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J. Alexander's Corp (JAX) filed Quarterly Report for the period ended 2011-10-02.
J. Alexanders Cp has a market cap of $33.7 million; its shares were traded at around $5.63 with a P/E ratio of 33.1 and P/S ratio of 0.2.
This is the annual revenues and earnings per share of JAX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of JAX.
Highlight of Business Operations:
Net sales increased by $1,780,000, or 5.1%, in the third quarter of 2011 compared to the third quarter of 2010 and by $6,032,000, or 5.5%, in the first nine months of 2011 compared to the first nine months of 2010. For the third quarter of 2011, the Company recorded average weekly sales per restaurant of $86,100, up from $82,000 in the corresponding quarter a year earlier. For the first nine months of 2011, average weekly sales per restaurant totaled $90,400, up from $85,700 in the first nine months of 2010. The Company s average weekly same store sales per restaurant for the third quarter of 2011 and the first nine months of 2011 were the same as the average weekly sales per restaurant for those periods because same store sales calculations are based on restaurants open for more than 18 months and no new restaurants have opened since 2008.Management estimates the average check per guest, including alcoholic beverage sales, increased by 4.5% to $26.37 in the third quarter of 2011 from $25.23 in the third quarter of 2010 and by 4.3% to $26.25 for the first nine months of 2011 from $25.16 for the first nine months of 2010. Management estimates that the effect of menu price increases was approximately 2.5% in both the third quarter and first nine months of 2011, compared to the corresponding periods of 2010. These estimates reflect nominal amounts of menu price changes, without regard to any change in product mix because of price increases, and may not reflect amounts effectively paid by the customer. Management estimates that weekly average guest counts increased by approximately 0.3% and 0.9% in the third quarter and first nine months of 2011, respectively, compared to the same periods of 2010.
Total restaurant operating expenses were 95.0% of net sales in both the third quarter of 2011 and the comparable quarter of 2010 with higher cost of sales during the 2011 period offset by decreases in other cost categories due primarily to higher sales levels. Total restaurant operating expenses decreased to 92.3% of net sales in the first nine months of 2011 from 92.9% of net sales in the first nine months of 2010 due primarily to the impact of higher sales which more than offset an increase in cost of sales. Restaurant operating margins totaled 5.0% in both the third quarter of 2011 and the comparable period of 2010 and increased to 7.7% in the first nine months of 2011 from 7.1% in the same period of 2010.
Cost of sales, which includes the cost of food and beverages, increased to 33.2% of net sales in the third quarter of 2011 from 32.3% of net sales in the corresponding period of 2010 and to 33.1% of net sales for the first nine months of 2011 from 32.1% of net sales in the comparable period of 2010. These increases were due primarily to increases of approximately 7% in food input costs during both the third quarter and first nine months of 2011 compared to the corresponding periods of 2010. Input prices increased during 2011 versus the same periods of 2010 in all major food cost categories except poultry, with the most significant increases during the third quarter being experienced in beef, seafood, dairy and produce products.
Restaurant labor and related costs decreased to 35.0% of net sales in the third quarter of 2011 from 35.2% in the same period of 2010 and to 33.7% of net sales for the first nine months of 2011 compared to 34.2% for the corresponding period of 2010 as the effects of higher sales more than offset additional payroll tax expense associated with increased rates in many of the states where the Company operates restaurants. Restaurant management staffing levels were also lower in the first nine months of 2011 when compared to the same period of 2010.
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