Bob Evans (BOBE) shares rose 5% after the restaurant chain beat fiscal fourth-quarter earnings targets.
The Columbus, Ohio-based company made $20.5 million, or 56 cents a share, for the quarter ended April 28. That's up from the year-ago $5.5 million, or 16 cents a share. Excluding certain items, most-recent-quarter earnings were 47 cents a share. Sales rose 4% from a year ago $397 million.
"The company made significant progress in the second half of fiscal 2006 in improving its financial performance," CEO Steve Davis said. "This progress was achieved despite continued declines in same-store sales at Bob Evans Restaurants, which remain our greatest challenge. We did boost Bob Evans Restaurant margins nicely, without compromising customer satisfaction. Using the fiscal 2006 results as a springboard, our team will work diligently to further improve our financial performance, as we are certainly not satisfied with where we are today."
The company said same-store sales at Bob Evans Restaurants for May fell 1.2% from a year ago. Average menu prices rose 3.1%.
Late Monday, Bob Evans rose $1.41 to $29.25.