Why Zoe's Kitchen, Inc. Stock Dropped Today
Shares of Zoe's Kitchen Inc. (NYSE: ZOES) dropped as much as 12.6% on Friday despite better-than-expected second-quarter results from the fast-casual restaurant chain.
More specifically, Zoe's quarterly revenue climbed 12.1% year over year to $74.3 million, as contributions from new locations more than offset a 3.8% comparable-restaurant sales decline. On the bottom line, that translated to net income of $0.6 million, or $0.03 per share, down from net income of $1.2 million, or $0.06 per share in the same year-ago period.
Analysts, on average, were looking for a breakeven quarter on higher revenue of $77.7 million.
Source: Fool.com
