CHUY - Earnings call transcript Q4 2018

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Operator

Good day, everyone, and welcome to the Chuy’s Holdings Fourth Quarter 2018 Earnings Conference. Today’s call is being recorded. At this time, all participants have been placed in a listen-only mode and the lines will be open for 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. At this time, I’d like to turn things over to Mr. Howie. sir. ahead, go Please

Jon Howie

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

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

Steve Hislop

Thank you for the on us to today. you, thank joining call everyone and Jon,

for Let for overview with a store and XXXX we’ll XXXX. over start what have in of go we me then high-level you

our growth and and Chuy’s in earnings around come. off-premise to year challenging serve evolves XXXX was that marketing, was of labor year also with revolve top our a a accomplishments. needs. Chuy’s, While which a technology, the customer At we healthy out to years business for designed several ensure were line to further to position will it initiatives excellence laid of changing XXXX, onset the strategies initiatives foundation that These the as generate operational and then

on continue and On to brand markets. both in improving the awareness marketing core and new front, our we messaging value focus

half in consistent Paid test of yielded positive campaign first quarter will throughout location-based paid the digital remain strategy. social search, and covering our all marketing helped mobile of our advertising the define fourth locations. XXXX the digital year and returns Our

Washington, up D.C. our these radio, Day to a successful As platforms including include leading of tactics and promotional fourth posters continue metro a markets XX; digital result the in five and rail during in Chicago advertising February Spotify. for weeks using the National Margarita Hulu quarter, and Friday, on we media on test focus

include Looking ahead, campaigns Houston. our initiatives efforts Chicago second driving quarter and awareness will frequency in brand in

day specials also box of local have test our out upon certain where to developed upcoming and increasing on marketing operators spend approximately identified initiatives, have for separate local build We the of markets, specific traffic. $X.XX marketing advertising help week our year. plans sales of focused the plan and specific Based store million the we’ll ideas on with we these

restaurants adoption to trend to in is ordering our Early the the is quarter. Turning rollout online all Olo the we very quarter. continuing system the and encouraging rate fourth technology of initiatives, completed during this positive first

to-go fact, advertising, represents lack In XX% now Olo sales through to to-go the our all XX% of despite of ordering. approximately

promoting this to XXXX, any the beginning plan operations start platform the and iron For in out process continue to in we quarter. second kinks will

platform in explore in start will this year. the we back stepping stone of future the will program, this which our we’ve mentioned As for past, to be half loyalty a

five out our catering have rolled We We a two fourth in also in now markets. catering quarter. to additional of markets initiatives the total

Catering of growth, revenue avenue in awareness us gives We’re improving while for the another constant this excited Chuy’s simultaneously brand. area. with the growth

to same compared XXXX, $X.X million in catering platform year. $XXX,XXX last approximately For period approximately our revenue contributed

systemwide complete quarter XXXX. With second the initiatives, with management regard in are new in first tool it during quarter. our we we ahead, the quarter planning to catering of beginning system labor POS out to will the add second integration the labor six Looking the additional markets to and of roll

While we XXXX, by our mitigate see our sales new ongoing tool the help as us labor projections. benefits enhancing optimizing labor until of the begin won’t half likely this will pressures productivity to back as well

our glide to store a to path the opening as new to continue hours volume well get seventh hours as staffing labor also standard upon based enhance month. We by labor

a Finally, periods, and we managers store. reducing to reducing management some for accountabilities expo our labor, thereby regard to on that managers store-level are management will new by server to program us reallocate developing allow server and strategic expos with time focused powers our a ground per and provide training

to like I’d moment a take touch to Now on development.

and the Kansas one restaurants, Overland one in fourth opened in quarter new Texas. two Houston, Park, During we

with openings, we by our base new nine of store With the successfully Chuy’s these XXXX grew addition XX% in restaurants.

