The $82 million in total fourth quarter revenue represented a gain of 26.3% from last year's fourth quarter. For the full year, the company earned $11 million, compared to $700,000, or 78 cents per share versus 7 cents a share last year. Revenue climbed nearly 17% to almost $279 million, and the company's comp-store sales rose 3% for the year.
In the company's conference call Monday with financial analysts, Mohseni noted that the 3.8% comparable restaurant sales increase in the fourth quarter "was primarily the result of improved guest counts coupled with higher menu pricing." Mohseni also attributed the full-year comparable store sales increase to the same factors.
McCormick & Schmick's is pursuing a strategy that is aimed at growing to 150 to 200 restaurants nationwide from its existing count of 59 and "will continue to balance restaurant openings between existing and new markets." Of the eight locations the company expects to open in 2006, for example, six are in markets where the company already has a presence and two will be in new markets.
During the fourth quarter, the chain opened two company-owned restaurants, one in Pittsburgh, PA and the other in Bellevue, WA. It plans to open two restaurants in the first quarter of 2006, one in Columbus, OH and the other in Minneapolis. It now has locations in 24 states and in its new markets, intends to "further expand our geographic footprint and brand awareness" under a "manageable and disciplined growth plan," Mohseni said in the conference call.
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