Chuy’s revenue up 19.8 percent in 1st quarter

May 8, 2014
Austin American Statesman

Austin-based Chuy’s Holdings Inc. saw revenue jump by 19.8 percent in the first quarter of 2014, the company said Tuesday

The growing Tex-Mex chain had revenue of $56 million in the first three months of the year, up from $46.7 million during the same span of time a year ago

Net income was flat, coming in at $2.6 million — or 16 cents per diluted share — the same as it was during the first quarter of 2013

The company has been aggressively expanding in recent years, and that trend will continue in 2014. Many of its newest restaurants are in states other than Texas, including a recently opened location in Noblesville, Ind., just north of Indianapolis

“With four new restaurants opened this year, our 2014 development plan of 10 to 11 units is on track,” said Chuy’s president and CEO Steve Hislop. “We are pleased with the results of our new units as we continue to focus our development efforts on our newer markets with existing Chuy’s restaurants, which we believe will continue to drive awareness for the Chuy’s brand.”

Locations set to open this year include ones in Fairfax, Va.; Springfield, Va.; Kennesaw, Ga.; and Jacksonville, N.C.

For 2014, the company said it is projecting comparable restaurant sales to rise 2 to 2.5 percent, with diluted net income per share ranging from 81 to 84 cents. Diluted net income per share in 2013 was 69 cents

Founded in 1982 by Mike Young and John Zapp with a single restaurant on Barton Springs Road in Central Austin, Chuy’s now has 52 restaurants in 14 states

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