Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its third quarter ended September 26, 2010.

Highlights for the third quarter of 2010 compared to the third quarter of 2009 were as follows:

• Total revenues were $79.8 million compared to $76.1 million in the prior year.
• Net loss available to common shareholders of $0.5 million, or $0.01 per diluted share, compared to a net loss of $1.0 million, or $0.04 per diluted share, in the third quarter of 2009. The third quarter of 2009 results included restructuring costs related to two restaurant lease terminations of $0.4 million or $0.01 per diluted share.
• Company-owned comparable restaurant sales for Ruth’s Chris Steak House increased 4.9%. Company-owned comparable restaurant sales for Mitchell’s Fish Market decreased 2.8%.
• Food and beverage costs, as a percentage of restaurant sales, increased 80 basis points to 30.0%, which was primarily driven by unfavorable beef costs.
• Restaurant operating expenses, as a percentage of restaurant sales, decreased 40 basis points to 56.1%.
• General and administrative expenses were $5.4 million, unchanged from the prior year.
• Depreciation and amortization expenses, as a percentage of total revenues, decreased 60 basis points to 4.8% primarily due to the home office building sale in the fourth quarter of 2009.
• Interest expense decreased by $0.9 million to $1.0 million in the third quarter of 2010.
• At the end of the third quarter of 2010, the Company had $67.0 million in debt outstanding under its senior credit agreement. This represents a reduction of $2.0 million from the June 27, 2010 balance of $69.0 million.

Michael P. O’Donnell, Chairman, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “During the third quarter, we generated our strongest comparable restaurant sales at the Ruth’s Chris brand since the fourth quarter of 2006, and that helped narrow our net loss compared to the year-ago period. Against a backdrop of continued economic uncertainty, we were pleased with this progress and continue to work diligently to improve top line trends at both brands while managing expenses carefully.”

O’Donnell continued, “We are also pleased to have restarted the development process at the Ruth’s Chris Steak House brand by evaluating sites for Company-owned restaurants and seeking alliances with the gaming and hospitality industries. We are also pursuing Company development at Mitchell’s Fish Market, where we believe that the Florida market represents a strong opportunity. We have strengthened our balance sheet, and now believe prudent development is an attractive use of our capital. We look forward to communicating our first development agreement as soon as it is signed.”

Review of Operating Results

Total revenues, which include Company-owned restaurant sales, franchise income, and other operating income, were $79.8 million compared to $76.1 million in the third quarter of 2009.

Company-owned restaurant sales increased 4.4% to $76.9 million for the third quarter of 2010 from $73.6 million in the same quarter last year. Total operating weeks increased 1.2% to 1,131 from 1,118.

Average weekly sales for Ruth’s Chris Steak House were $69.3 thousand in the third quarter of 2010 compared to $66.1 thousand in the third quarter of 2009. Average weekly sales at Mitchell’s Fish Market were $66.4 thousand compared to $67.9 thousand in the prior year third quarter.

For the third quarter of 2010, Company-owned comparable restaurant sales at Ruth’s Chris Steak House increased 4.9%, which consisted of an entrée increase of 5.3% offset by an average check decrease of 0.3%. Company-owned comparable restaurant sales at Mitchell’s Fish Market decreased 2.8%, which consisted of an entrée decrease of 2.5% and an average check decrease of 0.3%.

Franchise income increased 11.7% to $2.6 million from $2.4 million. Comparable franchise-owned restaurant sales increased 6.8%.

Operating income was $1.6 million in the third quarter of 2010 and $1.0 million in the prior year third quarter, which included a $0.4 million charge for lease terminations

Net loss available to common shareholders was $0.5 million, or $0.01 per diluted share, compared to a net loss of $1.0 million, or $0.04 per diluted share, in the third quarter of 2009. The third quarter of 2009 results included restructuring costs related to two restaurant lease terminations of $0.4 million or $0.01 per diluted share

Financial Outlook

Based on current information, Ruth’s Hospitality Group, Inc. is reaffirming its 2010 outlook:

• Cost of goods sold of 29% to 30% of restaurant sales
• General and administrative expenses of $22 million to $24 million
• Effective tax rate of 25% to 30%
• Capital expenditures of $5 million to $6 million

Michael P. O’Donnell Named Chairman of the Board

Effective immediately, Michael P. O’Donnell, who has served as the Company’s President and Chief Executive Officer since August 2008, was named Chairman of the Board of Directors. In his new capacity, Mr. O’Donnell replaces Robin P. Selati, who has served as the Chairman of the Board of Directors since April 2008 and as a member of the Company’s Board of Directors since 1999. Mr. Selati will continue to serve the Company in a newly created position of Lead Director.

Conference Call

The Company will host a conference call to discuss third quarter 2010 financial results today at 8:30 AM Eastern Time. Hosting the call will be Mike O’Donnell, Chairman, President and Chief Executive Officer, and Bob Vincent, Executive Vice President and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 800-474-8920 or for international callers by dialing 719-457-2633. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 6746399. The replay will be available until November 5, 2010. The call will also be webcast live from the Company’s website at www.rhgi.com under the investor relations section.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth’s Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.

