 cents a share in the first-quarter of 2002 and $1.52 a share for full-year 2002.

The Atlanta-based restaurant company said first-quarter same-store sales rose 3.1% at its LongHorn Steak House restaurants, 0.6% at its Bugaboo Creak Steak Houses and 7.3% at Capital Grille.

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