driving forefront For awareness high average to unit of the in restaurant our unit Miami restaurants for seven mind, growth allow unit restaurant-level and our restaurants development planned all brand existing outside of we Subsequent our proven while restaurants, in building limiting margins quarter, Georgia areas location our are XXXX, initiatives. Cumberland, We five and new the new in will our in between through of current with frequency area. this the with Atlanta, growth two existing end one to strategy and improving balance us sales the and believe closed we to with volumes. a

use profile a will a markets psychographic stages estate We allow of analytics successful top for to are new real which and our early us expansion of in and markets it to forward. going identify the create tool building

turn our like markets over and going not any additional XXXX. to review detailed that, results. up a Howie which locations the CFO, the some to developed tool Jon for this more will tested open we of call during newer quarter are have fourth be time our in I’d until to We With

Jon Howie

in fourth Revenues million quarter additional XXX ended sales In fourth the revenue million period. to week XXXX. quarter XXXX and extra growth by restaurants for rolling the $XX of of and primarily Steve. $X.X December by quarter comparable weeks $XX.X These the revenue increases during the million due driven offset incremental million partially $X.X increased XXXX operating fourth operating to X,XXX quarter weeks. during year, over honeymoon approximately had last non-comparable to compared XX, from Thanks, their were in we the same other in operating decrease restaurant total, a an

the restaurant restaurant weekly the basis estimate increased X.X% pricing which decrease quarter a the believe fourth increase by business, the compared fiscal XX-week affected we we sales ended XX-week increase basis, of average quarter during ended the as points. was XXXX for year-over-year December comparable comparison reflective primarily of XX in calendar customers. a December approximately XXXX a December period sales average in of the to XXXX. in period increased XX-week ended last of fiscal conditions fourth approximately restaurant the reminder, negatively XX, of customers XX, and the X%. of fiscal XXXX the in at unfavorable the XXXX. calendar sale, of XXXX fourth during weather is Effective a more driven the due in in restaurants there X.X% partially quarter basis compared There XXXX. December to inclusion the comparable ended XX one-week X.X% the shift week XX, Turning to fourth period base change .X% to XXXX. is On comparable a by XX-week This was to year’s XX comparable quarter XX, a the to weekly our sales check, end the And by On comparable period were average X.X% for restaurant quarter offset

have most in As historically increase late we price know, over of just rolled year, January. one per you taken which we

feel of is approximately protect an historical with increase have light larger industrywide X.XX% it margins labor to We prudent pressures. replaced help our than X%, one marginally but our we in to of average

beef percentage decreased largely as basis favorable partially to XX a Now, of on revenue XX.X%, by to items, discussion cost pricing of expense dairy turning offset to by and groceries. line helped pricing selected unfavorable compared points XXXX, sales in a

our inflation higher of attributable For to lower XXXX, Labor markets, in percentage new increase points our costs cost in store to was inefficiencies, approximately stores newer labor inflation a basis expect and by offset XX hourly as X% XX.X%. increased X%. comparable of labor new we X.X% revenue rates The training rate to some labor our approximately of managers. of approximately commodity for

from to was related as costs increased higher of hourly during in compared due at $X.X supported in year, and XX basis primarily certain the to labor rent to by points in period XXXX. primarily expense week of additional Approximately X%. result operating higher the expenses opened of part the to balance operating last the Given the by market professional The General as growth of to increase of the a a into revenue increased cost insurance rental to to in percentage extra straight-line and well increase management our a from basis to current was XXXX $X.X extra expecting administrative repairs, and from X.X% an the legal XXXX costs, and XXXX in headcount in as percentage the Restaurant health with at driven point largely increased compared quarter restaurants. new basis X%. million as of inflation, Occupancy an lease in million to existing fourth this points as in maintenance, deleverage increase and compensation, continue inflation are loss due extended we XX.X%. deleverage XXX trend we higher XXX certain to by costs and by basis revenue XXX plan primarily utility same fees. driven points increase week higher terms to as expand restaurants newly adjustment

share. share In year-ago diluted compared income million income We week the $X.X for per revenue, to $X.XX G&A Adjusted $X.XX diluted or per X.X%. quarter $X.XX percentage during million $XX.X quarter fourth the share or a million to that extra was of the the XXX operating for share As or net estimate XXXX XXXX basis of year-over-year share diluted period. net the per fourth was in and in per debt. $X.X have summary, is diluted of compared $X.XX or of the quarter million temporary year-ago points per to to fourth year. $X.XX the increased This now $X.X cash the with of outlook period. provide we $X.XX you $X.XX million Harvey closure share approximately our of Hurricane per last share XXXX per the per share. With currently balance expect related $X.XX contributed compares earnings diluted diluted $X.XX. with diluted currently earnings XXXX share ended offset of $X.X by This XXXX the between We partially for to XXXX. that, will We sheet quarter per and we following no adjusted on for

