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Bravo Brio Restaurant Group, Inc. Reports First Quarter Financial Results

Stocks in this article: BBRG

COLUMBUS, Ohio, April 29, 2014 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG) (the Company) owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today reported financial results for the 13 week period ended March 30, 2014. The Company also reiterated its outlook for the full year 2014.

Selected First Quarter 2014 Highlights Compared to the First Quarter 2013:

  • Revenues decreased 0.4% to $102.6 million from $103.1 million.
  • Total comparable restaurant sales decreased 4.8% due primarily to weather conditions across the Midwest, Northeast and Mid Atlantic regions affecting the majority of restaurants in the comparable base.
  • Comparable restaurant sales decreased 5.5% at BRAVO! and 4.4% at BRIO.
  • Restaurant-level operating profit decreased 7.3% to $15.3 million from $16.6 million.
  • Net income was $2.9 million, or $0.14 per diluted share, compared to net income of $3.4 million, or $0.17 per diluted share.

Saed Mohseni, Chief Executive Officer and President, said, "We were pleased with the level of execution and operating efficiency exhibited by our restaurant operating teams despite one of the harshest winters in recent memory. With the onset of spring and warmer temperatures, we seek to build momentum for our business by executing across several different fronts. Specifically, we are expanding our popular lighter-fare offering, rolled out a new bar program with tiered price points, and debuted a weekend brunch menu that offers more flavor, value and variety. Our determination to have BBRG recognized as the leader in the upscale affordable segment for Italian dining is unrelenting and we believe that the steps we are taking will help us achieve this goal."

Mohseni continued, "We repurchased approximately $4.0 million of our common stock during the first quarter and more than $13 million since our repurchase program was instituted in late 2012. We view our share repurchase program as a tangible step to enhance shareholder value concurrent with our ongoing efforts to improve sales and profitability."

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