Bojangles, Inc. (BOJA), a national restaurant franchise company yesterday reported their fiscal fourth quarter and full year 2016 financial results. Bojangles reported fourth quarter adjusted earnings of $0.28 per share which beat analyst expectations of $0.21 per share. Bojangles reported fourth quarter revenues of $139.4 million which fell short of analyst expectations of $140.4 million.
Bojangles, Inc. President’s Comments
“We are pleased the Bojangles’® system has now achieved 27 consecutive quarters of comparable restaurant sales growth through the fourth fiscal quarter of 2016 and that Adjusted Diluted Net Income per Share growth for fiscal year 2016 exceeded our annual guidance despite widespread softness affecting the limited service restaurant category,” said Bojangles’ President and CEO Clifton Rutledge.
“Ahead of Bojangles’ 40th anniversary celebration in July, we are as focused as ever on executing our strategic plans and building the brand in a measured and sustainable way. We will continue developing restaurants in core and adjacent markets through our company-operated and franchised model, with our long-term goal of franchising leading our expansion efforts over time. We are striving to offer the best dining experience possible through exceptional service, menu innovation, and compelling limited time offers that solidify our reputation for unique, great tasting, freshly-made food, at an exceptional value. Together with our franchisees, we are also exploring technology solutions such as mobile payment, apps and loyalty programs that will elevate our customer interactions,” he added.
“Our first ‘Bojangles’ of the Future’ restaurant in Greenville, South Carolina is getting rave reviews and it will be followed by the opening of a second location in Charlotte, North Carolina later this year. We expect this exciting new restaurant prototype to set the standard for Bojangles’ restaurants as we continue testing the various elements of this new design. Although we recognize and are addressing near-term headwinds affecting our business, we have also never been more energized about the future of this Company,” he concluded. Globe Newswire
