CHUY - Earnings call transcript Q4 2017

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Operator

Good day, everyone. And welcome to the Chuy's Holdings, Incorporated Fourth Quarter 2017 Earnings Call.

As a reminder, today's conference is being recorded. At this time, all participants have been placed in a listen-only mode, and the lines will be open for your questions following the presentation. On today's call we have Steve Hislop, President and Chief Executive Officer; and Jon Howie, Vice President and Chief Financial Officer of Chuy's Holdings, Incorporated. I'll conference time, to this at turn over the Mr. And Howie. ahead, sir. go Please

Jon Howie

Thank now, It afternoon. access good at you, and operator, Investors the By found our fourth section. XXXX www.chuys.com in be to quarter everyone earnings also release. can on website our have should

you detailed cause the our to are that all performance, today actual to like filings begin forward-looking out will uncertainties our need statements. and our operating formal from not not part what future that to should more These remarks, risks of we to everyone I'd turn reliance materially could SEC results therefore, that to With of subject of could of that These over statements guarantees we undue include discussion expect. and future financial of the are impact Before you statements of differ I and We condition. to recent forward-looking way, Steve. refer on a call the results review remind put for our discussions risks numerous them. also

Steve Hislop

before Thank initiatives call quarter I'll quarter, thoughts the results you for with to you, open fourth financial the then questions. our call the we of brief detail and and up XXXX in year. today. then the for call overview share discuss our for start development on us our Jon, fourth and a will review joining your thank the everyone our more Jon,

the per revenues adjusted $XX share earnings fourth of we of quarter of reported For $X.XX million. XXXX, of

fourth quarter included an provide XXXX week of additional our the will reminder, in a fiscal As which Jon, color. extra

the damage in last our August Hurricane restaurant close had Harvey. results of to of severe on due one area we noted we Houston to the call, As in

it fantastic studs. job restaurant down literally late running in in a back November, Our the this getting up was in as taken did team to

We penny. positively approximately increasing on our restaurant fourth X.X% impacted territory were sales quarter a offset points of were comparable results strategic positive basis. However, return were quarter, one impacted weather of combined. our Largely day an XX-week period negatively XXXX. by sales points operations restaurant fourth approximately approximately a XX loss to Comparable XXX and in pleased comparable unfavorable as the extra of cannibalization the conditions by basis result by to the during comparable operating basis

faced honeymoon of base point also comp end headwind, of a new back on basis a XX as curve. result their the entering units the We the

fundamentals, care As by XXXX, from taking we look to remains a in customers and high delivering of offering and exceptional our our service scratch atmosphere. our core standards unique made on focus drinks food quality

this consumer our also initiatives business and long our will ensure on to value The are end, several are ways our over and marketing for and media strategic help marketing store we with we loss. messaging to naturally believe improve that run. brand updated local business that needs front, we the through working look the continue campaigns. working evolves However, that social to we changing To year awareness

efforts process the new our marketing time a of in currently to engaging bring help to are We marketing full firm level. a

We the of have second end quarter. now and complete expecting search by our options our to are the

a introduction to and it of order our online that Turning of guest during are This initiatives, create system-wide will quarter we to robust just our our finished software system stone for closely ordering to the new a be working our make the technology implementation fourth sale new Olo will for of ultimately backend easier program. royalty a point stepping food. and platform app conveniently with

rollout with year. phase quarter system in of a currently this plan ordering fully are this third to online by We testing a the

brand. catering the Nashville, Houston utilize in additional still avenue in markets early; as discussed improving the opportunity of Catering after to where include during an offering a fourth simultaneously appropriate the we call, the Well we a to adding it’s last awareness Dallas we in catering and limited are our and while gives test As quarter. year revenue expanded of initial growth, results progresses. consider new will Chuy’s pleased with us

on point our with to the assist labor sales us module implementation further integrate are and our projections Lastly, labor now should fully our in sales our of productivity. initiatives, optimizing we enhance scheduling labor system new our of ready that

