Zoe's Kitchen shares fall after company reports lower sales
Shares of Zoe's Kitchen Inc. fell 2.7% late Monday after the fast-casual restaurant chain reported third-quarter sales below Wall Street expectations. Zoe's said it lost $300,000, or 2 cents a share, in the quarter, compared with a loss of $2.3 million, or 12 cents a share, in the year-ago period. Sales rose 19% to $67.3 million in the quarter, from $56.4 million a year ago. Adjusted for one-time items, Zoe's Kitchen said it earned $700,000, or 4 cents a share, in the quarter, compared with $900,000, or 5 cents a share, a year ago. Analysts polled by FactSet had expected adjusted earnings of 4 cents a share on sales of $68.1 million. Comparable-restaurant sales rose 2.4%, Zoe's Kitchen said. Shares had ended the regular trading day up 0.8%.
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