Famous Dave’s of America, Inc. (Nasdaq:DAVE) today announced revenue and net income of $38.7 million and $1.5 million, respectively, or $0.17 per diluted share, for the third quarter ended October 3, 2010. This compares to revenue and net income of $33.3 million and $1.2 million, respectively, or $0.13 per diluted share for the comparable period in 2009. For the nine months ended October 3, 2010, the Company had revenue and net income of $112.1 million and $6.7 million, respectively, or $0.76 per diluted share. For the 2009 comparable period, the Company had revenue and net income of $103.4 million and $4.9 million, respectively, or $0.54 per diluted share.

“During the third quarter, a number of strong promotions, combined with continued discipline on cost control, produced improved same store sales and financial results,” said Christopher O’Donnell, president and CEO of Famous Dave’s. “We experienced year-over-year improvement in all sales levers of our business, including dine-in, catering and to-go.”

Same store sales for company-owned restaurants open for 24 months or more increased 2.4 percent during the quarter, an improvement over a negative 6.8 percent for the third quarter of 2009. The comparable sales increase included a weighted average price increase of approximately 1.0 percent. Comparable sales for company-owned restaurants decreased 0.3 percent on a year-to-date basis, compared to a decrease of 7.3 percent for the comparable period in 2009.

Franchise royalty revenue for the third quarter of 2010 totaled $4.0 million, a decrease of 5.4 percent from the comparable period in 2009. The decrease in royalty revenue primarily reflects the impact of lost royalties from eight New York and New Jersey locations, seven of which were purchased by the company in March of this year, partially offset by an increase in comparable sales of 0.7 percent. Franchise royalty revenue on a year-to-date basis totaled $12.2 million, with the year over year decrease of 5.0 percent again reflecting the impact of lost royalties from the New York and New Jersey restaurants acquisition, as well as a decrease of approximately 0.8 percent in comparable sales.

Stock-based and Board of Directors Cash Compensation and Common Share Repurchase

Earnings results for the third quarter of 2010 included approximately $325,000 or $0.02 per diluted share, in compensation expense related to the company’s stock-based incentive programs and board of directors’ cash compensation, as compared to approximately $236,000 or $0.02 per diluted share, for the prior year comparable period. The increase in stock-based compensation is primarily due to an increase in the Company’s stock price over the prior year. Stock-based compensation expense and board of directors’ cash compensation expense for the nine months ended October 3, 2010 was approximately $1.0 million or $0.08 per diluted share, compared to approximately $610,000 or $0.04 per diluted share for the prior year comparable period.

During the fiscal 2010 third quarter, the company completed its share buyback authorization, and repurchased 239,040 shares of common stock, at an average price of $8.42 per share, excluding commissions, for a total of approximately $2.0 million. The company repurchased approximately 893,000 shares of common stock during the year-to-date period of 2010 at an average price of $7.76 per share, excluding commissions, for a total of $6.9 million.

Marketing and Development

Development and marketing highlights during the quarter included a successful “limited time offer” of “Wing Wars” – an offering of both bone-in and boneless wings featuring two new hot sauces – Pineapple Rage™ and Wilbur’s Revenge™. Also during the quarter, we had a second successful “Dave’s Day” which included increased participation from our franchise system. The current limited time offering, “Ribzilla,” consists of a beef short rib prepared as an entree or sandwich and also features a bleu cheese wedge salad and cherry cobbler. Included in this offering is a special beer pairing with Samuel Adams^® Seasonals. 

“In early August, we resumed our company-owned growth with the Bel Air restaurant opening,” O’Donnell said. ”This was a very successful opening where we achieved the highest opening week of sales in our history and further expanded our footprint on the East Coast.” 

In addition, during the third quarter, Famous Dave’s opened one new franchise-operated restaurant in San Jose, CA. Famous Dave’s ended the quarter with 179 restaurants, including 53 company-owned restaurants and 126 franchise-operated restaurants, located in 36 states. Subsequent to the quarter end, the company opened a franchise-operated restaurant in Peoria, IL to bring the total current count of restaurants to 180.

Outlook

The company has opened one company-owned location and five franchise-operated locations to date and anticipates opening approximately three to four additional franchise-operated restaurants during the fourth quarter.  

Conference Call

The company will host a conference call tomorrow, October 28, 2010, at 10:00 a.m. Central Time to discuss its third quarter financial results. There will be a live webcast of the discussion through the Investor Relations section of Famous Dave’s web site at www.famousdaves.com.

About Famous Dave’s

Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the company owns 53 locations and franchises 127 additional units in 36 states. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts.

Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company’s actual results to differ materially from expected results. Although Famous Dave’s of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave’s expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company’s SEC reports.

Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal first quarter ended Sept. 29, 2010.

Highlights for the first quarter of fiscal 2011 include the following:

• Earnings per diluted share, before special items, increased to $0.21 compared to $0.12 for the first quarter of fiscal 2010 (see non-GAAP reconciliation below)
• On a GAAP basis, earnings per diluted share increased to $0.21 from $0.15 in the first quarter of the prior year
• Restaurant operating margin(1) improved 190 basis points to 15.0 percent
• Total revenues decreased 6.0 percent to $654.9 million
• Same restaurant sales at company-owned restaurants decreased 4.2 percent consisting of a 5.0 percent decrease at Chili’s and a 1.4 percent increase at Maggiano’s
• Cash flows used in operating activities were $6.6 million and capital expenditures totaled $15.6 million
• The Company repurchased approximately 5.3 million shares of its common stock for $92.7 million in the first quarter and repurchased an additional 4.3 million shares of its common stock for $83.1 million subsequent to the end of the quarter
• The Company paid a dividend of 14 cents per share in the first quarter, an increase of 27.3 percent over the prior year quarter

“Our team is aggressively pursuing several key strategies to continue to build sales and improve margins,” said Doug Brooks, President and Chief Executive Officer.  ”And the rollout of Team Service is already resulting in a better guest experience and better margins.”

