Chuy's same-store sales fall nearly 10% in Q1, 80% of hourly workers furloughed [MarketWatch]
Chuy's Holdings, Inc. (CHUY)
Last chuy's holdings, inc. earnings: 3/5 04:05 pm
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Source: MarketWatch
Chuy's Holdings Inc. reported a preliminary first-quarter same-store sales decline of 9.7%. Same-store sales grew 3.1% for the first 10 weeks of the quarter, but fell 16.8%, 67.0% and 63.5%, respectively, for the final three weeks. For the first three weeks of the second quarter, same-store sales have fallen 60.8%, 57.4% and 49.7%, respectively. Off-premise average sales have grown from $12,000 for the week ending March 8 to $42,660 for the week ending April 19. Cash burn is about $500,000 per week. Chuy's has furloughed 80% of its hourly workers, about 40% of store management and 40% of corporate and administrative staff with temporary salary cuts for those remaining. Senior management salaries have been reduced by 50% to 75%, and board fees and rent payments have been suspended. Chuy's is negotiating an extension of its revolving credit facility to the end of 2021 and an easing of covenants. Chuy's stock has slumped 31.8% over the past year while the S&p 500 index is down 2.8%
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