is assumptions. based on guidance Our following the updated

to expenses million. comparable of X.X%. be expect approximately growth $X.X are expected pre-opening to X.X% restaurant We Restaurant to $X.X sales

and $XX.X expenses million million. expect $XX.X between G&A We

rate an expect We tax X%. effective to X% of approximately

shares million XX.X five restaurants annual average of this repurchases modeling weighted planning And exclusive Chuy’s are seven to outstanding between are XX.X to we shares year. open year. to We the any diluted share million during and

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

Steve Hislop

Jon. catering the in that another have the frequency, solid our aimed our company a and place of development excited especially the start building place positioned and partnership business marketing put growth, we are squarely that avenue solid long-term Olo last With we’ve put at Thanks, programs of driving believe year. remain both a blocks pipeline, we’ve top provide is in in The healthy. all And for profits and we with XXXX. line initiatives plan awareness to

tireless have would the happy work in With Thank you. this been to possible every questions. of any none and our day. the guests dedication experience employees delivering to of without we’re that, answer always, Chuy’s our As

Operator

We’ll from first [Operator today Instructions] Baird. hear Mary Hodes you. Thank with

Mary Hodes

taking for question. the Good Thanks afternoon.

cost quickly the one outlook. Just on

guidance the the momentum what you XXXX. throughout on saw of assumes So, cost than better most

of willing So, us would that to-date of give the be the year? it guidance to how balance on tracking sense implies just you’re for what to you relative to quarter comment a

Steve Hislop

is whole X.X% What I the year for And it’s during X.X% will the down quarter. you, you is improving the and tell fourth traffic first our as know, Mary, down for periods. definitely two

there improvement as And said, quarter. we’re in see increase the we about fourth first continuing quarter X%. to did and that of X.X% in So, taking a the nice some see to price we’re we

Mary Hodes

traffic the pricing, range, Thank above you. et at, your comfortable trajectory? normal competitions’ to able that your looking factors maybe through pricing, that you are without targeted cetera, make And then pass on the level you feel That’s that be that with you’ll what impacting helpful.

Steve Hislop

Anybody looks one have I’m pricing that our XX at, of years and Obamacare. kept has followed last year we except us had doggedly when the for pretty

our time, X.X done usually than more that through to range. We’re And in competitors that X.XX that. have

the over value one increase see specifically spread a And and four spreads, value quite that’s four my four. more seen three, really, years have tiers, substantially. actually pricing going forward. you’ve at in this So, value wider little feel two, a has as we of And we to even and But the that continue look year a a our we for been remainder there take we’re throughout to spread while. we move through

Mary Hodes

Thank Great. you taking for the questions.

Steve Hislop

you. Thank

Operator

next Nick Setyan Wedbush We’ll from hear Securities. with

Nick Setyan

Thanks for point, I How about like, the the became the toward some it you taking second know, do staffing Hey. at year question. now? levels half, feel last concern. a especially,

think you I are et terms having you potentially cited seeing are it you had to what in impact What of adverse looking as even – cetera? an turnover, sales.

Steve Hislop

better the in hard we’re of a now I’ll staffing been tell last tell previous year Yes, that’s staffed years. working. and have actually, beginning half, now in The I’ll two a and the great fourth right we’ve you. the been question. you quarter, the really than levels starting,

So, means internal our worked but have as rock really business, that the the front initiatives mentioned as really on it specifically that. we to working house. staffed the be far approach we’re that very, staffing turtle-like hardest. very all restaurants through the in we That’s to which sure I’ve excited you of we’re the our about and on the really making levels flow-through our fully had, was

now So, we’ve been. staffed than better we’re ever

right year. quarters, XXX-XXX And been Over roughly XX% three the rate. the at basically where roughly in hourly right around same turnover we’re that’s rate, on last and all management it’s the around that

