Bojangles' shares skyrocket after results come in above consensus
Shares of chicken-and-biscuit restaurant chain Bojangles' Inc. rose 7% late Thursday after the company reported results slightly above expectations. Bojangles' said Thursday its pro-forma net income rose 7% to $8.2 million, or 22 cents a share, in the fourth quarter, from $7.7 million, or 21 cents a share, in the year-ago period. Total revenue reached $128.8 million in the quarter, up nearly 10% from $117.4 million a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 19 cents a share on sales of $128.5 million. Same-restaurant sales rose 0.6%, Bojangles' said. The FactSet analysts had predicted an increase of 1.4%, from 7% in the year-ago period. Bojangles' also announced plans to grow by about 8% in net unit count this year, through development in adjacent areas within its core market in the Southeast, the company said in a statement. The company predicted 2016 revenue to reach $533 million to $543 million, and the opening of 60 to 65 new restaurants this year.
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