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TheStreet Open House

Einstein Noah Up Despite Earnings Miss

Stocks in this article: BAGLJACKMCDSBUX

LAKEWOOD, Colo. ( TheStreet) -- Shares of Einstein Noah Restaurant Group (BAGL) jumped 5.7% in pre-market trading Friday despite the bagel store operator's weaker-than-expected profits.

Einstein Noah Restaurant Group said late Thursday its second quarter earnings decreased 49.2% to $3.3 million as competition in the fast-casual breakfast market heated up.

A roster of quick-serve food chains have been expanding their breakfast menu offerings recently. Burger chain Jack in the Box (JACK) said it expanded its breakfast menu last quarter with a grilled sandwich. It also introduced a new blend of coffee, likely in an effort to compete with McDonald's (MCD), Starbucks (SBUX) and Dunkin' Donuts. Jack in the Box also said its breakfast menu accounted for nearly 20% of its $523.3 million in fiscal-third quarter sales.

>>Investors Unwind From Jack in the Box

Einstein, which operates Einstein Bros Bagels, Noah's New York Bagels, and Manhattan Bagel brand stores, said comparable same-store sales, or sales at stores open at least one year, fell 1.1% in the recent quarter.

Revenue edged 0.9% lower to $103.5 million. Excluding one-time items, adjusted profits were $3.1 million, or 19 cents per share, missing Wall Street expectations for profits of 19 cents per share. Analysts typically exclude one-time items when forecasting earnings estimates.

Einstein Noah Restaurant Group said it expects to open as many as 12 new company-owned restaurants in 2010, between 12 and 17 new franchise restaurants, and between 35 and 45 license restaurants.

-- Reported by Miriam Marcus Reimer from New York.

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