opened quarter restaurant in we just this Switching would one as system. complete fourth development, improvements in in fourth one area; to second expect the new to overall We in are in restaurant second of Chicagoland DC Pasadena, one the Illinois, labor team Houston; the Schaumburg, Annapolis, integration metropolitan our in restaurant are second Xth the the our gets in and and Chuy’s outside Georgia, Texas, in in our Washington Atlanta. Maryland area; during cost Alpharetta, new Maryland, see and track one four with to the familiar quarter, our in

also restaurants. before, quarter XXXX restaurant our in new fourth hurricane since as restaurants our XXXX increasing effectively result Texas store had closed total late a the XX% We in damage. a mentioned as Humble, August of we Overall, during I to base been XX reopened of during by XX that opened

Jon a our of in fourth quarter marketing In to costs, development a X in awareness we Howie, over very results. continue like look the turn to I’d management units. year forward detailed For pipeline, With that, in between to and busy labor brand messaging for our our call more expect of XXXX. labor improve productive labor the to our review XXXX, phase rising we to renewed with CFO, focus and XX closing, initiatives our value to in increase and healthy to a open

Jon Howie

XX.X% December $XX year-over-year to for the Steve. Revenues increased ended quarter Thanks XXXX. fourth million XX,

fourth mentioned, to week fiscal XX-weeks $X.X compared with the Steve to in attributed extra As Revenue our million. XX-weeks, of XXXX. included XXXX quarter operating

during comparable as XXXX well quarter incremental are fourth in restaurant during a the as XXth a our Also growth of to restaurant quarter. of weeks the result from result fourth an X,XXX In additional XXX including partially and was revenues operating of the year. increased opened incremental operating of million week Hurricane to by restaurant closure to week, Harvey addition on XX $X.X the not included was to by the offset produced last in revenue a additional in in as fourth during sales the in was $XX X.X% above. a operating quarter comparable decrease related subsequent contributing revenue driven that non-comparable increase extra weeks XX-week revenue new as This quarter restaurants to increase our basis. of the a temporary by the one Total million XX weeks increase

were XXXX. in This restaurants comparable Series Texas XXX year’s in noted, Astros on during the restaurants XXXX. Houston traffic. one quarter point XXXX of restaurant Steve impacting conditions in Effective there at restaurant impacted XX a that pricing basis end negatively extra basis XX in World comparable as base The approximately X.X%; result of the points a during points. quarter in impacted and was were restaurants largely increase in in and XX-weeek As sales in by negatively fourth the the benefit the average growth of offset in by X.X% by strategic positively of overall comparable X.X% of basis cannibalization impact included was by day the comparable a check, XX the sales our sales approximately unfavorable Southeast comparable operating quarter of Austin, approximately offset weather a in decrease by fourth this Christmas closing day basis, two has sales

by percentage beef as expense of discussion produce to cost selected a year-over-year to a degree dairy, lesser of inflation commodities points basis and XX sales favorable driven in degree items, a and to largely related of a XX.X%, chicken of by cost cost. lesser X.X% offset increased approximately Turning revenue partially to to

attributable the was compared to quarter new year, training we would the to range hourly to openings. store XXXX, higher to increase points to last expect lower inflation, revenue, Looking as XXX in related first of additional X% as Labor labor to increased to store delayed markets and store labor percentage inflation openings year in manager to the later the and cost expect in the wage basis rate year. We higher two and currently in approximately and XX.X%, of tip efficiencies with XXXX. the similar a new X% inflation entering due

expect driven XX basis cost to decreased of XXXX, be quarter, extra fees, up to $X.X stock-based year-over-year For percentage by points week approximately and labor lower hourly a health extra to leverage held the to as steady compensation, as would cost million offset adjustment. inflation administrative XX this approximately due primarily expected X%, by primarily based Occupancy to and increased from revenue approximately week plan professional have we percentage or or X%. increased increase an $XXX,XXX be as bonuses. the performance of as due salaries health, basis in points. fourth Restaurant General from XX.X%, operating we an at an hourly expenses in revenue well leverage operating the primarily