Nick Setyan

the Olo overall is? Got now it. overall you Can and of percentage of percentage kind talked update what about the to-go. guys And the on us to-go you

Steve Hislop

Sure.

the quarter, over was little store base comp fourth actually Total company For we our about for at a XX%. XX%. was

on XX.XX% the We’re quarter. about up

year right be the year, total, And base as the And at XX.XX%. about it’d is increase XX.XX%. for the XX.XX%. up the finished For for comp we like the

Nick Setyan

for lastly, on the just the openings And cadence XXXX? of

Jon Howie

– is kind of quarter are this Cadence evenly. opening the in Jon. Nick, Yes, all really third and they’re second

Nick Setyan

are quarters in So, all evenly? stores of and the kind third the second

Jon Howie

Yes.

Nick Setyan

Thank you.

Jon Howie

you. Thank

Operator

we’ll from to And go Stephens, Slabaugh. Will

Will Slabaugh

stores a Yes, dealing more two the about or few starts in trigger thanks, in guys. around you finger Could a had you’ve Kansas Miami the than is years when This and with City Charlotte talk of slow quicker closures Atlanta? back.

what wondering other either the there was or So, versus I was rationale changes. making personnel

Steve Hislop

actually moving mall. Cumberland real, then deeply. that’s And three area, a it see Yes, bit to stores little for eSite really and didn’t real that’s more the we started bat. near we moving. similar was information. is then why in the out But and that we And down pretty Steve, opened. one of for so psychographic specifically Thanks up this just the is out Yes. movement. we’ve really down There we’ve ever questions. in and the is went Miami which, areas, a was had this Will. actually a Real quick off Analysis lower than two have it the the more Mall neighborhood was quick. forth. mall partnered very near right again, slower traffic And analytics, And we And the with it didn’t stores store, see one no it

stores in So, Actually, again, market. that we have in market. that stores three four

So, board, we the you the the making in you worst can we company. decisions the stores the hate decided But forward that and always make The all don’t market stores, with bad end the the now. other at for to do if of end get the obviously, and thing off move to in us decision move up make you closing day, the do. –

move that make to decided quick. we So,

Will Slabaugh

the some some that I marketing and And your Miami, newer as about wondered helping your sounds in be Denver, just general, especially then you then of Chicago, and there, around considering could on and latest Understood. comments and to markets broadly, if more just well. talk D.C.

Steve Hislop

and Miami, quarter markets. they’re Yes. mentioned store rather then specifically issues we pleased. it’s going the And we’re market, we’re we Again, again, this earlier, The on issue Chicago that. I those We’ll is we’re to Denver going markets top believe hard. continuing. test of that to fourth we’re one with that all we’re I in part working through the with happy there awareness marketing of real bet and there continue, – year. we’re as that it started this in all up quick in getting and our opening and more we’re year out And awareness an be stay our

our So, that. continue in will And the the we with we’re fourth on quarter the first did happy D.C. pleased quarter initial in market. that we’re with test the that movement in

So, again, us. think I forward for everything’s moving

Will Slabaugh

you me. delivery. Great. And one give some us updated for could on wonder if last thoughts I

for or the XX.X% sales. for up XX% so to-go quarter, you mentioned You of

pretty big a us how the think you’ve delivery’s your business know So, the making And of you not on give thoughts update Can that. advertising. large about mentioned are I piece number XXXX? providers of use. much that despite should and impacting strides delivery what for ICR you at your there we

Steve Hislop

Olo, with have actually dispatch looking they service Well, we’re at. which a do

we looking can under total fees. our of decrease our that’s of ways at year. But we’re So, overall, that that consistent And percentage kind been different sales. is just of throughout X% the delivery delivery

So, we’re from our it’s the which And restaurant delivery. is is much. really Olo liking takeout better as not which the than growing growing

Will Slabaugh

Got Thanks, it. guys.

Operator

Vaccaro now from Raymond hear Brian with James. We’ll Instructions] [Operator

Brian Vaccaro

evening thank you. Good and

encouraging seeing curious thinking also to business back Or circle consider PX. to-date quarter to-date to hear traffic’s improvement sort And underlying or trends? traffic improved I’m a we’re an comparison that comments, PX to And attribute of is improvement believe as the specific those to you something about initiative? you’re tied Do easy you for wanted Just quarter that the Jon. what just it’s and in the to.

