Fogo de Chão, Inc. Reports Preliminary Results for the Fiscal Fourth Quarter of 2017
09 January 2018 - 12:30AM
Fogo de Chão, Inc. (“Fogo” or the “Company”) (NASDAQ:FOGO) today
announced preliminary, unaudited financial results for its fiscal
fourth quarter ended December 31, 2017.
Fourth quarter 2017 financial results, on a
preliminary, unaudited basis, are expected to include the
following:
- Total revenue of approximately $88.8 million;
- Consolidated comparable restaurant sales increased 0.8%;
- U.S. company-owned comparable restaurant sales increased
2.4%;
- Brazil company-owned comparable restaurant sales decreased
6.6%.
“We are pleased with our results for the quarter
as well as our fiscal year. We believe that our
commitment to expand into different dayparts, giving customers
price optionality as well as all-day value offerings has and will
continue to be the main growth drivers of our business,” said Larry
Johnson, Chief Executive Officer of Fogo de Chão, Inc. “The Company
has successfully completed its 2017 development plan and the class
is performing well. In addition, our 2018 planned openings are well
underway. We are also pleased with our recent remodels and
expect to complete another four to five this year, including two in
the first half of the year.”
The Company plans to release its fourth quarter
and full year audited 2017 results after the market closes on
Tuesday March 6, 2018. Event details will be shared at a
later date.
Preliminary results remain subject to the
completion of normal quarter-end accounting procedures and
adjustments and are subject to change.
About Fogo de Chão
Fogo de Chão (fogo-dee-shown) is a leading
Brazilian steakhouse, or churrascaria, which has specialized for
nearly 40 years in fire-roasting high-quality meats utilizing the
centuries-old Southern Brazilian cooking technique of churrasco.
Fogo delivers a distinctive and authentic Brazilian dining
experience through the combination of high-quality Brazilian
cuisine and a differentiated service model known as espeto corrido
(Portuguese for "continuous service") delivered by gaucho chefs.
Fogo offers its guests a tasting menu of a variety of meats
including beef, lamb, pork and chicken, simply seasoned and
carefully fire-roasted to expose their natural flavors, a gourmet
Market Table with seasonal salads, soup and fresh vegetables,
seafood, desserts, signature cocktails and an award-winning wine
list. The first Fogo de Chão opened in Brazil in 1979. The Company
currently operates 38 restaurants in the United States, 9 in
Brazil, two joint venture restaurants in Mexico, and one joint
venture restaurant in Jeddah, Saudi Arabia. Visit FOGO.com for more
information.
Safe Harbor Statement
This release contains forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, which are subject to risks and uncertainties.
Forward-looking statements relate to expectations, beliefs,
projections, guidance, future plans, objectives and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts, such as statements regarding
our future financial condition or results of operations, our
prospects and strategies for future growth, the development and
introduction of new products, and the implementation of our
marketing and branding strategies. Forward-looking statements can
also be identified by words such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” “seeks,” “intends,” “targets” or the
negative of these terms or other comparable
terminology. Forward-looking statements are not guarantees of
future performance and actual results may differ significantly from
the results discussed in the forward-looking statements. Factors
that might cause such differences include, but are not limited to,
those discussed in the section entitled "Risk Factors" in our
recent annual report on Form 10-K for the fiscal year ended January
1, 2017 filed with the Securities and Exchange Commission, and our
discussion of risks in our quarterly reports on Form 10-Q. The
forward-looking statements included in this press release are made
only as of the date hereof. Except as required by applicable
securities law, we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events.
Investor Contact:IR@fogodechao.com(972)
361-6225
Media Contact:Joy Murphy,
ICRJoy.Murphy@icrinc.com(646) 277‐1242
FOGO DE CHAO, INC. (NASDAQ:FOGO)
Historical Stock Chart
From Apr 2024 to May 2024
FOGO DE CHAO, INC. (NASDAQ:FOGO)
Historical Stock Chart
From May 2023 to May 2024