As a per XXXX per summary, a $XX.X share or in In million net quarter income year basis year-over-year fourth X.X%. percentage period. G&A was for revenue with $X.XX approximately compared of to or $X.X $X.XX XX diluted points ago decreased of the diluted million share

as were the to the Jobs During and rate required a this of government from share. enacted federal new revalue the of reduced federal rate. fourth federal quarter XXXX, non-recurring This or in in XXXX. one-time statutory the we income to quarter fourth totaling $XX.X revaluation XX%, the using statutory Cuts This a to the of our Act per million Tax diluted taxes our XX% tax tax deferred favorable XXXX, for provision balance resulted adjustment $X.XX of result

and same year, related Additionally, on one million million cost we the relocation of the the $X.X period relocation, gain one to pre-tax of settlements closure restaurant. hurricane incurred recorded we last a to related insurance $X.X for

ago to or per adjusted one-time $X.X net was gains the million these $X.XX and Excluding share share in compared million $X.X diluted charges, per income period. year diluted or $X.XX

quarter. impact quarter an in estimated fourth positive XXXX the the $X.XX week fourth results per share most recent due included Our to extra

of fourth a $X.XX Humble, operations fourth balance let have of me by XXXX approximately per extra to $X.X go for Additionally, we quarter and closure With We our We cash a earnings week. $X.XX during $X.XX. XXXX the million the XXXX. our of quarter This on adjusted diluted Texas share debt. no the of results negatively hurricane expect restaurant quarter ended that, as of the after of result sheet earnings outlook as benefit through currently $X.XX. Steve impacted noted, the with related compares per of share our to excluding currently loss

guidance based is on following Our assumptions. the

sales XX-week growth basis. of comparable X% on to expect X.X% We a restaurant comparable

million. expect million expenses pre-opening $X.X $X.X of We to restaurant

and XX% to in or savings reduction effective the $X.X approximately tax the and $XX was basis be of enactment of to invest million XX% estimated level expect million, to our go expenses marketing points We with XX reduced G&A off-premise act, a rate including online the during million approximately between and $XX.X result between as intend tax from international this to rate, ordering packaging catering. initiatives and XXXX is we the

and We shares $XX.X to open expect year. annual million to restaurant outstanding we shares new million diluted expect $XX.X Chuy’s this to average of weighted XX X

Lastly, be back our projected to between improvement Steve that, and $XX call million up. wrap net the I’ll to are expenditures capital of With tenant allowances over to million. turn $XX

Steve Hislop

our a concepts, Thanks strategy of the We fundamentals, level our guest. a confident of Chuy’s believe that we store and the food grow Chuy’s freshly to discipline, earlier. prepared new authentic, of core long development in Tex-Mex prospects focus and the remain both opportunity on bring our returning have broad outlined were business, long-term brand Jon. We initiatives inspired and runway appeal to of disciplined ahead

questions. thank for back operator all to our the Before that, the and happy like experience to day. call With work every of delivering we’re you. employees dedication answer their over to any to questions, in for our Chuy’s I turn guest tireless I’d the Thank

Operator

have we Baird. David first from And Tarantino Instructions]. [Operator

David Tarantino

the so of good couple the I you first talk quarter guess seeing on the the here? of I about quarter questions which guess afternoon. fourth and in a far are into Hi, what same-store deep in kind encouraging little first quarter. sales, here, you Can

Steve Hislop

are doing? into we seems seeing were you Yes, splashy in the weather some a, two periods. it David, like first What how is we’re again

to comparable take take noise, in weather. been we fourth the the out quarter, You so of I saw the pretty that and think you’ve away noise what

Jon Howie

about $XXX,XXX. That noise is

Steve Hislop

$XXX,XXX. Yes

David Tarantino

to-date weather negative Okay, think…? for the you that’s quarter number the do impact