Jon Howie

if I don’t you. I of know caught all

garbling what are attributable they phone. up you’re say I your to You’re think But to. kind on of trying

been in Steve correct talking staffing the marketing that definitely and stores, quarter. the fourth think some getting the in we’ve of I said, starting about, the changes like

So, we’ve second that. seen had And in our we again, some great the on impact period. pricing

of I for to obviously, X.X%, what we’re negative period all mean, we are liking to little our from trends lot. still with projection seeing favorable So, which X.X% period is some traffic traffic a of XXXX. projecting a But we’re

Steve Hislop

in And This that really Steve. XX, period Brian. is started

XX $X.X remember, patio lost XX, million we guys in you about in If period sales. and

And really us first into period we trend year. the XX. what’s this two continued the in for move saw So, up that’s periods

Brian Vaccaro

to line, perspective? to some perhaps, much us Great. making G&A ask Okay. wanted that the your line? step-up shifting is And you’re just How you guidance, guidance. in there normalized versus, the in give Can due about That’s helpful. XXXX of bonuses implied to that some the investments

Jon Howie

The to Yes. get well we’ve obviously. also normalized made year. before. bonuses about $X are the million, this talked investments over Brian, target on bonus we’ll Hopefully, infrastructure, as, We’ve some

this last COO, announced we he was to guy. promotion made and – and As obviously, a food replacing our then year, beverage we’ve

the then higher-level in, So, food the And we in then And getting with office. forward. in normal just spot will level, going and we guy a those we’re at marketing made and integrations. integrations, some of strategic others replacement was couple that a well little here a director got in the IT help IT in he investments projects supervisory from that a report With all IT. to a growth in as beverage standpoint to the other

Brian Vaccaro

I’ll All you. right. along. Thank pass helpful. That’s it

Operator

We’ll from Andrew Capital hear BMO Markets, now Strelzik.

Andrew Strelzik

one on for is My the Hi. questions. afternoon. first comp. Good the taking Thanks

it. you’re sound some in easier. to the wondering continued thinking just back The things near-term. You about the of positive? it I’m flipped doing In puts that here about traffic haven’t trends the of Is just really compares divvied the for takes optimistic and switch to because you the and you’re the pretty outlook and get terms about how declines,

just you to to you So, I’m thoughts do outlook. need do I Are just need negative you time? guess you feeling the feel build like more? Just around traffic over like wondering,

Jon Howie

be you again, say the this we’ve flip want for positive year. think on traffic Well, negative the couple last had switch you’re I years. don’t and going to

in some changes cash different been out the forfeit back some the current year. the that some in make in analysts may there’s to of about of we from we of the see half economy But and the year there. discussion happen going So, forward. stuff more Also, that want

overly So, we that. don’t optimistic want be to we’re when talking about

as last factored going we’ve obviously, in negative year, of traffic factored as some Not but some in. that forward. negative we have So,

Steve Hislop

cautiously in the we obviously, We’ve we’re we we’re said, ride rolled need first. Jon out to before stuff that, down brook optimistic. this road quarter. as We now the And think little a tested numbers Yes. bit initially some just Again, it. to it doing little put the we hard in fourth further

Andrew Strelzik

Okay. on And my question labor. just is second

So, two things. different

of if that level you comfortable one-time the the taking there, is a know the direction structural a to environment the chart year? might right take more out of if labor as Do this achievable? to things nature, one – and assume long basis confidence level more points you’re get the that to goal is get in and And you view in this pricing doing then that’s a your First, take you are of there, move I labor path higher pricing couple year how you hundred that than secondarily, percentage you the number of to can how – it thing?