(1) Restaurant operating margin is defined as Revenues less Cost of sales, Restaurant labor and Restaurant expenses.

Quarterly Operating Performance

CHILI’S first quarter revenues of $557.8 million represent a 7.7 percent decrease from the prior year period driven by a 5.0 percent decline in comparable restaurant sales.  Revenues were also impacted by a net decline in capacity of 3.5 percent due to the sale of 21 restaurants to a franchisee and nine restaurant closures since the first quarter of fiscal 2010.  Restaurant operating margin increased compared to the prior year due to favorable cost of sales driven by the positive impact of changes to value offerings and decreased commodity prices for proteins including ribs, beef and chicken.  Restaurant labor was positively impacted by the implementation of team service, largely offset by higher restaurant management compensation and sales deleverage.  Restaurant expenses decreased primarily due to favorable restaurant supply expenses, partially offset by sales deleverage compared to the prior year.  

MAGGIANO’S first quarter revenues were $81.7 million and comparable restaurant sales increased 1.4 percent primarily driven by improved traffic.  This increase represents the third consecutive quarterly increase.  Restaurant operating margin decreased compared to the prior year primarily due to unfavorable restaurant labor and repairs and maintenance expense.  

ROYALTY AND FRANCHISE revenues totaled $15.4 million for the quarter, an increase of 3.4 percent over the prior year.  International franchise same restaurant sales increased 0.4 percent for the quarter while domestic franchise same restaurant sales decreased 5.8 percent for the same period.  Since the first quarter of fiscal 2010, international and domestic franchisees have had net openings of 19 and 29 restaurants, respectively.

Other

General and administrative expense decreased $5.0 million for the quarter primarily due to decreased salary expense from lower headcount, increased income from transaction support services provided to On The Border and decreased stock-based compensation expense.  

The effective income tax rate decreased to 20.4 percent in the current quarter as compared to 23.4 percent in the same quarter last year primarily due the resolution of certain tax positions which resulted in a positive impact to tax expense in the current quarter.  Excluding the impact of special items, the effective income tax rate from continuing operations increased to 27.9 percent in the current quarter from 25.8 percent in the same quarter last year driven primarily by increased earnings.

Non-GAAP Reconciliation

The company believes excluding special items from its financial results provides investors with a clearer perspective of the company’s ongoing operating performance and a more relevant comparison to prior period results.  

“Our earnings growth and solid balance sheet give us the flexibility to invest in key initiatives, pay down debt, repurchase shares and deliver best in class retail dividends. We’re committed to this balanced approach to delivering long-term value to our shareholders,” said Guy Constant, Executive Vice President and Chief Financial Officer.

Guidance Policy

Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.

Webcast Information

Investors and interested parties are invited to listen to today’s conference call, as management will provide further details of the quarter. The call will be broadcast live on the Brinker website (www.brinker.com) at 9 a.m. CDT today (Oct. 27). For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on the Brinker website until the end of the day Dec. 1, 2010.  

Additional financial information, including statements of income which detail continuing operations excluding  special items, franchise development and royalty fees, and comparable restaurant sales trends by brand, is also available on the Brinker Web site under the Financial Information section of the Investor tab.

Forward Calendar

• SEC Form 10-Q for first quarter fiscal 2011 filing on or before Nov. 8, 2010; and
• Second quarter earnings release, before market opens, Jan. 25, 2011.

About Brinker

Brinker, International Inc. is one of the world’s leading casual dining restaurant companies.  Founded in 1975 and based in Dallas, Texas, Brinker currently owns, operates, or franchises 1,555 restaurants under the names Chili’s® Grill & Bar (1,510 restaurants) and Maggiano’s Little Italy® (45 restaurants). Brinker also holds a minority investment in Romano’s Macaroni Grill®.

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by general business and economic conditions, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company’s business, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorists acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company’s ability to meet its business strategy plan, acts of God, governmental regulations and inflation.

Bravo Brio Restaurant Group, Inc. (“BBRG”) (Nasdaq:BBRG) today announced that it successfully completed its initial public offering of 11,500,000 shares of BBRG’s common stock at $14.00 per share, which included 5,000,000 shares offered by BBRG and 6,500,000 shares offered by certain of BBRG’s existing shareholders, including 1,500,000 shares sold to the underwriters to cover over-allotments. BBRG’s stock began trading on the Nasdaq Global Market on October 21, 2010 under the symbol “BBRG.”

Total net proceeds to BBRG from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, were approximately $62.4 million. BBRG will use the net proceeds from the offering to repay indebtedness and for general corporate purposes. The selling shareholders include affiliates of three private equity firms, Bruckmann, Rosser, Sherrill & Co. Management, L.P., Castle Harlan, Inc. and Golub Capital.