Steve Hislop

and that same trend had the we’re much Yes the out on we quarter. take that in pretty fourth

David Tarantino

number talk you entering is it the takes and that inclusive when Great, that reported is all in are that you terms fourth be talked quarter of you and about would puts of actual the about cannibalization, on? of the calendar so

Jon Howie

to in referring about that is Steve you yes ins what to talking it and be, would the of out are about would be XX roll ins. point It roll that take was He a less basis same. the on

David Tarantino

Jon, there Got it, XXXX, if restaurant then on the And is math for margins. on downward okay. some earnings my outlook just pressure is right,

you could framework gave points pressure maybe what So, the where because owner. to about you those to a the didn’t think restaurant to be XXXX, guess the magnitude give us seem of numbers are for margin are, inflation going I

just why I sort is what margins? wondering or So, of outlook the your restaurant was for

Jon Howie

think the the biggest is, of back it X% our of up Sure, I we’re we we’re our is year-over-year, for X% the shift come weeks the this and are around overall the year. shift, we that shifted inflation right the year-to-date cost mean big, largest we one currently of we’ll over in first will labor you in through gave, are between right we rather our in X% at little end But now. not sales end year. labor looking into the But, so by of X% currently us is last then have labor our now, and talking think here a right thing though, quarter year

so quarter, about talking week million is $X.X about well. out are first as the alone that with weather that the your, And of we along

points We straight-line to be lease our these big had XX as normally quarter to on stores of in. the occupancy, So, on those revalue to leveraging, had going GAAP we is rent revalue, it year. our as basis But, other going from about we occupancy, standpoint down that’s new had increased to thing older ended, to stores a some the this items. labor and and that first well some other of a we coming the re-up has in and deleveraging the especially a effects is thing significantly big some

year. you at be some thing G&A this year, an in occupancy we leverage of performance increase and I’m to big we’re we’re I mainly seeing bonus. is, over hoping to And basis XX related impact, on was would there the the was bonus seeing reversed this year target as but So, know XX in basically XX last looking related G&A increase points that the that we probably points that budget, basis well. budget line, as deleverage then about always

the And causing deleverage items. what big on that’s back added that with So, that that. those are

David Tarantino

Jon, about several with need what being you couple year margin growth. of for Yes, thank you this of hold the a flat start to with the as as margin, normalized unit outlook think that’s think slower look lower and comp the really stabilize, or beyond helpful. of And you type restaurant you growth assume then do rates of, unit what margins of the inflation, the points you on a to at you When inflect the type next years? basis does if

Jon Howie

store the need equal. level, probably with that rates, I from a to little look with be but from current think year think being everything I inflation X would top-line X.X the it at standpoint, different, this we

Now some but those XXXX. we factored and those of really like aren’t to to about everything leverage probably need or in equal, looking factored Steve, flat we changes our at we’re in X.X improvements been haven’t X for margins in, leverage remain and labor,

David Tarantino

Great, very much. thank you

Steve Hislop

David. Thanks

Operator

we Stephens from on have Will Slabaugh. Moving

Will Slabaugh

start, national piece on one what media getting curious type the kind just how about the I look plan in, want local organic of the dollar would of is week that? going curious investment. million I’m your and to you and Hey national ask about so brand fairly comment guys, out like you thanks then on from that

Steve Hislop

right more bit as, be at the it enhancing people business, is we’d aggressive might a focus, bit looking the at light digital on National we’re of focus on to the looking we messages believe and little that more as little now drivers far what on be side laser our more are.

market radio some, is it there also currently done down have some see to Right which radios. weeks of we’re opened will a you type doing and where market media strategy DC out side, we looking in now might up testimonial our an be we and in iHeartRadio of do at will in actually couple testing we’ll then first more some be again we’re You it, the our we we the the Miami is of to a there hiring at that as agency looking get got actually And we’ve and away. us. work with closer major

