Bojangles (BOJA) didn’t disappoint with its first quarterly earnings report, beating Wall Street estimates. Restaurant sales for the chicken and biscuits chain were up 7.9 percent, the twentieth consecutive quarter of restaurant growth. The company posted higher than expected profits of $0.17 per share. Revenue also beat estimates, coming in at $114.6 million, up from last year’s $96.2 million. The company has opened 16 new restaurant locations across the U.S. but was hit with around $2.7 million of IPO related costs, pushing full year guidance below some analyst predictions. The Southern themed restaurant has seen its stock price increase around 35 percent since its IPO back in May. Bojangles expects full year revenues to be between $480 million and $487 million. The company will also be opening 28 – 32 new restaurant locations, which could mean increased costs and potential strain to profit margins.
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