Jefferies & Company, Inc., Piper Jaffray & Co. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. The co-managers are KeyBanc Capital Markets Inc. and Morgan Keegan & Company, Inc. A copy of the final prospectus related to this offering may be obtained by contacting Jefferies & Company, Inc., 520 Madison Avenue, New York, NY 10022, Attention: Syndicate Prospectus Department, or by calling toll-free 888-449-2342; Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, or by calling toll free 800-747-3924 or by email to prospectus@pjc.com; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling toll-free 800-326-5897 or by email to equity.syndicate@wellsfargo.com.

About Bravo Brio Restaurant Group, Inc.

Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG’s brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.

Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its third quarter ended September 30, 2010.

Third Quarter 2010 Highlights Include:

• Restaurant sales increased 7.1% to $21.6 million
• Same-store sales were flat
• Restaurant operating profit margin of 12.8%
• Average weekly sales for restaurants not in the same-store sales base increased 4.3%

“Both top and bottom-line results exceeded the high end of our guidance for the quarter, reflecting stronger same-store sales than we had originally projected. We continue to see positive sales momentum into October as well, and we are confident that we can finish the year strong if current trends continue. We continue to be excited by the positive response to our various marketing and menu improvement efforts and believe that these investments will go a long way in building the foundation for the long-term success of Kona Grill,” said Marc Buehler, Chief Executive Officer of Kona Grill.

Third Quarter 2010 Financial Results

Restaurant sales increased 7.1% to $21.6 million from $20.2 million during the same quarter last year. The increase in restaurant sales during the third quarter reflects additional revenue from two restaurants opened since August 2009. Same-store sales were flat during the third quarter of 2010 compared to a decrease of 9.9% in the prior year period.

Average weekly sales for the 20 restaurants in the comparable base were $71,664 during the third quarter of 2010, compared to $71,690 in the prior year period. Average weekly sales for restaurants not in the comparable base were $58,542 during the third quarter of 2010 versus $56,138 last year. 

Net loss for the third quarter of 2010 was $0.4 million, or $0.05 per share compared to a net loss of $1.0 million, or $0.11 per share, for the same period last year. 

Financial Guidance

For the fourth quarter of 2010, the Company forecasts restaurant sales of $20.6 million to $21.6 million and a net loss of $0.6 million to $1.1 million, or $0.07 to $0.12 per share.  

Conference Call

The Company will host a conference call to discuss third quarter 2010 financial results today at 5:00 PM ET. The call will be webcast live from the Company’s website at www.konagrill.com under the investor relations section.  Listeners may also access the call by dialing 800-967-7134 or 719-457-2654 for international callers. A replay of the call will be available until Tuesday, November 2, 2010, by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 4855317.

About Kona Grill

Kona Grill features American favorites with an international influence and award-winning sushi in a casually elegant atmosphere. Kona Grill owns and operates 25 restaurants, guided by a passion for quality food and personal service. Restaurants are currently located in 16 states: Arizona (Chandler, Gilbert, Phoenix, Scottsdale); Colorado (Denver); Connecticut (Stamford); Florida (Tampa, West Palm Beach); Illinois (Lincolnshire, Oak Brook); Indiana (Carmel); Louisiana (Baton Rouge); Maryland (Baltimore); Michigan (Troy); Minnesota (Eden Prairie); Missouri (Kansas City); Nebraska (Omaha); New Jersey (Woodbridge); Nevada (Las Vegas); Texas (Austin, Dallas, Houston, Sugar Land, San Antonio); Virginia (Richmond). For more information, visit www.konagrill.com.

Forward-Looking Statements

The financial guidance we provide for our fourth quarter 2010 results, statements about our beliefs regarding profits and stockholder value, and certain other statements contained in this press release are forward-looking. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. We have attempted to identify these statements by using forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should,” or comparable terms. All forward-looking statements included in this press release are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the Securities and Exchange Commission.

Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the third quarter ended September 26, 2010. Highlights for the third quarter versus the same period a year ago were:

• Total revenue increased 14.0% to $151.3 million
• Company-owned restaurant sales grew 13.9% to $137.0 million
• Same-store sales increased 2.6% at company-owned restaurants and 0.3% at franchised restaurants
• Net earnings increased 23.7% to $8.5 million from $6.9 million, and earnings per diluted share increased 23.7% to $0.47 from $0.38

Sally Smith, President and Chief Executive Officer, commented, “We continue to be a leader in the industry, and our focus on execution and profitability again produced strong year-over-year growth in units, revenue, and net earnings. Buffalo Wild Wings has grown by 81 restaurants over the last twelve months, 20 of these in the third quarter, for a year-over-year unit increase of 13%. Our third quarter revenue increased by 14%, and we produced strong net earnings growth of over 23%, providing value to our shareholders with earnings per share of $0.47.”

Total revenue increased 14.0% to $151.3 million in the third quarter compared to $132.7 million in the third quarter of 2009. Company-owned restaurant sales for the quarter increased 13.9% over the same period in 2009, to $137.0 million, driven by a company-owned same-store sales increase of 2.6% and 24 additional company-owned restaurants at the end of third quarter 2010 relative to the same period in 2009. Franchise royalties and fees increased 15.6% to $14.4 million versus $12.5 million in the third quarter of 2009. This increase is attributed to a franchised same-store sales increase of 0.3% and 57 additional franchised restaurants at the end of the period versus a year ago.