Will Slabaugh

catering on to you launches you helpful. and sort to might you’ve line seen you can want it’s I markets? that additional any about give metrics you it, of are willing give what looking Got also talk ask into those early And and me of what then terms out about be you’re in maybe be along more thought that too, what that same in looking for to rolled

Steve Hislop

are with again just pleased awareness in we the also we’re I the these, pleased of again we it’s that doing in and mean the out Houston where And middle there having again out rolled actually of I ended parties Yes initial quarter, fourth sometime really the big it’s coverage, mentioned we in it. and think Dallas as with there. the with I getting mark catering, that, up getting not

brand first couple bit expect numbers we just a too fairly a bit in grants. where on said know, of probably you a would of throw was the again little with I in XXXX didn’t the we’re pretty periods the it’s little north the you in out of that, little of again on the we’re parties some like early market some little know, fourth helpful as it’s that a holiday north So XXX specific awareness grant there, that it, bit XXX but pleased the to amounts pleased is but quarter, big probably grow And season, you have with start before. with

So, probably as trading at look, of and as it’s markets that, will different we’re kind prudent. and stocked I pleased add we with trucks strategically

Will Slabaugh

Good to hear.

Jon Howie

This at came we’re total is about quarter, for good Jon, I looking pretty for which us. XX.XX% this quarter, the we in if mean off-premise fourth was

the it’s that back quarter in ever. highest think I digit we’ve we’re growth had area. And double to

So, pleased with results. very those we’ve been

Will Slabaugh

I more thing us curious you’ve then And can amounts Chicago? and on if maybe Denver last the update the and stores and newer that Great, was me, markets of newer that. gone then for to into you give from thanks large then some recently, particularly just

Steve Hislop

at unit there have here Yes, we we’ll only another few the Denver adding months. be a still one I one in mean

message in with of more the, there that of and harder it’s there so We’re our years Schaumburg, we and we Illinois, entrance the need we pleased that that’s fourth in to on really little there, opened base nice obviously awareness. here X have much we we ones get there marketing to brand part same be you’ll at, the emerging looking last say Orland brand would if up emphasis pleased of and stores of fund is and I see now think quarter, markets the couple X look, extra like with Warrenville thing our have on on up in quicker of months, we the kind dollars Park to few into Texas all but think get get again reason of stores out just work to in we’re can that we’ll been kind And stores, more take a definitely more that the penetrated. the penetration. away market over lot we’re market, bigger know really in next much, as we’ve work a in all the in, the and entrance, coming Chicago I opened our need right in you went to you Chicago, in stores we XX And in newer one X, stores

Will Slabaugh

Makes sense, thanks guys.

Steve Hislop

Thank you.

Operator

from Jeff Fargo. Wells Next will be question Farmer with

Jeff Farmer

X% assumptions just are good X.X% and menu afternoon. and reflected what same-store in Thanks to that I’m approaching sales range? traffic guidance curious,

Steve Hislop

first been and we’ve the that’s first pretty years. it’s XXX gone of already Yes period the actually, in went it, over week approximately X into it’s much too. And is last X.X% the period, to

Jon Howie

basically in. the imply you would traffic flat that have roll, So, once roll

points existing the So, I probably positive XX mean store traffic that roll to we’re an to XX from we’re base, counting out. cross ins going with is in basis on

Jeff Farmer

you tax companies other us or think know behavior. I on would then, consumer thought of whether bunch are, have that to this not any and Okay who you a asked reform impact you question

change behavior that in Now you customers’ to at of look your it, time have a sort consumer, tax little any had reform? post you your seen

Jon Howie

I think think I early. it’s little it’s, still

along now checks. just they decrease, started their think if tax getting their you I

I hopefully but the start in more, seeing a Steve weather. we’ll first still noise So, early like plus lot Jeff. and had with But, said, little a that we quarter it’s of think

