Zoe’s Kitchen Inc. shares dropped in the extended session Thursday after the casual dining chain cut its revenue outlook for the year. Zoe’s shares fell 10% to $14.50 after hours. For the year, Zoe’s estimated revenue of $314 million to $322 million, down from a previous forecast of $325 million to $327 million. Analysts surveyed by FactSet had estimated $324 million. The company reported adjusted first-quarter earnings of a penny a share on revenue of $90.6 million. Analysts had estimated a penny a share on revenue of $92.6 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News