Average weekly sales for company-owned restaurants were $44,394 for the third quarter of 2010 compared to $42,602 for the same quarter last year, a 4.2% increase. Franchised restaurants averaged $49,005 for the period versus $48,458 in the third quarter a year ago, a 1.1% increase.

For the third quarter, net earnings increased 23.7% to $8.5 million versus $6.9 million in the third quarter of 2009. Earnings per diluted share were $0.47, as compared to third quarter 2009 earnings per diluted share of $0.38.

2010 and 2011 Outlook

Ms. Smith remarked, “We plan to open fifteen company-owned and seventeen franchised restaurants in the fourth quarter, on track to meet our 13% unit growth goal for 2010. For the first four weeks of the fourth quarter, same-store sales at company-owned locations are (0.7%) and franchised locations are (1.7%), comping over prior year same-store sales of 5.9% and 3.8%, respectively. With sustained efforts to drive traffic throughout the football season, combined with higher media spending, we believe we can achieve at least flat same-store sales at company-owned restaurants for the fourth quarter and accomplish our 2010 net earnings goal of 20% growth for the year.”

Ms. Smith concluded, “We have an intense dedication to driving the long-term success of the Buffalo Wild Wings brand. We’re committed to sustaining our unit growth across the United States and expect to open over 100 new restaurants next year, a 13% unit increase. With this unit growth, and our persistent focus on operational excellence and strong restaurant-level economics, we believe we can achieve over 18% net earnings growth in 2011.”

Buffalo Wild Wings will be hosting a conference call today, October 26, 2010 at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our website www.buffalowildwings.com.

A replay of the call will be available until November 2, 2010. To access this replay, please dial 1.858.384.5517, password 4373777.

About the Company

Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, Minnesota, is a growing owner, operator and franchisor of Buffalo Wild Wings Grill & Bar^™ restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings’ menu specializes in eighteen mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ^™ to Blazin’^®. Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the recipient of hundreds of “Best Wings” and “Best Sports Bar” awards from across the country. There are currently 708 Buffalo Wild Wings locations across 43 states.

Forward-looking Statements

Certain statements in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, those relating to our fourth quarter sales trends and projected unit, revenue and net earnings growth rates for 2010 and beyond. Forward-looking statements are based upon the current beliefs and expectations of our management. Actual results may vary materially from those contained in forward-looking statements based on a number of factors, including, without limitation, our ability to achieve and manage our planned expansion, the ability of our franchisees to open and manage new restaurants, the actual number of locations opened during 2010 and 2011 and beyond, market acceptance in the new geographic regions we enter (particularly non-U.S. locations), unforeseen obstacles in developing nontraditional sites or non-U.S. locations, our ability to obtain and maintain licenses and permits necessary to operate our existing and new restaurants, our franchisees’ adherence to our practices, policies and procedures, the sales at company-owned and franchised locations, the cost of commodities, the success of our key initiatives and our advertising and marketing campaigns, our ability to control other restaurant operating costs, the continued service of key management personnel, our ability to protect our name and logo and other proprietary information, economic conditions (including changes in consumer preferences or consumer discretionary spending), the impact of federal, state or local government regulations relating to our employees, the sale of food and alcoholic beverages, or the smoking of tobacco, the effect of competition in the restaurant industry, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission, including the factors described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 27, 2009, as updated in subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statements.

The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:

BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information

BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information

Dunkin’ Brands, the parent company of two of the world’s most recognized brands, Dunkin’ Donuts and Baskin-Robbins, today announced that Dunkin’ Finance Corp., a corporate finance entity, proposes to raise approximately $625 million through an offering of senior notes.  The proceeds from the notes offering would be used, together with borrowings under a new approximately $1.35 billion senior credit facility and available cash, to repay in full the outstanding securitization debt of Dunkin’ Brands’ securitization subsidiaries and to pay a cash dividend to Dunkin’ Brands’ stockholders.  Following repayment of the securitization debt, the notes would be assumed by Dunkin’ Brands. The consummation of the notes offering is subject to market and other conditions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the senior notes.  The notes to be offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Certain statements in this press release are forward-looking statements.  These statements involve a number of risks, uncertainties, and other factors including the failure to consummate the notes offering and potential changes in market conditions that could cause actual results to differ materially.

About Dunkin’ Brands, Inc.

With over 16,000 points of distribution in 49 countries worldwide, Dunkin’ Brands, Inc. is renowned for its leadership in the quick quality category. At the end of 2009, there were 9,186 Dunkin’ Donuts franchised restaurants and 6,207 Baskin-Robbins franchised restaurants and the company had system-wide sales of approximately $7.2 billion. Dunkin’ Brands, Inc. is headquartered in Canton, Massachusetts. For more information, visit www.dunkinbrands.com.

BJ’s Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the third quarter of fiscal 2010 that ended on September 28, 2010.

Highlights for the third quarter compared to the same quarter last year were as follows:

• Total revenues increased 24% to $128.8 million
   
• Comparable restaurant sales increased 6.7%
   
• Net income increased 75% to $5.5 million
   
• Diluted net income per share increased 67% to $0.20

Results for the third quarter include a pre-tax charge of $884,000, or approximately $0.02 per diluted share, related to the disposal of certain unproductive restaurant assets in connection with the Company’s ongoing productivity/efficiency initiatives and facility image enhancement activities. 

