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Einstein Noah Up Despite Earnings Miss

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 - Get Report) 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 - Get Report), Starbucks (SBUX - Get Report) 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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SYM TRADE IT LAST %CHG
BAGL $20.23 -0.05%
JACK $87.07 0.00%
MCD $96.48 0.00%
SBUX $51.81 0.00%
AAPL $131.78 0.00%

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