Steve Hislop

of over has end mentioned increased. the our the you, value At spread actually the again, as to years day, I Yes.

on sitting value our food. quick/casual for of top is really So,

with going only in landscape, we stores half three, it’s Mexican food in the that do we’re again, year, very good but and dining, at are level not I room. to thing. had the very, And a tier think looking be those four, mentioned make earlier, sure balance. to felt specifically gradual the But as you and in we of two by So, in our back I possibly of everything definitely we casual service general, some just competitive

it’s away. And not this as continue going to two forward going year we’re over we’re initiative. next that go to going initiative’s think the I this

see it going the to soon. I – pretty anytime because at be don’t looking labor inflation much away We’re going

that something work as we continue we’ll is move this forward. to So, on

Andrew Strelzik

much. very you Thank Great.

Operator

move with Stifel. We’ll Instructions] Chris O’Cull on [Operator to

Chris O’Cull

certain a increase, across talk price was little it bit beverages? menu the Or focused, you was about maybe could of sections geographies, where cetera? Steve, the or et it guys. Hey, Thanks.

Steve Hislop

approach fairly and don’t our at look our It have to a was Chris, menu, condensed as barbell $XX range. to right It’s $X.XX as you in that good. menu. we really really

much bit alcohol actually less pretty few the But the it’s So, compared And We But across bit. we a had across on touched little board. look it area in the things. at the We’ve a food much to little that. that a was purpose. was pretty board area.

And so, you’re $X.XX the menu. throughout $X.XX talking about to

Chris O’Cull

then Jon, closure how Okay. the will of do you the And two this think stores impact margin year? the

Jon Howie

be should It positive, for sure.

Chris O’Cull

it Will material? be

Jon Howie

won’t talking It two lower-performing be because material base. complete on stores No. you’re the

even don’t didn’t fact, – costs. But that because would have I margin In going I it’s from didn’t really I calculate it a a impact. have we’ll closure significant think obviously, think standpoint, be

Chris O’Cull

And much growing just Any expectation XXXX? of than growth for faster been a could the Okay. unit at what costs then have for the rate occupancy occupancy rate counts. be in

Jon Howie

right? Yes. looking at, – you’re that’s I’m a base sure margin what and On

Chris O’Cull

Yes.

Jon Howie

Yes.

or only at looking basis basis we’re occupancy year. XX increasing really points So, next XX this

Chris O’Cull

guys. Okay. Thanks, Great.

Jon Howie

lot lost we because extra remember, of you the If a week.

Operator

We’ll go Derrington now Telsey with to Advisory. Bob

Bob Derrington

the level compared restaurant look plan, look Yes. menu XXXX? to Thank which basis et your – store-level as the inflation, around looks do we a XXX Jon, margin if year, broadly a we moving pieces, as it about was difficult down we you. the to at XXXX combination was fourth rate pricing, you lot quarter – higher wage last we question of if cetera. obviously, Chris’ quarter think just of margin points. in margins, There extend compared to could like here, a How was about the

Jon Howie

As far going as the forward? forecast

Bob Derrington

Yes. Go ahead.

Jon Howie

Yes.

that the and think get the traffic comp if – get positive at level store could we little to have Bob, and can there. flatten maybe increase we I even margins X%, looking if we’re leverage can and So, get price – a between the somewhere the get out we see X.X%

think forecast, the comps, think flat, way looking higher can have little a X%, the we them to it. those I can get keep don’t But So, comps bit. optimistically, get that we if the Currently, X.X% there. with at we them I we’re we grow and that’s

Bob Derrington

whoever And have a Steve the around Steve, – in if give CapEx – activity could or thought buyback as where much while. price hadn’t you available, your – the your bit cash little XXXX? What’s Jon, goes of in you plan repurchase us the is, share share you or bought far perspective as on a

Jon Howie

Yes.

next tune $X CapEx remodels in Given the to we year, to we the the of slower of have buy to growth to can we’ve that year million the about or to stock. close million remodels. back doing close should we’re use targeted some that But really current $X in still, $XX our in

release to However, we being buyback. weeks limited to we’re three with said, that when after we can

So, during aggressive want those stock. don’t back periods to possible. buy we to of our time, to again, we’ll as that But try be into as go revolver

Bob Derrington

you. Got

you. Thank Terrific. Okay.

Operator

this any I’d back to at And time, like things turn to management for closing remarks.

Steve Hislop

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

Operator

will today’s Again, for that us. conclude all you joining conference. Thank

Chuy's (CHUY) 7 Mar 192018 Q4 Earnings call transcript