“Our leadership team was pleased to deliver a strong financial performance for the third quarter,” commented Jerry Deitchle, Chairman and Chief Executive Officer.  “We continue to make prudent investments in the very core of the BJ’s concept to more solidly position our restaurants as a higher quality, more differentiated ‘dining out for fun’ experience with outstanding value, while keeping BJ’s exceptionally approachable by all consumers.  As a result of our relentless focus on quality and differentiation, coupled with steadily improving execution by our restaurant operators, we achieved our third consecutive quarter of increases in both comparable restaurant sales and guest traffic.  We also achieved measurable leverage in our operating margins during the quarter.  While our recent financial results reflect the success of our competitive positioning strategy and many of our current tactical initiatives, we intend to continue to implement new initiatives in 2011 with the goal to further strengthen the quality, differentiation and productivity of the BJ’s restaurant concept.”

Four new restaurants were opened during the third quarter of 2010 (Daytona Beach, FL; Tucson, AZ; Colorado Springs, CO; Sparks, NV). The Company currently expects to open two new restaurants during the fourth quarter, of which one has already opened in Puente Hills, CA (in the Los Angeles market). ”Initial sales volumes for all of our 2010 new restaurant openings to date continue to exceed our expectations,” commented Deitchle. The final new restaurant opening for 2010 is expected to occur before Thanksgiving in The Woodlands, TX (in the Houston market). As a result, the Company will successfully achieve its stated goal to open 10 new restaurants during 2010. 

Based on the current status of the Company’s restaurant development pipeline, as many as 12 to 13 new restaurants are expected to be opened during fiscal 2011. ”Our development team has been able to secure several high-quality sites in mature trade areas with proven, stable levels of retail sales and with the demographics and co-tenancies that we seek for the BJ’s concept,” said Deitchle.  ”We are looking forward to executing another year of profitable expansion for the BJ’s concept, principally focused within our current 13-state geographical footprint to more effectively leverage our brand awareness, our supply chain and our supervision and managerial resources.” Investors are reminded that the actual number and timing of new restaurant openings is subject to a number of factors outside of the Company’s control, including weather conditions and factors under the control of landlords, contractors and regulatory/licensing authorities.

Investor Conference Call and Webcast

BJ’s Restaurants, Inc. will conduct a conference call on its third quarter earnings release today, October 21, 2010, at 2:00 p.m. (Pacific Time). The Company will provide an Internet simulcast, as well as a replay of the conference call. To listen to the conference call, please visit the “Investors” page of the Company’s website located at http://www.bjsrestaurants.com several minutes prior to the start of the call to register and download any necessary audio software. An archive of the presentation will be available for 30 days following the call.

BJ’s Restaurants, Inc. currently owns and operates 101 casual dining restaurants under the BJ’s Restaurant & Brewery, BJ’s Restaurant & Brewhouse or BJ’s Pizza & Grill brand names. BJ’s restaurants offer an innovative and broad menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, appetizers, sandwiches, soups, pastas, entrees and desserts. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience. The Company operates several microbreweries which produce and distribute BJ’s critically acclaimed handcrafted beers throughout the chain. The Company’s restaurants are located in California (51), Texas (19), Arizona (6), Colorado (4), Oregon (2), Nevada (4), Florida (6), Ohio (2), Oklahoma (2), Kentucky (1), Indiana (1), Louisiana (1) and Washington (2). Visit BJ’s Restaurants, Inc. on the Web at http://www.bjsrestaurants.com.

Certain statements in the preceding paragraphs and all other statements that are not purely historical constitute “forward-looking” statements for purposes of the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Such statements include, but are not limited to, those regarding expected comparable restaurant sales growth in future periods, those regarding the effect of new sales-building initiatives, as well as those regarding the number of restaurants expected to be opened in future periods and the timing and location of such openings. These “forward-looking” statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those projected or anticipated. Factors that might cause such differences include, but are not limited to: (i) the effect of recent credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (ii) our ability to manage an increasing number of new restaurant openings, (iii) construction delays, (iv) labor shortages, (v) minimum wage increases, (vi) food quality and health concerns, (vii) factors that impact California, where 51 of our current 101 restaurants are located, (viii) restaurant and brewery industry competition, (ix) impact of certain brewery business considerations, including without limitation, dependence upon suppliers and related hazards, (x) consumer spending trends in general for casual dining occasions, (xi) potential uninsured losses and liabilities, (xii) fluctuating commodity costs and availability of food in general and certain raw materials related to the brewing of our handcrafted beers and energy, (xiii) trademark and service-mark risks, (xiv) government regulations, (xv) licensing costs, (xvi) beer and liquor regulations, (xvii) loss of key personnel, (xviii) inability to secure acceptable sites, (xix) limitations on insurance coverage, (xx) legal proceedings, (xxi) other general economic and regulatory conditions and requirements, (xxii) the success of our key sales-building and related operational initiatives and (xxiii) numerous other matters discussed in the Company’s filings with the Securities and Exchange Commission. BJ’s Restaurants, Inc. undertakes no obligation to update or alter its “forward-looking” statements whether as a result of new information, future events or otherwise. 

Further information concerning the Company’s results of operations for the third quarter 2010 will be provided in the Company’s Form 10-Q filing, to be filed with the Securities and Exchange Commission by November 8, 2010.

