Bob Evans Farms Bid Higher on Q1 Earnings Results

Shares of Bob Evans Farms BOBE are bid higher in the after-hours following the release of the company's Q1 earnings results. Currently, shares are bid $31.21, at $31.96; they ended the regular session lower by 1.43%, at $31.12. Bob Evans Farms reported Q1 EPS of $0.59 on revenues of $405.4 million. Revenues decreased 1.7% year over year, due to lower same-store sales in the restaurant segment, partly offset by sales increases in the foods segment. "Our results this quarter demonstrate the effectiveness and potential of our integrated diversified foods company strategy," Chairman and Chief Executive Officer Steve Davis said. "We saw significant sales and profit improvement in our foods business, which more than offset softness in our restaurant sales and allowed us to post 44 percent growth in earnings per share. We believe we can judiciously grow both segments of our Company, and we plan to use our strong balance sheet to support our growth strategy and achieve our long-term growth target,” he continued. Bob Evans Farms, Inc. is a full-service restaurant company that operates two restaurant concepts: Bob Evans Restaurants and Mimi's Cafes.