Originally published at www.seclive.com
Bob Evans Farms, Inc. (NASDAQ:BOBE) announced its second fiscal quarter results for the 2013 fiscal year, reporting a 46% decline in profits. Higher sow prices that surprised the company as well as expansion and reconstruction charges, weighed the company's results down, missing analyst expectations. Bob Evans has been searching for ways to streamline its business and improve profitability and has made strides in that direction by selling its unprofitable Mimi's Café business earlier in the year. Revenue fell 19% to $332.6M, a reflection of a 1.9% decline in same-store sales, while gross margin tightened from 71.0% to 66.6%. Earnings this quarter were $6.1M and $0.23 per share, a sharp decline from $11.3M and $0.51 per share a year ago. With the decline in performance, the company lowered the high-end of its annual earnings guidance from a range of $2.60 to $2.67 to now between $2.60 and $2.65.
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