DineEquity, Inc. (NYSE: DIN), parent company of Applebee’s Neighborhood Grill & Bar and IHOP Restaurants, today announced that it has successfully completed a $1.8 billion refinancing. DineEquity used the proceeds from its refinancing activities and other cash on hand to fund the retirement of all of its outstanding securitized debt as well as to redeem the majority of the Company’s Series A perpetual preferred stock.

“We are pleased to have successfully refinanced the Company, securing a more favorable capital structure that maximizes our financial flexibility and allows us to focus on executing our growth plans for both the Applebee’s and IHOP brands,” said Julia A. Stewart, DineEquity’s chairman and chief executive officer. “With this refinancing, we have addressed our previously complex capital structure in a holistic manner, taking advantage of favorable conditions in the debt markets. We minimized prepayment penalties associated with replacing our securitized debt structure while also redeeming the large majority of our Series A perpetual preferred stock with available cash. Looking forward, we intend to continue aggressively retiring debt by optimizing the stability of our cash flow performance and further reducing the capital needs of the business by moving to an even more highly franchised system over time.”

Jack Tierney, DineEquity’s chief financial officer, added, “Our goal was to eliminate refinancing risk and to put in place a new capital structure with attractive interest rates, extended maturities, and with the ability to reduce debt and leverage over time from our cash flow. The new bank and bond debt will achieve those objectives.”

The following are key highlights of DineEquity’s refinancing transaction:

• The Company established a $950 million senior secured credit facility comprised of a $900 million senior secured term loan facility maturing in October 2017, and a $50 million senior secured revolving credit facility maturing in October 2015, which was not drawn on as of the closing date of the refinancing. The Company’s bank loans will bear interest at an annual rate equal to a LIBOR based rate, subject to a floor of 150 basis points, plus a spread of 450 basis points. Today, this represents a 6.0% interest rate on the Company’s bank loans. A 1.0% upfront fee was paid to the lenders under the Company’s senior secured credit facility, in addition to other customary fees associated with the facility.
• The Company issued $825 million of senior unsecured notes at par that will mature in October 2018 with a coupon of 9.5% per annum. Interest on the Company’s bonds are payable in the months of April and October of each year, beginning in April 2011.
• Transaction costs related to the refinancing will be approximately $56 million, which will be amortized over a 7.5-year period.
• DineEquity will recognize a charge of approximately $60 million in the fourth quarter of 2010 related to the write off of deferred financing costs associated with its previous securitized debt structure. Additionally, the Company will recognize a $46 million charge in the fourth quarter of 2010 related to prepayment penalties and tender premiums associated with the refinancing of its previous securitized structure. These charges are exclusive of related income tax benefits.
• DineEquity redeemed $143 million of Series A perpetual preferred stock at a cost of $150 million including a $6 million redemption premium plus $0.9 million of accrued and unpaid dividends as of October 19, 2010. The Company funded the redemption of its Series A perpetual preferred stock through the use of proceeds from the notes and the loans borrowed under the senior secured term loan facility on the closing date of the refinancing, available cash, and restricted cash that was released with the retirement of its previous securitized debt structure. The Company intends to redeem the remaining shares of its Series A perpetual preferred stock in the fourth quarter of 2010.
• The refinancing is accretive to earnings based on a combined reduction of interest expense and preferred dividends.
• DineEquity intends to continue to dedicate its free cash flow, along with cash proceeds generated from the future sales of Applebee’s company-operated restaurants, to the retirement of its bank debt after redeeming its outstanding shares of Series A perpetual preferred stock.
• Under the Company’s credit agreement, DineEquity is required to comply with a maximum consolidated leverage ratio and a minimum consolidated cash interest coverage ratio, beginning with the first quarter of 2011. At that time, the Company’s required maximum consolidated leverage ratio will be 7.5x total debt (net of unrestricted cash not to exceed $75 million) to adjusted EBITDA on a trailing four-quarter basis, and its required minimum cash consolidated interest coverage ratio will be 1.5x adjusted EBITDA on a trailing four-quarter basis. These thresholds are subject to step-downs or step-ups, as applicable, over time.

About DineEquity, Inc.

Based in Glendale, California, DineEquity, Inc., through its subsidiaries, franchises and operates restaurants under the Applebee’s Neighborhood Grill & Bar and IHOP brands. With nearly 3,500 restaurants combined, DineEquity is the largest full-service restaurant company in the world. For more information on DineEquity, visit the Company’s Web site located at www.dineequity.com.

Forward-Looking Statements

There are forward-looking statements contained in this news release. They use such words as “may,” “will,” “expect,” “believe,” “plan,” or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: the implementation of DineEquity, Inc.’s (the “Company”) strategic growth plan; the availability of suitable locations and terms for sites designated for development; the ability of franchise developers to fulfill their commitments to build new restaurants in the numbers and time frames covered by their development agreements; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; risks associated with the Company’s indebtedness; conditions beyond the Company’s control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company’s customers or food supplies, or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; potential litigation and associated costs; continuing acceptance of the International House of Pancakes (“IHOP”) and Applebee’s brands and concepts by guests and franchisees; the Company’s overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in the Company’s news releases, public statements and/or filings with the Securities and Exchange Commission, especially the “Risk Factors” sections of Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2010.