Jeff Farmer

ones. just of and Okay, a couple quick other

at manager, levels any getting… turn accelerating, there, over change change, So, hourly decelerating material

Steve Hislop

kind spend XX%, management XX% the in be in ROEs around we’re the that right and right year. around again Our prior, all of we would right pleased ballpark same

Jeff Farmer

Okay XX.X% question, of XXXX, think I going or back-half the if or I XX% ultimately? and number where off-premise, to, with mid think moves, was then comfortable you of growing of that are about you most kind to last for just this talk

Steve Hislop

four and see was quarter to we’d a you in high I just think Jon mentioned, years over four that Well rate last or double-digit as to increase the And last X, fourth was yearly. we’ve year actually like like know what around to, the XX.XX. our think done X I

Jeff Farmer

XX sequential I drove in how change XX.X that, is was, that or to the Okay, and are guys improvement third quarter that, it fourth like it but yes and impact from more of a or effective? missed that, touched you XXXX, ultimately was jumped on what so so, the you more seasonality XXXX quarter

Steve Hislop

also. more while then a about on of that little years. top I services number think but now, we I we on that just we as year And that’s throughout catering, the delivery probably the I think really and of few I again talking go a think as bit one, to is worked $XXX,XXX things, Yes about had little number the I think ago, there getting its not was

Jeff Farmer

All right, thank you.

Steve Hislop

welcome. You’re

Operator

we [indiscrenible]. from Stifel, have Next John

Unidentified Analyst

question. my taking for thanks guys, Hi

Steve Hislop

Hi John.

Unidentified Analyst

had Steve, you I with stores just question opened I price hurt Chicago? do a any higher the Chicago you higher concerns that believe prices Chicago for the on another menu have menu, the store, that slightly

Steve Hislop

from the the no way think actually we to menus at which and No, have you in the Chicago. different we look four up one I four have have we all if DC Texas and ranging Miami

Our at pricing, value spread we competitive when we we look menus not look the and at all casual Mexican, our dining. do all just

the Our Chicago tier intercepts. much X is if doing about are value X, nervous spread gone tier DC a there, as in customer wider some anything we’ve spread than into our even been I’ve we’re what

that. As they our to quality sometimes we cheap spreads in don’t spend we the think so explaining too and very markets. give, strong value more those were time need understand But,

Unidentified Analyst

it Okay of should gears we marketing more that course is going weighted million year over to bit to to a expect little be great. as kind agency just marketing over the the or to front, on? shift the be to out comes that And $X.X of over then the back-half spread even

Steve Hislop

Go ahead.

Jon Howie

coincide We kind throughout which related out with is will out to But, on new that to will go in ordering. XXX the going of, of X% our rolling spread our I think online of sales basically kind the back-half, and as off-premise us kind pipe packaging the of really quarters. the of XXX,XXX our be that to you packaging can

So, will be that back-half. in the

Unidentified Analyst

like any plans being do guys last announced as quarter, you that or back repurchase share know quarter Okay guys great. of more increase to look this stock quick bought guys one, a doesn’t a what you just And have then you last any that I aggressive program, reform? result tax one

Jon Howie

little to be, the we we had time this in want with from to of to to time kind until, orders we ran want actually that, we the be it able want some in, a guess I stock us. by we point Well at opportunistic were trade

didn’t in to don’t three So, we have buy. we any do we and week after that, just can with where release want opportunity price we an a buy get we window only to

that XXbX-X put that outside possibly that, a plan in some looking we haven’t We’re we maybe period, yet. put can to in of but drafted limits the buy

So, haven’t we’re and have that, buying back buy least we want run the it looking the to This now given but to at back. we dilution. opportunities up do we still to year just right stock,

Unidentified Analyst

you Thank very great. Okay, much.

Operator

[Operator Instructions].

