Einstein Noah net rises 67% in '08

by Eric Schroeder
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LAKEWOOD, COLO. — Einstein Noah Restaurant Group recorded net income of $21,077,000, equal to $1.29c per share on the common stock, in the fiscal year ended Dec. 30, 2008, up 67% from $12,586,000, or 88c per share, in fiscal 2007. Fiscal 2008 results included $3.2 million in charges for senior management transition costs and California wage and hour settlements.

Net sales in fiscal 2008 totaled $413,500,000, up 3% from $402,900,000.

For the fourth quarter ended Dec. 30, net income was $5,784,000, or 36c per share, down 15% from $6,761,000, or 43c per share, in the same period a year ago. Net sales were $103,877,000, down 1% from $105,214,000.

Looking ahead to 2009, Jeff O’Neill, president and chief executive officer, said Einstein Noah will continue to build on its growing base of franchise and license partners while managing controllable costs.

"We are pleased with our unique strength and positioning in the fast casual breakfast day part, and are confident that we can take additional market share from our competitors through our emphasis on exciting new products and value-oriented promotions," Mr. O’Neill said.

The company plans to open six to eight company-owned, six to eight franchised, and 30 to 35 licensed stores in 2009.

Einstein Noah Restaurant Group operates locations primarily under the Einstein Bros. Bagels and Noah’s New York Bagels brands and primarily franchises locations under the Manhattan Bagel brand.

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