Highlights for the third quarter of 2010 as compared to the third quarter of 2009 include:

• Revenue increased 23.0% to $476.9 million
• Comparable restaurant sales increased 11.4%
• Restaurant level operating margin was 27.7%, an increase of 220 basis points
• Net income was $48.2 million, an increase of 39.9%
• Diluted earnings per share was $1.52, an increase of 40.7%

Highlights for the nine months ended September 30, 2010 as compared to the prior year include:

• Revenue increased 19.7% to $1.35 billion
• Comparable restaurant sales increased 8.3%
• Restaurant level operating margin was 26.9%, an increase of 180 basis points
• Net income was $ 132.5 million, an increase of 39.1%
• Diluted earnings per share was $4.18, an increase of 41.2%

“We’re delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps during the quarter. Our focus on strengthening our food culture, our people culture and our business model is resulting in even stronger customer loyalty and allowing us to deliver industry leading financial results,” said Founder, Chairman, and Co-CEO Steve Ells.

Third quarter 2010 results

Revenue for the quarter was $476.9 million, up 23.0% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and an 11.4% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic in the quarter.

During the quarter Chipotle opened 22 new restaurants, bringing the total restaurant count to 1,023.

Restaurant level operating margin was 27.7% in the quarter, an increase of 220 basis points over the prior year period. The increase was primarily driven by the impact of comparable restaurant sales growth.

G&A costs were 7.0% of revenue, up 70 basis points from the prior year period. The increase as a percent of revenue was driven by the impact of holding the biennial All Managers’ Conference in the third quarter and higher stock based compensation expense, partially offset by the positive impact of comparable restaurant sales growth.

Net income for the third quarter of 2010 was $48.2 million, or $1.52 per diluted share, compared to $34.5 million, or $1.08 per diluted share, in the third quarter of 2009.

Results for the nine months ended September 30, 2010

Revenue for the first nine months of 2010 was $1.35 billion, up 19.7% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and an 8.3% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic during the first nine months of 2010.

Year to date, Chipotle has opened 67 restaurants, including one restaurant in London and one in Toronto, Canada.

Restaurant level operating margin was 26.9% for the first nine months of 2010, an increase of 180 basis points over the prior year period. The increase was primarily driven by the impact of comparable restaurant sales growth, along with a decline in food costs.

G&A costs for the first nine months of 2010 were 6.6% of revenue, up 10 basis points from the prior year period. The increase as a percent of revenue was driven by higher stock based compensation expense and the biennial All Managers’ Conference, partially offset by the positive impact of comparable restaurant sales growth.

Net income for the first nine months of 2010 was $132.5 million, or $4.18 per diluted share, compared to $95.2 million, or $2.96 per diluted share, in the first nine months of 2009.

“Our strong people culture continues to drive our success in attracting loyal customers and delivering exceptional results. Our restaurant teams are ambitious, passionate, and dedicated to delivering the best dining experience possible, while developing talented future leaders from crew. Our Restaurateurs and restaurant managers who aspire to become Restaurateurs are committed to hiring and developing top performers to achieve high standards in our restaurants every day,” commented Monty Moran, Co-CEO.

Outlook

For 2010, management expects the following:

• 120-130 new restaurant openings
• High single digit comparable restaurant sales growth
• An effective tax rate of approximately 38.3%

For 2011, management expects the following:

• 135-145 new restaurant openings
• Low single digit comparable restaurant sales growth
• An effective tax rate of approximately 38.4%

Definitions

The following definitions apply to these terms as used throughout this release:

Comparable restaurant sales increases represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its 13^th full calendar month of operation.

Average restaurant sales refers to the average trailing 12-month sales for restaurants in operation for at least 12 full calendar months.

Restaurant level operating margin represents total revenue less restaurant operating costs, expressed as a percent of total revenue.

Conference Call

Chipotle will host a conference call to discuss third quarter 2010 financial results today at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing 1-888-337-8198 or 1-719-325-2178 for international callers. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176 or 1-858-384-5517 for international callers. The password is 2947394. The replay will be available until October 28, 2010. The call will be webcast live from the Company’s website at chipotle.com under the Investor Relations section. An archived webcast will be available approximately one hour after the end of the call.

About Chipotle

Steve Ells, Founder, Chairman and Co-Chief Executive Officer, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food not only from using fresh ingredients, but ingredients that are sustainably grown and naturally raised with respect for the animals, the land, and the farmers who produce the food. Chipotle opened its first restaurant in 1993 and currently operates more than 1,000 restaurants. For more information, visit chipotle.com.

Forward-Looking Statements

Certain statements in this press release, including statements under the heading “Outlook” of our expected number of new restaurant openings, comparable restaurant sales increases and effective tax rate in 2010 and 2011, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “target,” and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales increases; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; changes in consumer preferences, general economic conditions or consumer discretionary spending; increases in the cost of food ingredients and other key supplies; the risk of food-borne illnesses and other health concerns about our food; the potential for increased labor costs or difficulty retaining qualified employees; the impact of federal, state or local government regulations relating to our employees and the sale of food or alcoholic beverages; risks relating to our expansion into new markets; risks related to our development and implementation of a new marketing strategy; the effects of continuing economic uncertainty on our business and on our suppliers, landlords and potential developers; risks relating to litigation; the uncertainty of our ability to protect our name, logo and other proprietary information or the reputation of our brand; the potential effects of inclement weather; the effect of competition in the restaurant industry; risks related to the tax treatment of our separation from McDonald’s; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on the Investor Relations page of our website at chipotle.com.