Capital Strelzik. BMO from Andrew Markets, Next

Andrew Strelzik

side good Hey guess them labor tax a I’m taking dining the and you some of everyone. different A savings been reinvest have using afternoon a in your I number bit route, casual of to guys, so peers what that was wondering of at wages not going if would you it are see then do you comfortable that levels case? over making made all got, that concerned and, they investment turn in those you you what to the

Steve Hislop

and I at on what Chuy’s as think compelling we’re whole have now year our you then look in and reinvested of were seem where saw really thought, we’d over if X% planning and we in a are is last markets. over X%, look you a always where at in year the doing jump you is XXXX another if we our years, two emerging at right that done last the to we and jumped XXXX over where what we big at about we look message in wages was be this looking and investing X, the it, that’s we is rates just were

Andrew Strelzik

Okay, side, down? your the are than back for a it’s really higher and expecting said items what you’re that to inflation that right X%, expecting come on bit over year, running now you are the basket you driving commodity outsized so little within

Jon Howie

looking you year the the looking end of prices at the, Well the in are beginning year-over-year, you it’s the versus the at higher are when prices really year. the lower

Andrew Strelzik

year, the for and X.XX X.X? up end we what whole And

Jon Howie

we the about ended Yes up X.X% year. for

right that have that, looking don’t I now, I’ll that back are Andrew. with of at, you you you if So, in front me on with get

Andrew Strelzik

I’m market, question, going we’ve estate industry you emerge, to and seeing or our of of are heard guys wondering based my real are if to forward? on Okay expecting it that last materialize kind about loosening that some you conversations all starting if

Steve Hislop

been thing I’m we market that, as a to estate that walk able forward. for There had we a talking about of moving for haven’t it’s couple a going renegotiate bunch, while, for a seen people of has that’s kind that we’ve the positive whole definitely so been We real a much us. on overall, us. from, to stable But pretty we’re seeing been

Andrew Strelzik

very you thank much. Great,

Steve Hislop

you. Thank

Operator

Next Securities. with Wedbush we have Nick Setyan

Nick Setyan

the Hey on or that XXXX? unit kind kind in should one-half the we you labor unit top new place menu just inflation of pricing new terms of portion, thank from Jon, of with on XX can deleverage of the impact, in inflation so points you. basis of the wage think impact about just clarify the and X% efficiency

Jon Howie

I mean things about. about get a that lessen talking of that the Yes, looking we’re some on that will you existing leverage impact are little to which talking on source, we’re the

overall of So, looking is or XX year of kind at. looking increasing around basis for where the labor we’re XX at we’re points kind

Nick Setyan

XX Got XX, bips the it, for so all in year?

Jon Howie

Yes.

Nick Setyan

and Okay, is then of that’s commentary into the in the QX adding terms the X.X and clarify in weather that the comp attracting quarterly the base, just taking coming bips XX impact? to source the

Jon Howie

one Go time. more through that

Nick Setyan

the the the the QX guess comp, X.X the that’s add XX stores weather about I and coming bips you or so gets that XXXk from of take so impact? attracting To in, Xish

Jon Howie

related take to Well out bips you day. the the got to XXX extra

Nick Setyan

Got it.

Jon Howie

what just quarter-to-date say impact. of we’ll we’re, kind weather without about of we’re just looking X%, shy we’re that’s at talking basically, So the

Nick Setyan

perfect. okay Okay, Thank you.

Jon Howie

roll the impact Without ins I in the say. should weather

Nick Setyan

it, got it, Got thank you.

Steve Hislop

Nick. Thanks

Operator

for conclude additional any back session. does to or closing turn our the gentlemen, to question-and-answer and I’d management like floor ladies And remarks.

Steve Hislop

much and so will everybody. continued in and I your and you be a Chuy’s always and available interest all to Jon evening. we have good any appreciate answer questions. thank Again, you Thank

Operator

Thank does you joining that conclude gentlemen and Ladies for us. call. earnings today’s

disconnect. may You now

Chuy's (CHUY) 8 Mar 182017 Q4 Earnings call transcript